Judiciary announces the exit of Iraq from the list of tight control of the Organization (FATF)


Journal News

The Supreme Judicial Council (SJC) announced on Monday that Iraq has withdrawn from the FATF monitoring list after it has fulfilled its international obligations in the field of combating money laundering and terrorist financing  .

FATF is an intergovernmental body charged with studying techniques and trends in money laundering and terrorist financing, and developing and developing anti-money laundering and terrorist financing policies locally and internationally.

“The judiciary has played a major role in improving the international situation of Iraq and actively contributing to the implementation of the international recommendations adopted by FATF through the Supreme Judicial Council’s facilities,” said Judge Eyad Mohsen Samad from the Specialized Investigation Court on Integrity and Money Laundering in Rusafa. The cooperation of the Central Bank of Iraq and partner institutions in this area and over the past years, these efforts resulted in the exit of Iraq from the black list to the list of countries listed in the White List and complied with the international recommendations.

“The FATF is an intergovernmental organization established by the ministers of its member states,” said Judge Samad.

The development of international standards against money-laundering and the financing of terrorism at the level of regulation, legal and executive legislation and the identification of threats related to the integrity of the international financial system. “

“The FATF recommendations define the risks facing the world in the field of money laundering and financing of terrorism and the development of the necessary policies to curb these crimes and to track down the perpetrators,” he said, adding that the recommendations of the FATF are a reference framework and guide for countries to combat money laundering and terrorism financing. .

The FATF noted in 2012 that Iraq is one of the countries that did not implement the international recommendations in this area. The Central Bank has formed a team representing a large number of institutions, notably the Supreme Judicial Council to work on implementing and implementing FATF recommendations.

He pointed out that the Supreme Judicial Council was a major contributor to the drafting of the articles of the law and the extent to which it conforms to international standards, as well as the formation of a criminal court, a misdemeanor court and a specialized investigative court in the field of combating money laundering and terrorism financing.

He stressed that “the teams formed by the Central Bank of Iraq has taken it upon themselves to work to develop  policies to ensure Iraq’s implementation of international standards.”

The money laundering judge, according to the newspaper “Judiciary”: “The results of the work that have been important, including the exit of Iraq from the list of countries under strict control.”

“This will make it a safe environment for investments by the private sector, both domestic and foreign, and Iraq is not one of the countries of tax havens, nor of countries that are safe corridors for money laundering,” he said.

Judge Ayad Mohsen said that “one of the important issues in FATF’s recommendations is to identify people with risks in the field of combating money laundering and terrorism financing.” “There is a list of professions that are considered to be professionals who are on the list of those who have the risk, To pay due diligence towards their open accounts in banks and to monitor the movements of funds in their accounts, whether cash deposits or the transfer of funds with arithmetic limits. “

“Work has already been done on this aspect, and a range of professions have already been included, such as heads of state or government, senior politicians, senior judges, senior military personnel, senior executives of institutions, state companies and others,” he said.

 “The instructions for people with risk stipulated that financial institutions and banks must, according to the statement of the Central Bank, open an account for them to verify their original official documents and ascertain the nature of the financial transaction and the purpose of it and the real beneficiary of it and the nature of the relationship between the parties to the financial deal, .

He added that “in case of any suspicion in dealing with the bank or financial institution to immediately report the  suspicious transaction and stop before completion and custody of the financial assets of the client.”

The judge concluded that “the reason for the inclusion of some professions on the list of risks in the field of money laundering and the financing of terrorism is that the owners are influential and decision-makers and can through their functions to acquire large funds without the right to monitor their accounts and audit to prevent the process of embezzlement Mali Or funding for terrorism. “


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