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Bond Ladys Corner » NEWS FROM IRAQ » Iraq General News, Economy & Oil News »  Keywords looking with a delegation and U.S. Treasury reform the financial and banking situation in Iraq

Keywords looking with a delegation and U.S. Treasury reform the financial and banking situation in Iraq

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player46


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Keywords looking with a delegation and U.S. Treasury reform the financial and banking situation in Iraq

Author: Bian3 on: Monday 25/02/2013 07:04 pm

Source: Baghdad 2



Baghdad / WAP / search of the Secretary-General of the Council of Ministers on the Keywords with a delegation from the U.S. Treasury Department, headed by Deputy Minister David Cohen reform banking and financial situation in Iraq.

A statement from the Secretariat of the Council of Ministers received news agency Baghdad International / WAP / copy on Monday that "Keywords received a delegation from the U.S. Treasury Department headed by Deputy Minister David Cohen and his entourage, was discussed ways to support the financial and banking system in Iraq and review Iraq's efforts in the activity of anti- money laundering. "
and Keywords "reform steps taken by Iraq on the report FATF for the Middle East and North Africa and on the report of the detailed evaluation of the Republic of Iraq in the fight against money laundering, including the amendment of the law against money laundering and activating the role of the relevant office Drug Control in the Central Bank and other measures."
For his part, Deputy Minister expressed the U.S. Treasury his country's readiness to support Iraq's efforts to strengthen its financial and banking system and the transfer of expertise related to international control measures and control the movement of funds for the fight against money laundering associated with corruption, crime or terrorism. "

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tlm724

tlm724
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Note: The current regulations for the Republic of Iraq state: "Coming soon" so I will watch for those. In the meantime here is some info on FATF. Also TF = Terrorist Financing and ML = Money Laundering

Middle East and North Africa Financial Action Task Force (MENAFATF)


The objectives of MENAFATF are to:
•To adopt and implement the 40 Recommendations of the FATF against ML, (here is the link to the 40 recommendations) [You must be registered and logged in to see this link.]
•To adopt and implement the Special Recommendations of the FATF against TF, To implement the relevant UN treaties and agreements and United Nations Security Council Resolutions dealing with countering ML/TF,
•To co-operate together to raise compliance with these standards and measures within the MENA Region and to work with other international organizations to raise compliance worldwide;
•To work together to identify ML/TF issues of a regional nature, to share experiences of these problems and to develop regional solutions for dealing with them; and
•To build effective arrangements throughout the region to combat effectively ML/TF in accordance with the particular cultural values, constitutional framework and legal systems in the member countries.

5- Members and Observers.
The number of MENAFATF member countries is 18 namely, the Hashemite
Kingdom of Jordan, the United Arab Emirates, the Kingdom of Bahrain, the
Republic of Tunisia, the People’s Democratic Republic of Algeria, the Kingdom
of Saudi Arabia, the Republic of Sudan (joined in 2006), the Arab Republic of
Syria, the Republic of Iraq (joined in 2005), the Sultanate of Oman, the State of
Qatar, the State of Kuwait, the Republic of Lebanon, the Great Socialist
People's Libyan Arab Jamahiriya (joined in 2008), the Arab Republic of Egypt,
the Kingdom of Morocco, the Islamic Republic of Mauritania (joined in 2005)
and the Republic of Yemen.

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A key element in the fight against money laundering and the financing of terrorism is the need for
countries systems to be monitored and evaluated, with respect to these international standards. The
mutual evaluations conducted by the FATF and FATF-style regional bodies, as well as the assessments
conducted by the IMF and World Bank, are a vital mechanism for ensuring that the FATF
Recommendations are effectively implemented by all countries.


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tlm724

tlm724
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quote from the article" including the amendment of the law against money laundering ".


Regulation and supervision
23.* Countries should ensure that financial institutions are subject to adequate regulation and
supervision and are effectively implementing the FATF Recommendations. Competent
authorities should take the necessary legal or regulatory measures to prevent criminals or their
associates from holding or being the beneficial owner of a significant or controlling interest or
holding a management function in a financial institution.

So there you have it. This delegation will help Iraq set these critical laws in conjunction with the UN,IMF and World Bank guidelines. Cool


_________________
Lifes purpose is not to arrive at the grave in a well preserved body, but rather to slide in sideways shouting HOLY CHIT what a ride

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