Baghdad: An advisor to the Prime Minister has confirmed the government’s achievements in protecting the financial system from misuse in financial crimes related to money laundering and terrorist financing. Saleh Mahoud, the Prime Minister’s Advisor for Banking Affairs, represented the Prime Minister at the second session of the Anti-Money Laundering and Combating the Financing of Terrorism Conference, which commenced today in Baghdad. Mahoud emphasized the government’s hope that this event would provide a valuable opportunity for constructive dialogue and exchange of experiences, aiming to boost international confidence in the Iraqi banking sector.
According to National Iraqi News Agency, Mahoud highlighted the Iraqi government’s recognition of the importance of the conference in showcasing the latest developments in international standards and their implementation mechanisms. He noted the significance of raising awareness and commitment among specialists in combating money laundering and terrorist financing, especially given the increasing challenges posed by the rapid development of these crimes. The proliferation of weapons and the complexity of combating such crimes were also underscored.
Mahoud explained the adverse impacts these crimes have on economic, social, and security aspects of countries, emphasizing that the harm extends beyond national borders. To address these challenges, countries are actively working to strengthen legislative and regulatory frameworks to keep up with evolving threats. They aim to implement international standards and requirements, leveraging guidelines issued by the Financial Action Task Force and best practices in the field.
The Iraqi government has pledged to implement broad reforms in combating money laundering and terrorist financing, beginning with the enactment of relevant laws and continuous updates to align with international standards. This includes bolstering the role of regulatory and financial investigation authorities and collaborating with international partners, reflecting Iraq’s commitment to achieving national goals and reinforcing integrity and transparency.
Iraq’s commitment is further demonstrated through active cooperation with the Middle East and North Africa Financial Action Task Force (MENAFATF). This involves introducing comprehensive changes to strengthen the anti-money laundering and counter-terrorism financing system, focusing on financial inclusion policy, legal frameworks, law enforcement, and oversight. The Iraqi Council of Ministers has decided to automate government ministries’ operations, activate electronic collections, and provide electronic bill payment services, in coordination with the Central Bank of Iraq. Additionally, there are exemptions for electronic payment devices from customs duties and taxes, along with increased budget allocations to support financial inclusion starting in 2023.
The banking advisor confirmed that the government, with support from relevant institutions, has achieved significant accomplishments in safeguarding the financial system from misuse, particularly in tackling money laundering and terrorist financing crimes.