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12:01 - 29/10/2018[You must be registered and logged in to see this image.]
BAGHDAD -
The Supreme Judicial Council announced on Monday that the central bank put the accounts of heads of government and senior politicians and officers under surveillance.
"In July of this year, FATF decided to leave Iraq on the list of countries under strict surveillance after it has implemented its international obligations in the field of combating money laundering and financing of terrorism," the judiciary said in a report received by Mawazine News.
He explained that "FATF is an intergovernmental body that undertakes the study of techniques and trends in money laundering and financing of terrorism and the development and development of policies related to combating money laundering and financing of terrorism locally and internationally."
"The role of the judiciary in getting the country out of the FATF list, the most important recommendations of this organization and the benefits to the country after this step," said Judge Iyad Mohsen Dammad of the Specialized Investigation Court on Integrity and Money Laundering in Rusafa.
"The judiciary has played a major role in improving the international situation of Iraq and actively contributing to the implementation of the international recommendations adopted by FATF through the facilitation and cooperation shown by the Supreme Judicial Council and the partner institutions in this field and over the past years, Resulted in the exit of Iraq from the black list to the list of countries listed in the white list and complied with international recommendations.
"The FATF is an intergovernmental organization established by the ministers of its member states," said Judge Samad. "Its main mission is to set international standards for combating money laundering and terrorist financing at the level of regulation, legal legislation, executive level, Threats related to the integrity of the international financial system ".
"The FATF recommendations define the risks facing the world in the field of money laundering and terrorism financing and the development of the necessary policies to curb these crimes and to track down the perpetrators," he said, adding that the recommendations of the FATF are a reference framework and guide for countries to combat money laundering and terrorism financing.
The FATF noted in 2012 that Iraq is one of the countries that did not implement the international recommendations in this area. The Central Bank has formed a team representing a large number of institutions, notably the Supreme Judicial Council to work on implementing and implementing FATF recommendations.
"The Supreme Judicial Council was a major contributor to the drafting of the law and its conformity with international standards, as well as the formation of a criminal court, a court of delicts and a specialized investigative court in the field of combating money laundering and terrorist financing," he added.
He stressed that "the teams formed by the Central Bank of Iraq has taken upon itself to work on the development of policies to ensure Iraq's implementation of international standards."
"The results of the work that have been achieved are important, including the exit of Iraq from the list of countries under strict control."
As for the benefits that come back to the country after leaving the black list,
"One of the important issues in FATF's recommendations is to identify people with risks in the field of combating money laundering and financing terrorism," Judge Iyad Mohsen said. "There is a list of professions that are considered to be among those on the list of those who have to take care Due to their open accounts in banks and control movements of funds in their accounts, whether cash deposits or the transfer of funds account balances.
"Work has already been done on this aspect, and a range of professions have already been included, such as heads of state or government, senior politicians, senior judges, senior military officials, senior executives of institutions, state companies and others," Judge Samad said.
"The instructions for people with risk stipulated that financial institutions and banks must, according to the statement of the Central Bank, open an account for them to verify their original official documents and ascertain the nature of the financial transaction and the purpose of it and the real beneficiary of it and the nature of the relationship between the parties to the financial deal, .
"In the event of any suspicion in dealing with the bank or the financial institution to immediately report the suspicious transaction and stop before completion and the custody of the financial assets of the client."
The judge concluded that "the reason for the inclusion of some professions on the list of risks in the field of money laundering and the financing of terrorism is that the owners are influential and decision-makers and can through their functions to acquire large funds without the right to monitor their accounts and audit to prevent the process of embezzlement Mali Or financing for terrorism "
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