Shafaq News/ Iraq’s Central Bank (CBI) Governor Ali al-Alaq reaffirmed on Wednesday the country’s commitment to countering money laundering and terrorist financing in cooperation with international partners.
Speaking at a conference in Baghdad, al-Alaq said Iraq is working closely with the Middle East and North Africa Financial Action Task Force (MENAFATF) to implement global treaties and curb illicit financial activities.
He pointed to Iraq’s strengths in financial transparency and data accessibility, which enable authorities to monitor cross-border transfers effectively, highlighting the country’s robust information-sharing channels with foreign counterparts.
Among recent steps, the CBI has reportedly strengthened oversight and opened additional channels to curb capital flight. “Iraq’s cash dollar distribution mechanism is now regarded by international partners as the most optimal in the world.”
The official also announced the establishment of a centralized global registry for identifying real bank beneficiaries, granting regulators access to verified data to prevent the misuse of false identities.
While acknowledging gaps in the system, al-Alaq affirmed that authorities have taken immediate action to mitigate risks. “We’re implementing focused measures to ensure channels are not exploited for terrorism,” he added, praising the Kurdistan Region’s role as vital to Iraq’s nationwide anti-money laundering strategy.
