Iraq's central bank launches workshop on targeted financial sanctions

BAGHDAD, Iraq — Iraq's Central Bank said on Tuesday that its Anti-Money Laundering and Counter-Terrorist Financing Office held a workshop in Baghdad on implementing targeted financial sanctions under the Financial Action Task Force action plan. The session was attended by a deputy governor of the central bank, the head of the Anti-Money Laundering Office and the executive director of the Iraqi Private Banks Association, alongside representatives of financial institutions, designated non-financial businesses and other relevant parties. According to the bank, the workshop forms part of Iraq's preparations for the FATF mutual evaluation process, addressing key requirements of the country's action plan. Discussions covered the legal and regulatory framework for targeted financial sanctions and the mechanisms for implementing relevant United Nations Security Council resolutions. Participants said targeted financial sanctions are a core element in combating money laundering, terrorist financing and the financing of weapons proliferation. The meeting also examined ways to strengthen compliance capacity among regulated entities and to improve coordination between relevant institutions.