Regulatory Alerts2023-09-03
Guidelines on the Implementation of Targeted Financial Sanctions
The Central Bank of Iraq issued these guidelines to operationalize targeted financial sanctions in compliance with FATF Recommendations 6 and 7 and UN Security Council resolutions. The document mandates the immediate freezing of assets for individuals and entities listed on national and UN sanctions lists, prohibiting the provision of funds or economic resources to them. It establishes the Asset Freezing Committee's authority, defines the scope of frozen assets, and outlines specific compliance obligations for financial institutions and designated non-financial businesses and professions.
Share