The Ministry of Foreign Affairs announces Iraq's exit from the European Union's list of high-risk countries

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Iraq takes effective measures to combat money laundering and terrorist financing

He announced his removal from the European Union's list of high-risk countries and signed several agreements in this field

 The Independent Arabic  Sunday 26 June 2022 15:37
   

Central Bank of Iraq building (Central Bank Facebook page)

 

Iraq has made a remarkable leap in the field of combating money laundering and terrorist financing, after announcing its removal from the European Union's list of high-risk countries, in addition to signing several agreements in this field.

 

On June 14, 2022, the Anti-Money Laundering and Terrorist Financing Office in Iraq signed a memorandum of understanding to combat money laundering and terrorist financing with the Financial Information Unit in the United Arab Emirates. In a way that contributes to curbing money laundering and terrorist financing and building a sound financial sector that is protected from financial crimes in the two countries.”

 

Likewise, Iraq has previously signed a memorandum of understanding with the United Nations to sustain efforts in combating terrorism and individuals, groups and entities associated with and supporting it. The memorandum focuses on enhancing information exchange, evaluation and review, according to flexible, legal and effective work rules.

 

Expanding the scope of international cooperation

 

In the context, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhif, received a delegation from the "Egmont" group, to discuss the joining of the Anti- Money Laundering and Terrorist Financing Office to the group.

 

During the meeting, they discussed aspects of bilateral cooperation between the Central Bank of Iraq and the group, after taking due diligence measures.

 

"The Central Bank of Iraq is keen to strengthen relations with international organizations concerned with combating money laundering and terrorist financing," he said.

He stressed during the meeting that "the Central Bank of Iraq attaches great importance to combating all criminal activities, eliminating sources of money laundering and financing terrorism and other financial crimes," looking forward to expanding international cooperation in the field of information exchange.

 

He added that the Central Bank has taken effective measures and proactive measures to protect the banking sector and combat money laundering and terrorist financing.

The Egmont Group is a global network that promotes communication and interaction between financial intelligence units. Named after the venue of its first meeting in Brussels in June 1995, it aims to provide a forum for FIUs around the world to provide support to governments.

 

bound by the application

 

In turn, the economic researcher, Bassam Raad, reveals that financial institutions and regulatory bodies are obligated to implement and implement anti-money laundering and terrorist financing policies and procedures, and to understand the risks arising from those operations under the Anti-Money Laundering and Terrorist Financing Law No. (39) of 2015.

He continued, "It is expected that the FATF Financial Action Group will assess the technical compliance, and the effectiveness of anti-money laundering and terrorist financing measures in Iraq in the middle of next year 2023. After the evaluation, a decision will be issued with the results and determining the status of the Republic of Iraq according to the classification used (black list, gray list).

Therefore, fulfilling the requirements of the Financial Action Task Force and the forty recommendations issued by it, increasing the effectiveness of all parties and institutions concerned with the requirements of combating money laundering and terrorist financing, and supporting the institutional framework in this field, have a significant impact in obtaining high evaluation scores and giving a good impression to the authorities. international financial institutions, and its positive impact on financial institutions.

 

And he continues, "In the event that any country, according to the criteria issued by the FATF, assesses low levels of commitment, the group will place and include this country on the (black or gray list), and it asks the countries of the world to take precautionary measures against this country, which has negative effects. It is harmful to the financial, economic, investment and remittances situation, as it is a high-risk country in this field.”

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The Governor of the Central Bank of Iraq receives a delegation from the Egmont Group

 

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The Egmont Group recognizes that financial intelligence sharing is of paramount importance and has become the cornerstone of international efforts to counter money laundering, terrorist financing, and associated predicate offences.

Financial intelligence units (FIUs) are required by international standards to exchange information and engage in international cooperation.

The Egmont Group membership affirms accession to the standards set out in the 2012 revised Financial Action Task Force (FATF) .

 

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