ICB Submits New Law on Money Laundering

AKnews reports that an adviser at the Iraqi Central Bank (ICB) stated on Tuesday that a new law has been submitted to the parliament to combat money laundering in coordination with other government institutions, in order to provide greater protection for Iraq’s economic system.

Muzher Mohammed Saleh told AKnews that the new law is more comprehensive than Law No. 93 issued by the Coalition power in 2004 to provide greater protection for the economic system in Iraq.

Iraq didn’t enter the international agreement against the laundering of money but it seeks through effective steps to provide protection to Iraq’s economy.

Iraq made significant steps toward combating money laundering through the presence of specialized units in all banks linked to a national office that oversees the fight against money laundering.

The ICB monitors the financial institutions and the issues a regulatory list in addition to a list of suspicious financial activities.

The anti-money laundering law authorizes the ICB to control the financial institutions and check the documents and accounts of their own.

(Source: AKnews)

Comments are closed.