Iraq

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Iraq’s Coalition Provisional Authority (CPA) issued several relevant regulations and orders, including April 2003 Regulations and Order No. 93 ‘Anti-Money Laundering Act’ 2004 (AML Act).

The AML Act covers: banks; asset, investment fund and securities dealers or managers; insurance entities; money transmitters and foreign currency exchanges, as well as persons who deal in financial instruments, precious metals or gems; and persons who undertake hawala transactions.

Iraq has established a financial intelligence unit (FIU) within the Central Bank of Iraq (CBI). Financial institutions must record and report suspicious transactions to the CBI.

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Sources

International Narcotics Control Strategy Report, Released by the Bureau for International Narcotics and Law Enforcement Affairs, March 2006

“Republic of Iraq-Legal and Regulatory, Anti-money laundering/terrorist financing”.