Regulatory Alerts2021-07-25
Law No. 39 of 2015 on Combating Money Laundering and Terrorist Financing
The Presidency of the Republic of Iraq issued Law No. 39 of 2015 to establish a comprehensive legal framework for combating money laundering and terrorist financing. The legislation mandates the creation of the Council for Combating Money Laundering and Terrorist Financing and the Financial Intelligence Unit, while imposing strict due diligence, record-keeping, and reporting obligations on financial institutions and designated non-financial businesses and professions. It further defines criminal offenses, establishes freezing mechanisms for terrorist assets, and outlines international cooperation and penal sanctions for non-compliance.
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