Economy Update – Baghdad
Hussein Al-Muqrim, Director General of the Anti-Money Laundering and Terrorist Financing Office in Iraq, has highlighted significant challenges faced by Iraqi authorities in monitoring digital transactions.
Al-Muqrim noted that the office is actively engaged in updating the legal and legislative frameworks to adapt to these emerging challenges.
He remarked, “Iraq is a crucial region, particularly vulnerable to money laundering activities due to its heavy reliance on cash transactions in commercial sectors. Despite advancements in electronic payment systems, the Central Bank of Iraq’s sales, averaging approximately $300 million daily, underscore the scale of cash flow compared to the volume of goods entering the country.”
In light of these complexities, Al-Muqrim explained that the Iraqi government is implementing various strategies to combat money laundering and terrorist financing linked to virtual currencies. These strategies involve ongoing collaboration and coordination between financial banks and non-banking institutions, vigilant monitoring of suspicious transactions, and the establishment of joint committees comprised of relevant governmental agencies focused on tracking clients and speculators.
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