Keywords: Iraq can be included in the blacklist issued unless a special law of money laundering

Rocky

Rocky

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Keywords: Iraq can be included in the blacklist issued unless a special law of money laundering

02-04-2015 02:44 PM

Warned the Governor of the Central Bank of Iraq and the Agency on the Keywords of the possible inclusion of Iraq within blacklisted by international parties.

Alak said that unless issued a law on money laundering, Iraq could be included in the blacklist by international parties,

adding that the money laundering process operates interesting international parties and on the central bank to move to reduce them because of the seriousness of that shape and can be used in terrorist operations, corruption and crimes.

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tlm724

tlm724

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Indeed !

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Paris, 27 February 2015 - The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT). In order to protect the international financial system from money laundering and financing of terrorism (ML/FT) risks and to encourage greater compliance with the AML/CFT standards.

What influence does money laundering have on economic development?

Launderers are continuously looking for new routes for laundering their funds. Economies with growing or developing financial centres, but inadequate controls are particularly vulnerable as established financial centre countries implement comprehensive anti-money laundering regimes. Differences between national anti-money laundering systems will be exploited by launderers, who tend to move their networks to countries and financial systems with weak or ineffective countermeasures. Some might argue that developing economies cannot afford to be too selective about the sources of capital they attract. But postponing action is dangerous. The more it is deferred, the more entrenched organised crime can become. As with the damaged integrity of an individual financial institution, there is a damping effect on foreign direct investment when a country’s commercial and financial sectors are perceived to be subject to the control and influence of organised crime. Fighting money laundering and terrorist financing is therefore a part of creating a business friendly environment which is a precondition for lasting economic development.

Improving Global AML/CFT Compliance: on-going processs

Afghanistan
Angola
Guyana
Indonesia
Iraq
Lao PDR
Panama
Papua New Guinea
Sudan
Syria
Yemen

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[tlm724] Punishments against countries unless they ‘enact significant legislation to address these problems’ were stated as possibly to include: requiring US and other banks to gather detailed information before doing business with any individual or company from any of these countries; and issuing official warnings to international companies against doing business in any of the countries. FATF can also recommend taking sanctions against a country on the blacklist !

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Keywords: Iraq can be included in the blacklist issued unless a special law of money laundering

1 Keywords: Iraq can be included in the blacklist issued unless a special law of money laundering Thu Apr 02, 2015 9:06 am

Rocky

2 Re: Keywords: Iraq can be included in the blacklist issued unless a special law of money laundering Thu Apr 02, 2015 3:47 pm

tlm724