Iraq News Now

Republic of Iraq Anti-Money Laundering and Countering Financing of Terrorism Office (AML/CFT) has signed with its Jordanian counterpart a relevant Memorandum of Understanding.

This came on the sidelines of the 29th General Meeting of the Middle East and North Africa Financial Action Task Force (MENAFATF).

The Central Bank of Iraq and the AML/CFT, in partnership with the Danish Ministry of Foreign Affairs and its implementing partner, the Global Center, earlier held a workshop to discuss the implementation process of the recently finalized and soon to be adopted Iraq National AML/CFT Strategy.

This workshop came as a follow up to a previously held workshop on the same topic in August 2017.

Role of the AML/CFT

Receiving, obtaining or investigating reports or information about operations suspected of involving proceeds of an original crime, money laundering or terrorism financing from reporting bodies.

Preparing and submitting an annual report to the Council on the activities of the Office and activities related to money laundering and the financing of terrorism, statistics on reporting reports, trends in combating money laundering and financing of terrorism and its mechanisms, methods and situations. The report shall be published as approved by the Council.

Exchange of information related to the combating of money laundering and the financing of terrorism with the relevant authorities in the government departments and the public sector and coordination with them in this regard.

Participation in the representation of the Republic of Iraq in international organizations and related conferences in the fight against money laundering and the financing of terrorism.

Establishment of a database of the information available to the Office as a national center for collecting, analyzing and disseminating information about potential money-laundering or terrorist financing, and to establish means to facilitate the task of the judicial and other competent authorities in implementing the provisions of this law.

Collecting and analyzing comprehensive statistics on matters within the Office’s functions.

Preparing training courses for the concerned employees to inform them of developments in the field of money laundering and terrorism financing.

Notification to the regulatory authorities or other competent authorities of the breach of any financial institution or non-financial businesses and occupations specified in the provisions of this law.

Provision of technical advice on accession to conventions and treaties relating to money laundering and the financing of terrorism.