Rechtsidee
Vol 12 No 1 (2024): June (In Progress)
Antiterrorism Law

Role of Central Bank of Iraq in Combating Money Laundering

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  • Samah Hadi Al Rubaie*
Samah Hadi Al Rubaie
Islamic University of Lebanon, Lebanon *

(*) Corresponding Author
DOI: https://doi.org/10.21070/jihr.v12i1.1021


Picture in here are illustration from public domain image or provided by the author, as part of their works
Published May 9, 2024
Keywords
  • Central Bank of Iraq,
  • money laundering,
  • legislation,
  • supervision,
  • financial stability
How to Cite
Al Rubaie, S. H. (2024). Role of Central Bank of Iraq in Combating Money Laundering. Rechtsidee, 12(1), 10.21070/jihr.v12i1.1021. https://doi.org/10.21070/jihr.v12i1.1021

Copyright (c) 2024 Samah Hadi Al Rubaie (Author)

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

 
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Abstract

The Central Bank of Iraq (CBI) plays a pivotal role in addressing money laundering, a critical issue for global financial stability. With the enactment of the Iraqi Anti-Money Laundering and Counter-Terrorist Financing Law No. 39 of 2015, the CBI has taken significant steps to mitigate the risks associated with money laundering. The research aims to delineate the measures implemented by the CBI, including the establishment of the Money Laundering Office and the development of strict supervisory mechanisms. Findings suggest that despite the comprehensive legislative framework, challenges such as political instability and lack of transparency continue to undermine efforts. The CBI's involvement in rigorous supervision and the adoption of international cooperation are crucial to curbing money laundering practices. This study underscores the necessity for enhanced regulatory frameworks and continuous monitoring to effectively combat these financial crimes.
Highlights:

  1. The Central Bank of Iraq has established significant legal and supervisory frameworks to combat money laundering, as highlighted by Law No. 39 of 2015.
  2. Despite robust legal measures, ongoing political and economic instability poses challenges to the effective enforcement of anti-money laundering regulations.
  3. International cooperation and stringent supervision are critical to enhancing the efficacy of anti-money laundering efforts in Iraq.

Keywords: Central Bank of Iraq, money laundering, legislation, supervision, financial stability

 

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