Baghdad: The Central Bank of Iraq has underscored its unwavering commitment to addressing money laundering and terrorist financing, ensuring that financial institutions remain secure from such illicit activities. Central Bank Governor Ali Al-Alaq, speaking at the second session of the Anti-Money Laundering and Combating the Financing of Terrorism Conference in Baghdad, emphasized the broader implications of these crimes beyond mere financial misconduct, highlighting their potential to disrupt financial, social, and political stability.

According to National Iraqi News Agency, Al-Alaq pointed out that Iraq’s recent evaluation of its adherence to international standards demonstrated significant strengths, particularly in transparency and access to financial data by relevant authorities. He credited these achievements to the political will and support from the government and the Prime Minister, specifically towards the Anti-Money Laundering and Combating the Financing of Terrorism Organization.

Al-Alaq assured that the national system’s efforts to combat money laundering and terrorist financing will persist, focusing on mitigating the impacts of these crimes and enhancing operational mechanisms. This is to ensure that both banking and non-banking financial institutions do not become sanctuaries for money laundering activities.