Baghdad/ Mohammed Sami
Last July of this year, FATF decided to remove Iraq from the list which was under the intensive monitoring after completing its international commitments in the field of money laundry and funding terrorism.
FATF organization is aninternational governmental commission managing the tasks of studying the techniques and the trends of money laundry, funding terrorism, preparing and developing polices related to anti- funding and money laundry internationally and locally.
The judge (Eyad Mohsen Dhamad) from the investigation court of integrity and money laundry in Rusafa talked about the rule of "judiciary" to help Iraq to be out of FATF’s list and explained the recommendation of this organization and the benefits after this important step.
The judge said, the judicature has a great role to improve the international attitude of Iraq and active participation to execute all the international recommendation that were decided by FATF through what the Supreme Judicial Council has presented of many facilities and good cooperation with the Central Bank of Iraq and other partnering institutes in this field over last years. These efforts came up with great results moved out Iraq from the black list to the white list.
The judge Dhamad added, that Financial Action Task Force (FATF) is an International Governmental organization established by ministers of state members of that organization, mentioned that the main goal of this organization is to set the international criteria of anti-money laundry and funding terrorism on the base of organizing, Legal legislation, Executive level and limit threatens that are related to the integrity of international financial.
Dhamad continued by saying; that its 49 recommendations represented as referential manual and guideline to the state to anti-terrorism and money laundry. He said, that the recommendations of (FATF) determined the risk that are facing the world in the field of money laundering and funding terrorism, and setting the required policies to limit crimes and chasing their perpetrators.
In 2012 FATF pointed out Iraq as one of the states which never implemented the international recommendations in this field. Central Bank of Iraq has formed a team in this field consisting of many institutes, the main of these institutes is the Supreme Judicial Council according to the specialized judge to follow up the crimes of money laundering.
As Dhamad mentioned, the Supreme Judicial Council was a main partner in drafting of articles of the law and how they are proper and satisfied with international criteria. In addition to that, establishing a criminal court and misdemeanor court and investigation court specialized in combat money laundering and funding terrorism, and attending all meetings to follow up the implement these recommendations.
Dhamad confirmed that the teams formed by the Central Bank of Iraq concerned to set the required polices to apply the international criteria by Iraq. The results of all that is moving out Iraq from black list that subject to the intensive monitoring.
The benefits of removing Iraq from black list are making it a safe environment for investment by privet local sectors, foreign entities because Iraq is neither a place for tax evasion nor a safe place for money laundering perpetrators.
The judge Eyad Mohsen said: one of the main cases confirmed by FATF is determining the dangerous individuals in combating money laundering and funding terrorism. He mentioned also, that there is a list including many professions listed as the dangerous professions and consider their opened accounts and surveillance for their cash movements in their account whether it was cash deposit or transferring cash by account register.
Dhamad completed that by saying: it has been worked on that field and actually listed many individuals such as presidents of states, politician, senior of judges, military leaders, and seniors of employees and the state's companies.
The instructions concerned with dangerous individuals, stipulate that the financial institute should take the proper procedures based on the declaration of Central bank of Iraq during the period of opening their accounts and checking their identities and the nature of their financial transactions and the reason behind these accounts and the real beneficiary and the kind of relations that are related to financial transactions parties.
Dhamad also added, that in case of suspicion existence in transactions, the bank or the institute shall inform immediately about this suspicion transactions and stop it before complementing it, and the reservation all the financial assets of the customer.
Finally, Dhamad said that the reason of listing some professions on the risks list in money laundering and anti- terrorism because the owners of these suspicious professions are decision makers and powerful individuals in the government, and they can through their positions controlling and acquisition a big amounts of money illegally. So, it is required to audit their accounts to prevent the process of embezzlement and funding terrorism.