Exit Iraq from the follow-up area

by **Rocky** Fri 13 Jul 2018, 9:24 am

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Post n°1

Exit Iraq from the follow-up area

by Rocky Fri 13 Jul 2018, 9:24 am

Exit Iraq from the follow-up area

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Iraq comes out of the follow-up area, announced by the FATF. The importance of this announcement is that the presence of any country in the gray or black list or under the strict follow-up within the evaluation of the group mentioned means that there is weakness in the system of combating corruption and financing terrorism, High risk and thus lead to the reluctance of investors to enter it, has been noted since 2012 since the failure of Iraq to comply with 15 of the recommendations of the main recommendations on the fight against money laundering and recorded up to seven hundred notes.

In order to change this reality, Iraq worked to meet these requirements through a number of measures, foremost of which was the issuance of the AML / CFT Law No. 39 of 2015, as well as the issuance of the rules of due diligence towards customers of financial institutions No. (1) of 2017, The establishment of the Anti-Money Laundering and Terrorism Financing Office in the Central Bank and granting it full independence and the authority to receive and analyze communications and refer them to the judiciary.

In addition, Iraq has issued the national strategy to combat money laundering in addition to the accession and ratification of the International Convention for the Suppression of Terrorism as well as the conclusion of bilateral agreements with countries to exchange information and legal assistance on the recovery of money and people. In the same context was formed a committee to freeze terrorist funds in accordance with the resolutions of the Security Council In this regard, No. 1267 and No. 1373.

That the exit of Iraq after the completion of the requirements of the Financial Action Group will have positive results, most notably contributing to the process of opening correspondent accounts of the Central Bank and local banks with the world, including accounts in the currency of the euro as well as receiving and sending remittances of Iraqis easily where will be dealing with these transfers according to simple care after it was Treated with strict care. On the other hand, economic relations with international investment companies and lending institutions will become stronger and easier as the interest rates fall.

It is an important step for Iraq has been achieved by significant efforts made by the relevant authorities, including the Central Bank of Iraq and the Office of the fight against money laundering and we now maintain this achievement first and take advantage of possible opportunities to support the Iraqi economy second, according to the data of the new phase.

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by Lobo Fri 13 Jul 2018, 11:28 am

Lobo

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Join date : 2013-01-12

Post n°2

Re: Exit Iraq from the follow-up area

by Lobo Fri 13 Jul 2018, 11:28 am

Thanks Rocky, sounds like we are almost THERE -

That the exit of Iraq after the completion of the requirements of the Financial Action Group will have positive results, most notably contributing to the process of opening correspondent accounts of the Central Bank and local banks with the world, including accounts in the currency of the euro as well as receiving and sending remittances of Iraqis easily where will be dealing with these transfers according to simple care after it was Treated with strict care. On the other hand, economic relations with international investment companies and lending

Dance