The CBI proposed a new law earlier this month to combat money laundering in coordination with other government institutions, in order to provide greater protection for Iraq’s economic system and improve its international trade.
The Anti-Money Laundering law adopted in 2004 specifies a fine of up to 40 million Iraqi dinars, or twice the value of the property, for everyone who initiates illegal financial transactions with his knowledge, with respect to the issue of financing crime and terrorism.
The ICB monitors the financial institutions for compliance with the regulation, and issues a list of suspicious financial activities.
The anti-money laundering law authorises the ICB to control the financial institutions and check their documents and accounts.
MP Haidar al-Yasiri told AKnews that the parliament will work to organize the work of banks after the completion of some important laws for the Iraqi economy.
“The exchange offices do not need legislation, but non-governmental actions that coordinate with the government to organize its work.”
“The parliament is considering the formation of a council for foreign exchange services to change the work.”
Hundreds of forex offices are found in Iraq and they work almost daily and have links with the most countries in the world.
The Iraqi dinar (IQD) currently trades at around 1170 to the US dollar.