The Office is established in the Central Bank of Iraq and is called the AML / CFT Office at the level of a public department that enjoys moral personality and financial and administrative independence. The office is managed by a staff member entitled General Manager with at least an initial university degree and with experience and specialization and an effective service of not less than 15 years.
- Receiving, obtaining or investigating reports or information about operations suspected of involving proceeds of an original crime, money laundering or terrorism financing from reporting bodies.
(A) Analysis of communications or information. In order to carry out its functions, the Bureau shall obtain from the reporting bodies any additional information it deems useful for conducting the analysis, within the period specified by it, and may obtain it from any other party.
(B) Suspension of the execution of the financial transaction or operations for a period not exceeding seven (7) working days in case of concern about the smuggling of proceeds or damage to the conduct of the analysis.
(C) The transmission of communications based on reasonable grounds for suspicion of money laundering, financing of terrorism or predicate offenses
The Presidency of the Public Prosecution to take legal action in this regard, and notify the relevant authorities.
- Preparing and submitting an annual report to the Council on the activities of the Office and activities related to money laundering and the financing of terrorism, statistics on reporting reports, trends in combating money laundering and financing of terrorism and its mechanisms, methods and situations. The report shall be published as approved by the Council.
- Exchange of information related to the combating of money laundering and the financing of terrorism with the relevant authorities in the government departments and the public sector and coordination with them in this regard.
- Participation in the representation of the Republic of Iraq in international organizations and related conferences in the fight against money laundering and the financing of terrorism.
- Establishment of a database of the information available to the Office as a national center for collecting, analyzing and disseminating information about potential money-laundering or terrorist financing, and to establish means to facilitate the task of the judicial and other competent authorities in implementing the provisions of this law.
- Collecting and analyzing comprehensive statistics on matters within the Office’s functions.
- Preparing training courses for the concerned employees to inform them of developments in the field of money laundering and terrorism financing.
- Notification to the regulatory authorities or other competent authorities of the breach of any financial institution or non-financial businesses and occupations specified in the provisions of this law.
- Provision of technical advice on accession to conventions and treaties relating to money laundering and the financing of terrorism.