By Adam Lucente for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Why Iraq's dinar is trading below official dollar rate amid new restrictions A top US official visited Iraqi officials last week to discuss countering illicit finance and strengthening Iraq's […]
Tag Archives | money laundering
US Bans 14 Iraqi Banks from Dollar Transactions
By John Lee. The US has reportedly barred 14 Iraqi banks from conducting dollar transactions, as part of a crackdown on illegal transfers of dollars to Iran and other sanctioned countries. According to the Wall Street Journal, the banks include Al Mustashar Islamic Bank, Erbil Bank, World Islamic Bank, Zain Iraq Islamic Bank and Al […]
Iraq Joins Egmont Group to Combat Money Laundering
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 […]
KRG Minister discusses Financial Threats in Iraq and Kurdistan
On Tuesday, Rebar Ahmad, the Kurdistan Regional Government's Minister of Interior, welcomed the KRG's Financial Action Taskforce for money laundering and terrorist financing. The taskforce includes representatives from 15 other organisations in the region and operates in accordance with international standards. Minister Ahmad praised the taskforce's efforts and emphasised the government's transparent policies for combating […]
Iraqis Fly to Nearby Countries to Get Dollars
By David S Cloud, for the Wall Street Journal. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraqis Fly to Nearby Countries to Get Dollars as U.S. Cracks Down on Money Laundering The cash-driven economy relies heavily on the greenback for transactions. Click here […]
Iraq's New PM vows to Clean Up the Country
From The Economist. Iraq's new prime minister vows to clean up the country The puzzle for Iraq's kleptocrats was always how to spirit their stolen billions out of the country. Foreign banks have been wary of accepting large transfers from Baghdad. Taking piles of cash out by land is risky; Kurds closely watch the frontier […]
US Ambassador discusses Money Laundering, Terror Financing
By John Lee. The Governor of the Central Bank of Iraq (CBI), Mustafa Ghaleb Mokhif, received the US Ambassador to Iraq, Alina Romanowski and her accompanying delegation on Monday. He reviewed the efforts of the CBI to support development through monetary policy tools and the direct impact of its initiatives on the real sector progress, […]
EU drops Iraq from List of High-Risk Countries for Money Laundering
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 […]
New Program to Counteract Financial Crime in Iraq
New program to help counteract serious financial crimes in Iraq The United Nations Development Programme (UNDP) in Iraq, in partnership with the United States Government and the Supreme Judicial Council of Iraq has launched a multi-year training initiative today, to strengthen and improve complex organized and financial crime investigations in Iraq. The training program, called […]
PM asks EU to Remove Iraq from Money Laundering List
By John Lee. At a meeting in Brussels on Wednesday, Iraqi Prime Minister Mustafa Al-Kadhimi asked the President of the European Commission, Ursula von der Leyen, to remove Iraq from its list of countries considered to have a high risk of money laundering. Earlier this year, the United Kingdom removed Iraq from its list of […]
UK Removes Iraq from List of "High-Risk Third Countries"
By John Lee. The United Kingdom has removed Iraq from the list of high-risk third countries for the purposes of money laundering legislation. The new listing -- "Schedule 3ZA" -- does not include Iraq. This schedule replaces the list in Commission Delegated Regulation (EU) 2016/1675 of 14th July 2016 by identifying high-risk third countries with […]
Call for EU to Remove Iraq from List of High-Risk Countries
Foreign Minister Renews Call for European Commission to Remove Iraq from List of High-risk Countries in Terrorist Financing and Money Laundering Foreign Minister Mr. Fuad Hussein has met with Mr. Josep Borrell, the High Representative for Foreign Affairs and Security Policy in the European Union, at the European Commission headquarters in Brussels. Minister Fuad Hussein […]