In the context of enhancing awareness and compliance with international standards for combating money laundering and terrorist financing, the Iraqi Company participated Iraqi Company for Financing Small and Medium Enterprises Today in a specialized workshop titled “National Risk Assessment and Terrorist Financing“, which was delivered by Ms. Liqaa Finjan, Head of the Anti-Money Laundering Office.
The workshop, which was held on 29 January 2025, the latest developments included in the National Risk Assessment issued in January 2023, the implementation of its training programs had been previously postponed due to the COVID-19 pandemic.
During the workshop, the following points were highlighted:
- Risk classification (High – Medium – Low) in accordance with the forty recommendations issued by the Central Bank of Iraq.
- The importance of due diligence for financial, banking, and non-banking institutions.
- The relevant international agreements on combating terrorism and corruption, and the importance of the state's commitment to them.
- The role of the reporting officer and mechanisms for identifying suspicious cases.
- Recommendation (29) concerning the Anti-Money Laundering Office.
- Risk assessment at both the general and external levels (national context and external environment).
- The three types of money laundering operations: Self-laundering, third-party laundering, independent laundering..
The Iraqi company's participation in this workshop is part of its ongoing efforts to elevate the level of institutional awareness and enhance its employees' capabilities to address challenges related to combating money laundering and terrorist financing. This aligns with international standards and the requirements of the Central Bank of Iraq.
