Tag Archives | anti money laundering (AML)

Iraq no longer subject to FATF Monitoring

By John Lee. The Financial Action Task Force (FATF) has congratulated Iraq for the significant progress made in addressing the strategic deficiencies in the areas of anti money laundering (AML) and countering the financing of terrorism (CFT) identified earlier by the FATF and included in its action plan. Iraq will no longer be subject to […]

CBI directs Banks to implement SWIFT Standards

The Central Bank of Iraq (CBI) has directed all Iraqi banks to adopt user protection standards approved by SWIFT before the end of 2017. The bank explained that the standards of the 16-user protection network can be summed up by the need to restrict access to the Internet, separate sensitive systems from the overall IT environment, […]

Central Bank runs course on Combating Money Laundering

By John Lee. The Central Bank of Iraq (CBI) has organized a course on combating money laundering, terrorism financing, compliance and risk management. The course was held from 17th to 20th September at the Central Bank building, under the supervision of the banking studies center. Sixty-one employees from government, private banks and money transfer companies […]

Iraq “Not Making Sufficient Progress” on Money Laundering

By John Lee. As part of its on-going review of compliance with anti-money-laundering (AML) and countering the financing of terrorism (CFT) standards, the Financial Action Task Force (FATF) has singled out Iraq as a “jurisdiction not making sufficient progress.” In a statement, the FATF has said: “Despite Iraq’s high-level political commitment to work with the FATF and MENAFATF […]