Iraqi banks take aim at money laundering

The Iraqi Private Banks League on Thursday (July 17th) announced new measures to prevent money laundering and terrorist financing attempts.FCA Iraq blast

“The new measures include creating an inter-bank database on suspicious clients, sharing pictures of individuals wanted in connection with financial crimes, and banning dealings with those who do not provide transparent reports on their financial activities and the licenses of their companies approved by security authorities,” said league member Salam al-Khayyat.

The measures may cause banks difficulties, but they are an important step, he told Al-Shorfa.

Source: Al-Shorfa


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