Electronic Due Diligence Procedures for Foreign Companies

Electronic Due Diligence Procedures for Foreign Companies Pursuant to the Prime Minister’s Office letter No. (24456/3/63) dated 17 December 2024, Iraq has formalized an electronic correspondence mechanism for conducting due diligence on Arab and foreign companies through Iraqi embassies, commercial attachés, and diplomatic missions abroad. Key points include: Due diligence requests must be completed within a maximum of seven (7) days. Requests are to be submitted by government contracting entities to the Ministry of Planning via the official email: inv.contracts@mop.gov.iq. The request must be supported by an official signed letter from the Head of the Contracting Authority (or an authorized representative). Submissions must include the company name and full address in Arabic and English, along with trade name (if applicable). The prescribed due diligence form must be fully completed and supported by all required documents. The request must clearly specify the type and scope of information required, in line with the due diligence controls set out in Paragraph (Second). This development enhances transparency, accelerates verification procedures, and strengthens governance in government contracting processes in Iraq.   How Etihad Can Assist Etihad provides legal and regulatory advisory services to banks, financial institutions, and businesses, supporting compliance with applicable laws, regulations, and regulatory guidance issued by any competent authorities.