Experts Opnion on Iraq’s New Anti-money Laundering Act

The new law regarding financing terrorist organizations and money laundering has been approved by the Cabinet of the Council of Ministers and then forwarded to the House of Representatives for making it as a new law to be added in the constitution. It would be most beneficial for Iraqi economy and financial interests. Most experts said that smuggling and money launder has become one of the most dangerous crimes that can make a disaster in the economy for any country worldwide. A large number of criminals participate in the crime of money laundering because it produces a large amount of money such as financial corruption, arms smuggling and trade of drugs. These kinds of crimes can’t be handled by single country; it would be managed with international cooperation in order to save the whole world.

This law needs consistency and major requirements in the rules issued by the United Nations, its sub or regional organizations and all the international organizations in order to secure the next generations. The application of this law is to form Anti-Money Laundering Office in the Iraqi Central Bank linking with the high officials of the Iraqi Central Bank. The Governor of the Iraqi Central Bank would perform its role in giving powers and authority according to the law 93 of 2004. This law formally applied in September 2006 to redirect all Iraqi banks, currency dealers and individuals from the financial markets to give up with the establishment and implementation of this law.

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