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[size=36]Iraq reveals its procedures to raise the level of its assessment of combating money laundering[/size]
political| 08:00 - 16/06/2021
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Baghdad - Mawazine News
The Anti-Money Laundering and Terrorist Financing Office of the Central Bank of Iraq revealed, on Wednesday, executive measures to raise the level of Iraq's assessment in the field of combating money laundering and terrorist financing.
An official source in the office stated, "The office has taken technical steps by the anti-money laundering and terrorist financing system by completing the coverage of the work plan developed by the International Cooperation Review Group (ICRG) of the Financial Action Team (FATF) by the Iraqi authorities. Starting the national risk assessment process, which is part of the update process every two years.
And he indicated that "in light of this, the Anti-Money Laundering and Terrorist Financing Office has taken a number of measures to move forward in the national risk assessment, such as the formation of several teams concerned with the national risk assessment process, and through direct coordination with the World Bank, which adopted the technical assistance process on this subject." The first stage, which is the introductory stage and the explanation of the concepts of the process for the sub-groups that have been identified, has been completed, each according to the sector to which it belongs.
An official source in the office stated, "The office has taken technical steps by the anti-money laundering and terrorist financing system by completing the coverage of the work plan developed by the International Cooperation Review Group (ICRG) of the Financial Action Team (FATF) by the Iraqi authorities. Starting the national risk assessment process, which is part of the update process every two years.
And he indicated that "in light of this, the Anti-Money Laundering and Terrorist Financing Office has taken a number of measures to move forward in the national risk assessment, such as the formation of several teams concerned with the national risk assessment process, and through direct coordination with the World Bank, which adopted the technical assistance process on this subject." The first stage, which is the introductory stage and the explanation of the concepts of the process for the sub-groups that have been identified, has been completed, each according to the sector to which it belongs.
The source confirmed that "within this framework, a member from each sector was chosen to be responsible for filling in the tables prepared by the World Bank, in addition, there is continuous coordination between the assessment team and the World Bank regarding providing continuous support in terms of collecting and analyzing statistics and data to determine the level of risks, threats and points. Weakness", expecting that "the World Bank will hold a three-day workshop with all concerned parties to show how to write the final report in a practical way, to be proactive measures for this process, such as issuing instructions and adopting new executive procedures, as the immediate treatment will raise the level of evaluation of the Republic of Iraq."
And he added, "Regulations related to amending the declaration of funds when they are entered and exited across the Iraqi border No. 1 of 2017, and due diligence for combating money laundering and terrorist financing for the legal profession, mediation companies for the sale and purchase of foreign currencies, and for the profession of accountants and auditors, and agents of service providers have been issued. Electronic payment, corporate governance and management of information and communication technology in the Iraqi banking sector, for goldsmiths and dealers of precious stones, and procedures for collecting and evaluating information by the competent teams are still ongoing.
He explained that "the name of the Republic of Iraq was lifted from the list of high-risk countries in the Financial Action Task Force (FATF) concerned with combating money laundering and terrorist financing during the first half of 2018."
The source added that "the first update report for Iraq at the Financial Action Meeting for the Middle East and North Africa reviewed the efforts and effectiveness of the supervisory and supervisory authorities on the financial sector, developments of specific non-financial professions and businesses, and the extent of international cooperation in terms of concluding memoranda of understanding between the Anti-Money Laundering and Terrorist Financing Office and counterpart units." Noting that "Iraq is still within the modernization stage every two years, which is the usual stage for all member states outside the list of high-risk countries." Ended 29/A43
And he added, "Regulations related to amending the declaration of funds when they are entered and exited across the Iraqi border No. 1 of 2017, and due diligence for combating money laundering and terrorist financing for the legal profession, mediation companies for the sale and purchase of foreign currencies, and for the profession of accountants and auditors, and agents of service providers have been issued. Electronic payment, corporate governance and management of information and communication technology in the Iraqi banking sector, for goldsmiths and dealers of precious stones, and procedures for collecting and evaluating information by the competent teams are still ongoing.
He explained that "the name of the Republic of Iraq was lifted from the list of high-risk countries in the Financial Action Task Force (FATF) concerned with combating money laundering and terrorist financing during the first half of 2018."
The source added that "the first update report for Iraq at the Financial Action Meeting for the Middle East and North Africa reviewed the efforts and effectiveness of the supervisory and supervisory authorities on the financial sector, developments of specific non-financial professions and businesses, and the extent of international cooperation in terms of concluding memoranda of understanding between the Anti-Money Laundering and Terrorist Financing Office and counterpart units." Noting that "Iraq is still within the modernization stage every two years, which is the usual stage for all member states outside the list of high-risk countries." Ended 29/A43
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