Tangible progress in combating money laundering
Tangible progress in combating money laundering
2025/10/07
Iraq has made tangible progress in combating money laundering and terrorist financing at both the Arab and international levels.
Hussein Al-Maqram, a representative of the Anti-Money Laundering and Terrorist Financing Office at the Central Bank of Iraq, told Al-Sabah: “This progress was represented by achieving good compliance rates in the mutual evaluation within the framework of the Middle East and North Africa Financial Action Task Force (MENAFATF).” He added that “the National Risk Assessment Team continues its efforts to reach more advanced levels by implementing national action plans and periodically evaluating performance.” Al-Maqram explained that “the National Risk Assessment Team for Money Laundering and Terrorist Financing began its work last year by continuing to update the National Risk Assessment Report for Money Laundering and Terrorist Financing. It implemented key stages that included collecting and analyzing data from various sectors, identifying weaknesses and gaps in the legislative and executive structure, analyzing threats and risks at the national level, determining the overall level of risk in various sectors, and setting priorities for dealing with risks through mitigation strategies.”
He stressed that “the plan to develop the work of the Anti-Money Laundering and Combating the Financing of Terrorism Office for the next phase includes enhancing the office’s analytical and technical capabilities through the use of advanced tools and techniques in data analysis and artificial intelligence, expanding the scope of international and regional cooperation to exchange expertise and information, enhancing the level of coordination with judicial, security, and oversight authorities, organizing advanced training programs for national cadres in the field of financial investigation and financial analysis, and continuing to implement the national plan to combat money laundering and terrorist financing in cooperation with all partners.”
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