By John Lee. The United States and Iraq have held discussions focused on banking reform, financial compliance, and measures to counter illicit financial activity. According to a statement by the United States Special Envoy to Iraq, Mark Savaya, the talks involved the U.S. Department of the Treasury and the Office of Foreign Assets Control (OFAC), […]
By John Lee. The Institute for Financial Integrity (IFI) has launched its Fundamentals of Financial Crime Compliance training program, in partnership with the American University of Iraq - Baghdad (AUIB), the Central Bank of Iraq (CBI), and K2 Integrity (K2i). The first two programs were held in July and August of this year, and the […]
By John Lee. The Erbil branch of the Central Bank of Iraq (CBI) held a training workshop on "National and Sectoral Risk Assessment Procedures" in collaboration with the CBI's Banking Studies Centre and the Office of the Compliance Monitor. The event brought together representatives from private banks, non-banking financial institutions, and electronic payment companies operating […]
By John Lee. Iraq has been granted membership of the Egmont Group, which focuses on exchanging information among financial investigation units combating money laundering and terrorist financing. The vote took place during the group's 29th general meeting in the United Arab Emirates on Wednesday. The meeting was attended by Deputy Chief Judge of the Court […]
By John Lee. The European Union's Ambassador to Iraq has announced that Iraq has been removed from its list of countries deemed to carry a high risk of money laundering. Following a meeting with Prime Minister Mustafa al-Kadhimi in Baghdad on Sunday, Ville Varjola tweeted: "Bringing the good news today to HE Prime Minister Mustafa […]
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 […]
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 […]
