Iraq activates “targeted financial sanctions” to combat money laundering
Iraq activates “targeted financial sanctions” to combat money laundering
2026-07-17
Shafaq News – Baghdad
The Central Bank of Iraq announced on Friday that its Anti-Money Laundering and Counter-Terrorism Financing Office organized a specialized workshop on implementing targeted financial sanctions, in support of the requirements of the Financial Action Task Force (FATF) Action Plan.
According to a statement issued by the bank, the workshop was attended by the Deputy Governor of the Central Bank, the Director General of the Anti-Money Laundering and Counter-Terrorism Financing Office, the Executive Director of the Association of Iraqi Private Banks, along with representatives of financial and non-financial institutions and relevant parties.
The statement emphasized that this workshop comes within the framework of national efforts aimed at promoting the immediate and effective implementation of targeted financial sanctions, as one of the basic requirements included in the Action Plan formulated by the Financial Action Task Force (FATF) for the mutual evaluation process of the Republic of Iraq.
The bank noted that the workshop reviewed the legal and regulatory framework for targeted financial sanctions, mechanisms for implementing relevant UN Security Council resolutions, and the roles and responsibilities of financial institutions and designated non-financial businesses and professions, as well as discussing the most prominent practical challenges and ways to enhance compliance to ensure immediate and timely implementation.
The workshop participants stressed that the effective application of targeted financial sanctions is one of the fundamental pillars of the anti-money laundering, counter-terrorism financing and arms proliferation financing system, and contributes directly to meeting the requirements of the action plan and enhancing Iraq’s readiness in the mutual evaluation process in line with the international standards issued by the FATF.
The workshop included technical discussions that focused on unifying implementation mechanisms, raising the efficiency of entities subject to oversight, and enhancing institutional coordination to ensure the effective application of sanctions in accordance with national and international requirements, according to a statement from the Central Bank.
shafaq.com
