Happy news for Iraq concerns international sanctions
Happy news for Iraq concerns international sanctions
BAGHDAD (Reuters) - A court investigating the integrity and money laundering cases in Rusafa confirmed on Monday that the judiciary contributes to Iraq's exit from FATF 's tight watch list .
"The judiciary has played a major role in improving the international situation of Iraq and actively contributing to the implementation of the international recommendations approved by FATF through the facilitation and cooperation shown by the Supreme Council of the Iraqi Central Bank and institutions, " Judge Eyad Mohsen said from the court . Partner 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 international recommendations.
"The FATF is an intergovernmental organization established by the ministers of its member states," said Judge Samad . "Its main mission is to set international standards for combating money laundering and terrorist financing at the level of regulation, legal legislation, executive level, 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 terrorism financing 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 .
"The Supreme Judicial Council has been a major contributor to drafting the articles of the law, indicating the extent to which they conform to international standards, as well as setting up a criminal court, a court of delicts and a specialized investigative court in the field of combating money laundering and terrorism financing, " he added.
He stressed that "the teams formed by the Central Bank of Iraq has taken upon itself to work on the development of policies to ensure Iraq's implementation of international standards ."
"The results of the work that have been achieved are 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 local and foreign private sector," he said. "Iraq is not one of the countries of tax havens or countries that are safe corridors for money-laundering criminals ."
Judge Ayad Mohsen also 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." He added that "there is a list of professions that are considered to be among the people who are on the list of those who are in danger, 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 officials, senior executives of institutions, state companies and others, " Judge Samad said.
He recalled the judge ligature saying that " the instructions for persons with risk stipulated that it should take financial institutions and banks , according to the central bank statement when opening an account for them to verify official belongings original and make sure the nature of the financial transaction and the objective of which its true beneficiary and the nature of the relationship between the parties to financial transactions " .
In the event of any suspicion in dealing with the bank or the financial institution to immediately report the suspicious transaction and stop before completion and the 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 . "
Last July of this year , the Organization decided to FATF FATF Iraq out of the list of countries that are subject.
Posting Permissions
Reply With Quote