Iraq recovers $65M+ in money-laundering cases

Shafaq News – Baghdad

Court rulings in money-laundering cases yielded 93,668,979,124 Iraqi dinars (about $65.4M) in recovered funds, confiscations, and fines, an Iraqi court said on Sunday.

In a statement, Iraq’s Second Karkh Investigative Court said the figure also comprises $1,793,905.

The Supreme Judicial Council (SJC) stressed the need to activate international agreements on combating corruption, money laundering, and terrorist financing, while adhering to relevant standards issued by the Financial Action Task Force (FATF). It also pointed to the importance of making optimal use of the Egmont Group framework for exchanging financial information with member states, the statement added.

In May, Ali Al-Alaq, Governor of the Central Bank of Iraq, noted the country’s commitment to combating money laundering and terrorist financing in cooperation with international partners.