CBI: Iraq has taken a series of corrective measures for the anti-money laundering system

Baghdad-INA 

The Central Bank's Anti-Money Laundering and Terrorist Financing Council confirmed today, Friday, that Iraq has taken a series of corrective measures for the anti-money laundering system, noting that government measures contributed to the country's exit from the European Union's list of high-risk countries. 

The Council stated in a statement received by the Iraqi News Agency (INA), that "Iraq announces its readiness to start the mutual evaluation process that is being held by the Financial Action Task Force for the Middle East and North Africa, where the date for the field visit of experts has been set within the timetable prepared by the group above. During the month of August 2023.

The statement added that "a meeting was held with a high-level representation of all concerned parties in the anti-money laundering and terrorist financing system, headed by the Chairman of the Anti-Money Laundering and Terrorist Financing Council, the Governor of the Central Bank, in addition to the support of the Prime Minister and the President of the Iraqi Judicial Council for this important file, with (Johar Al-Nafisi). - Head of the Financial Action Task Force for the Middle East and North Africa / MENAFATF) as well as (Selman Al-Jabreen - Executive Secretary of the group), for the purpose of showing the extent of Iraq's commitment to supporting the international assessment process of the Republic of Iraq in this aspect.

The statement indicated thatThe Chairman of the Council outlined the measures taken by Iraq during the previous period, which led to Iraq’s official exit from the status of enhanced follow-up to the usual follow-up or the so-called (updating every two years), and since the Republic of Iraq underwent the first joint evaluation process during 2012 to evaluate the anti-laundering system Funds and the financing of terrorism that were operating in accordance with the provisions of the Anti-Money Laundering Law No. 93 of 2004 (in force at the time and currently repealed), and based on the results and outputs of the evaluation report submitted by the resident experts at the time, the Republic of Iraq was included in the gray list as a result of identifying strategic shortcomings in those The system, and as a consequence, Iraq has taken a series of corrective measures to combat money laundering, terrorism financing and proliferation to ensure its compliance with international standards and recommendations, in light of the action plan and follow-up with the International Review Team of the Financial Action Task Force (FATF), in addition to some requirementsfor the purpose of combating these crimes.