The Central Bank of Iraq adopts new mechanisms to combat money laundering
The Central Bank of Iraq adopts new mechanisms to combat money laundering
2023-04-19 07:59
Shafaq News/ The Central Bank of Iraq has taken new mechanisms to reduce money laundering and terrorist financing operations through the sale and purchase of real estate.
According to a document issued by the Central Bank on 4/5/2023, signed by the Deputy Governor, Faisal Al-Haimus Agency, and seen by Shafaq News Agency, it stated that “for the purpose of reducing the risks of money laundering and terrorist financing related to the real estate sector, which is one of the international requirements imposed on the Republic of Iraq’s commitment to it, which reflects the positive impact on its evaluation, necessitates coordination between you and the real estate registration departments regarding real estate sales and purchases.
And the bank stipulated that “the presence of the seller and the buyer or buyer, for the purpose of depositing the agreed amount with your institutions when the amount of the property exceeds the permissible limit in the due diligence controls of the real estate registration departments No. 1 of 2022.”
And he stressed that “the amount is deposited with your institutions through opening accounts or any other methods that you deem more flexible, after taking due diligence measures on your part.”
And the bank stressed that “the commission specified by the supervisory authority for this purpose is met, or without it according to the policy followed by you, which in turn will increase the classification of banks’ evaluation by the supervisory authority in the event that nominal percentages are taken, based on what came in our letter No. 2/9/126 dated On 26/2/2023, which includes the quality of banking services.
The bank indicated that “a letter is issued by you to the real estate registration department concerned with the process, by depositing the amount, and the letter addressed to the aforementioned department includes the following: (m/ depositing the amount of the text (the amount of the property numbered with the number (…) has been deposited according to Bond No. (… ) returned to the seller Mr. (….), and the buyer Mr. (….), after completing the due diligence procedures based on what was stipulated in the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015 and the due diligence controls concerned with the real estate registration departments No. 1 for the year 2022.
shafaq.com
