Central Bank: A Comprehensive Five-Pronged Plan To Combat Money Laundering
Banks Economy News – Baghdad The Central Bank announced on Thursday that it has put in place preventative measures to combat money laundering across various sectors, while noting that there is international cooperation at the strategic level involving international organizations.
Hussein Ali, Deputy Director General of the Central Bank’s Anti-Money Laundering and Combating the Financing of Terrorism Office, said, “The crime of money laundering is linked to the extent of the predicate crime being committed domestically, as well as to the extent of preventative measures taken by the state.”
He explained that, “Based on a comprehensive assessment of the anti-money laundering and counter-terrorism financing system, weaknesses in this system were identified, where they are being exploited, which sectors are being exploited in money laundering, and which predicate crimes are most commonly committed.”
He added, “After identifying these crimes and the points where money laundering occurs, mitigating measures were put in place to address the risks of money laundering through these sectors.”
He continued, “Easing measures have been put in place in the real estate sector, with real estate sales being conducted through the banking sector. Special measures have also been put in place in the gold sector, with financial institutions enforcing stricter controls on gold transfers.”
He pointed out that “electronic cards, which were exploited by some unscrupulous individuals for foreign withdrawals, were used to benefit from the exchange rate or to move illegal funds. This phenomenon has been curbed and mitigated by establishing controls and updating the limits on these cards so that they are no longer useful to those who make foreign withdrawals.”
He emphasized that “all these treatments are based on a real evaluation process with very precise results, which helped ensure that the treatments were specific and focused.”
He noted that “the Anti-Money Laundering Law addresses all these sectors, and there are international and national studies that identify new trends pursued by money launderers. Every time a new method is added, countries implement preventative measures for it.”
He explained that “one of the methods also includes registering fake companies, and there are procedures in place for this in cooperation with the Companies Registration Department, including the process of identifying the real beneficiary of these companies, which is a very important matter to prevent the use of front companies for these companies.”
He pointed out that “the Iraqi state took appropriate measures, and even when it was evaluated by the Financial Action Task Force, the evaluation result regarding the beneficial owner issue was appropriate for Iraq’s situation.”
He pointed out that “all measures taken are based on a risk-based approach, so that when there are risks, measures are taken to address them, while private transactions involving citizens are not complicated.”
He emphasized that “all countries in the world cooperate in the field of combating money laundering through multiple channels, and in the Anti-Money Laundering Office we have counterpart offices called counterpart units.”
He explained that “information is exchanged with these units without any conditions, and without the involvement of diplomatic bodies such as the Ministry of Foreign Affairs or the intelligence service.”
He stated that “there is international cooperation at the strategic level through reports and through our participation in relevant international organizations,” noting that “regarding our work, we conduct an investigation, and after completing the file, it is referred to the judiciary, and we say that this person carried out a money laundering operation, and took out the funds of such-and-such state, and this money reached such-and-such a value, and is present in such-and-such accounts, and after that, there is official judicial cooperation from one judiciary to another for the purpose of seizing and confiscating the funds.” https://economy-news.net/content.php?id=55722
The Association Of Private Banks Holds A Specialized Workshop On “Control Guidelines For Internal Assessment Of Capital Adequacy Standards”
Advisor to the Association of Banks, Samir Al-Nusairi Banks Economy News – Baghdad The Iraqi Private Banks Association held a specialized workshop on the subject of regulatory controls for the internal assessment of capital adequacy standards.
The seminar hosted representatives of the Central Bank, including the relevant managers of the Banking Supervision Department at the Central Bank, and was attended by representatives of all commercial and Islamic banks, including the directors of risk, compliance, credit, internal and financial audit, and members of the boards of directors who are members of the Risk Committee.
The workshop was moderated by the Association of Banks’ advisor, Samir Al-Nusairi, who spoke about the objectives of regulatory standards for capital adequacy in accordance with the requirements of the Basel Committee’s second pillar to secure a capital buffer to mitigate risks. He emphasized the need to strengthen and improve corporate governance in banks based on the Environmental and Social Standards Guide issued in 2024.
He pointed out that the comprehensive banking reform project, which the Central Bank is working to implement in cooperation with the global consulting firm Oliver Wyman, is sponsored and supported by the government.
Central Bank representatives Ali Abdul Aziz and Hussein Reda spoke about the details of the regulations and tasks required of banks, as well as the procedures and timelines required to implement the regulations over the coming year.
The attendees discussed the regulations and observations that required clarification and answers from the Central Bank. These were answered by Central Bank representatives. At the conclusion of the workshop, it was decided to form a permanent joint working group between the Central Bank and the banks to follow up on implementation and address any obstacles that may hinder implementation.
Specialized workshops and training courses will also be held for relevant leadership cadres on the boards of directors and executive management at banks to ensure accurate implementation and application of the regulations. https://economy-news.net/content.php?id=55727
Rafidain: Extension Of The Period For The Sale Of National Bonds – The Third Issue
Economy | 05:40 – 05/22/2025 Mawazine News – Baghdad Rafidain Bank announced today, Thursday, the extension of the sale period of the third national bond issue until June 3, 2025, in response to the growing demand from citizens for this type of financial instrument, and in accordance with the directives of the Ministry of Finance and the Central Bank of Iraq.
The bank explained in an official statement that this extension comes within the framework of supporting the culture of national savings and encouraging safe investment, in addition to contributing to financing economic development projects within the country.
The statement indicated that two types of bonds are available to investors:
• First bond:
• Nominal value: 500,000 Iraqi dinars
• Annual interest: 8%
• Investment period: two years
• Payment mechanism: Interest paid semi-annually
• Second bond:
• Nominal value: 1,000,000 Iraqi dinars
• Annual interest: 10%
• Investment period: four years
• Payment mechanism: Interest paid semi-annually
The bank called on citizens wishing to invest their savings in guaranteed instruments with a fixed return to visit the nearest Rafidain Bank branch to take advantage of the available opportunity before the specified period ends. https://www.mawazin.net/Details.aspx?jimare=261796
The Prime Minister Announces The Launch Of The National Security Strategy (2025-2030)
Thursday, May 22, 2025 15:07 | Umniah Number of reads: 347 Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani announced the launch of the National Security Strategy (2025-2030).
According to a statement by his media office, Al-Sudani congratulated the national elite who were appointed from all state institutions to implement this strategy, stressing his serious support for the implementation of this task.
The Prime Minister stressed that the importance of this strategy lies in its protection of the supreme interest of the country, building a diversified and sustainable development economy, and adopting a service system that matches the aspirations of the people.
He said that we all bear the responsibility of building our homeland, protecting it and its sanctities in accordance with a fully sovereign and secure Iraq to achieve stability and development. https://ninanews.com/Website/News/Details?Key=1228435
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
