The International Financial Action Task Force “FATF” has officially announced that Iraq has left the follow-up area, due to the significant progress made by the Central Bank of Iraq and the Anti-Money Laundering and Terrorist Financing Office in improving and addressing deficiencies, and for fulfilling all its obligations towards the recommendations of the FATF and addressing the requirements of the anti-money laundering strategy And the financing of terrorism prepared by the Central Bank of Iraq, as well as the legislation of Anti-Money Laundering Law No. (39) of (2015) and the issuance of instructions and controls and the establishment of the Anti-Money Laundering and Terrorist Financing Council, as well as the Committee to Freeze Terrorist Funds, and thus Iraq is no longer subject to the monitoring and follow-up process by FATF.
This step will allow, according to specialists, the Iraqi banks to open branches in the countries of the world so that the process of following up the funds and making transfers will be carried out smoothly away from the mediation banks through which millions of dollars are wasted.
This decision will generate positive repercussions on Iraq’s credit rating and in a positive way that enhances confidence between Iraq and the world at large.