The role of the central bank of Iraq in confronting economic crime

Noor Al-Huda Emad Kadhim Al-Kaabi () and Ikhlas Qasim Nafil Al-Saadi ()

Edelweiss Applied Science and Technology, 2024, vol. 8, issue 3, 374-386

Abstract: The Central Bank of Iraq has made strenuous efforts to combat economic crime in Iraq, represented by financial and administrative corruption, money laundering and terrorist financing issues, as it is the highest regulatory and supervisory authority over the work of financial institutions, banks and banks, through issuing laws and legislation that have limited this crime, in addition to complying with international laws and recommendations issued in this regard, by Iraq's compliance with financial transparency, financial disclosure and accountability. It has also used advanced technological methods and effective regulatory and supervisory systems in its efforts to combat this crime, and the activation of the law (Where did you get this from?) contributed to increasing the role of the Central Bank of Iraq in monitoring economic crime. As the highest authority in managing financial and monetary affairs in Iraq, it may publish in its annual reports on an ongoing basis statistics related to corruption, money laundering and terrorist financing issues, and these reports are subject to periodic follow-up by international financial and monetary institutions, including the World Bank, the International Monetary Fund, the Financial Action Task Force (FATF), and other relevant institutions. This enabled it to achieve tangible success in reducing corrupt practices and illegal financial activities, and it was able to get off the monitoring and follow-up list. This is a clear indication of the escalation of local efforts in cooperation with these institutions. Despite the presence of some obstacles, it has achieved tangible progress in combating corruption

Keywords: Central Bank of Iraq; Economic crime; Money laundering; Terrorist financing. (search for similar items in EconPapers)
Date: 2024
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