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Combating money laundering.. Why doesn't Iraq establish a financial intelligence unit?
Economy 10-27-2024, 10:00 |
Baghdad Today - Baghdad
Today, Sunday (October 27, 2024), Professor of International Economics Nawar Al-Saadi
revealed the presence of failures in the anti-money laundering file inside Iraq,
wondering about the reasons for not establishing the Financial Intelligence Unit. Al-Saadi said in an interview with “Baghdad Today” that, “Despite the presence of the
Anti-Money Laundering and Terrorist Financing Office within the structure of the Central Bank of Iraq since 2007, this office suffers from a
lack of resources and the
absence of full support and coordination with other agencies,
which limits its ability to combat money laundering.”
Funds can be used effectively, especially in light of the challenges related to currency smuggling and the exploitation of security companies as outlets for illicit financing.” He stated that
“establishing an independent financial intelligence unit may have a decisive role in unifying the efforts of multiple institutions
to track financial crimes related to currency smuggling and terrorist financing, and
achieving integration between intelligence analysis operations and financial information.
This unit
will enhance Iraq’s ability to cooperate internationally, especially with international organizations.” It
supports the exchange of information between financial intelligence units globally,
enhances oversight of the banking system, and
combats money smuggling and terrorist financing practices through security companies and other channels.” He added,
"From a security perspective, leaving the tasks of monitoring financial mafias within the jurisdiction of general military commands specialized in combating terrorism and criminal crime is a major challenge.
Financial crimes require a different methodology that includes financial analysis and investigation of transfers and property, while
criminal and terrorist crimes focus on methods and tactics related to arrest." Immediate deterrence of violent activities. He continued,
"From an economic and financial point of view, financial crimes and terrorist crimes are radically different; the
former seeks to camouflage and transform illicit funds into legitimate funds using legitimate economic channels, while
terrorist crimes focus on achieving political goals through intimidation, and
separating these two types of crimes will enable... Iraq is able to
build an effective supervisory system that suits the nature of each type of crime and helps
protect the Iraqi economy from the challenges associated with money laundering and terrorist financing.”
The professor of international economics concluded by saying,
"With better integration between institutions and independent financial intelligence units, Iraq will
have a greater ability to reduce financial crimes,
increase transparency and
enhance its position within the international economic system,
which is necessary to advance the local economy and restore confidence in the internal financial system."
On January 9, 2022, the Ministry of Foreign Affairs announced the removal of Iraq from the European Union’s list of high-risk countries in the field of combating money laundering and terrorist financing, according to a letter the former Prime Minister received from the European Commission mission.
In May 2020, the European Commission classified Iraq, along with other countries, including Afghanistan, Pakistan, Syria, Yemen, Iran, and North Korea, on the list of countries that pose financial risks to the European Union, due to deficiencies in combating money laundering and terrorist financing.
On February 18, 2020, the Committee for Freezing Terrorist Funds, affiliated with the Secretariat of the Council of Ministers, issued a list that included 84 individuals and entities whose funds had been frozen on charges of financing terrorism, at the request of the UN Security Council.
https://baghdadtoday.news/260782-مكافحة-غسيل-الأموال.-لماذا-لا-يؤسس-العراق-وحدة-الاستخبارات-المالية؟.html
Economy 10-27-2024, 10:00 |
Baghdad Today - Baghdad
Today, Sunday (October 27, 2024), Professor of International Economics Nawar Al-Saadi
revealed the presence of failures in the anti-money laundering file inside Iraq,
wondering about the reasons for not establishing the Financial Intelligence Unit. Al-Saadi said in an interview with “Baghdad Today” that, “Despite the presence of the
Anti-Money Laundering and Terrorist Financing Office within the structure of the Central Bank of Iraq since 2007, this office suffers from a
lack of resources and the
absence of full support and coordination with other agencies,
which limits its ability to combat money laundering.”
Funds can be used effectively, especially in light of the challenges related to currency smuggling and the exploitation of security companies as outlets for illicit financing.” He stated that
“establishing an independent financial intelligence unit may have a decisive role in unifying the efforts of multiple institutions
to track financial crimes related to currency smuggling and terrorist financing, and
achieving integration between intelligence analysis operations and financial information.
This unit
will enhance Iraq’s ability to cooperate internationally, especially with international organizations.” It
supports the exchange of information between financial intelligence units globally,
enhances oversight of the banking system, and
combats money smuggling and terrorist financing practices through security companies and other channels.” He added,
"From a security perspective, leaving the tasks of monitoring financial mafias within the jurisdiction of general military commands specialized in combating terrorism and criminal crime is a major challenge.
Financial crimes require a different methodology that includes financial analysis and investigation of transfers and property, while
criminal and terrorist crimes focus on methods and tactics related to arrest." Immediate deterrence of violent activities. He continued,
"From an economic and financial point of view, financial crimes and terrorist crimes are radically different; the
former seeks to camouflage and transform illicit funds into legitimate funds using legitimate economic channels, while
terrorist crimes focus on achieving political goals through intimidation, and
separating these two types of crimes will enable... Iraq is able to
build an effective supervisory system that suits the nature of each type of crime and helps
protect the Iraqi economy from the challenges associated with money laundering and terrorist financing.”
The professor of international economics concluded by saying,
"With better integration between institutions and independent financial intelligence units, Iraq will
have a greater ability to reduce financial crimes,
increase transparency and
enhance its position within the international economic system,
which is necessary to advance the local economy and restore confidence in the internal financial system."
On January 9, 2022, the Ministry of Foreign Affairs announced the removal of Iraq from the European Union’s list of high-risk countries in the field of combating money laundering and terrorist financing, according to a letter the former Prime Minister received from the European Commission mission.
In May 2020, the European Commission classified Iraq, along with other countries, including Afghanistan, Pakistan, Syria, Yemen, Iran, and North Korea, on the list of countries that pose financial risks to the European Union, due to deficiencies in combating money laundering and terrorist financing.
On February 18, 2020, the Committee for Freezing Terrorist Funds, affiliated with the Secretariat of the Council of Ministers, issued a list that included 84 individuals and entities whose funds had been frozen on charges of financing terrorism, at the request of the UN Security Council.
https://baghdadtoday.news/260782-مكافحة-غسيل-الأموال.-لماذا-لا-يؤسس-العراق-وحدة-الاستخبارات-المالية؟.html
