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[size=46]The Central Bank clarifies its procedures regarding its recent decisions to monitor money laundering operations[/size]
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Today, Sunday, the Central Bank of Iraq clarified its procedures regarding its recent decisions to monitor money laundering operations, while indicating that a joint plan has been developed with the Ministry of Justice to be implemented in stages to prevent affecting the real estate market.
The Deputy Director General of the Investments Department at the Central Bank, Dr. Muhammad Yunus, said, “The Anti-Money Laundering and Terrorism Financing Council indicated that the real estate sector is the most dangerous in Iraq, because of this sector’s attractive features for money laundering, and as a result, the Central Bank took measures commensurate with it.” With these risks, which made this sector an unsafe haven for the proceeds of crime.
He pointed out, "Processions have been put in place in cooperation with the Ministry of Justice and the Office of Combating Money Laundering and Terrorist Financing in the Iraqi Bank and Center, within an integrated plan, implemented in successive stages, to prevent affecting supply and demand for those real estate, and paid using banking services and enhancing financial inclusion in Iraq, and guarantees the rights of both parties to receive and deliver funds.
And he continued by saying: “To monitor these procedures, the real estate registration staff and the relevant authorities have been trained through workshops, to monitor money laundering and terrorist financing, and these procedures include, as an initial stage, that the real estate be limited to 500 million dinars, the purpose of which is for the bank to take the necessary measures.” At this ceiling, after which it will come down gradually, to ensure that it does not affect the real estate market, and we believe that these measures are a catalyst for reducing money laundering operations.
And the Central Bank of Iraq specified, earlier, the mechanism for buying and selling real estate, and the work of banks, real estate departments, and communications to complete the process, in accordance with the law to prevent the phenomenon of money laundering.
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