The Republic of Iraq has done little to address very serious risks that its growing economy will be exploited by money launderers and terrorist financiers, a regional watchdog group has found. In a mutual evaluation published last week, the Middle East and North Africa Financial Action Task Force (MENAFATF) found Iraq ranked noncompliant â€“ the lowest possible rating â€“ in 32 of its 49 anti-money laundering (AML) and counterterrorist financing standards. A 2004 AML law doesn't sufficiently criminalize money laundering and lacks details needed for effective implementation, the report found. The intergovernmental group, which found Iraq partially compliant with 14...
A dearth of trained staff, ineffective mutual evaluations and questions raised by last year's audit of Cypriot efforts to foil financial criminals motivated an intergovernmental group's adoption this month of new quality controls.
The U.S. Treasury Department Thursday lifted sanctions on a British resident whose conviction over 20 years ago on charges of attempting to transport nuclear triggers was quashed in 1994 by an English court.
The U.N. Security Council voted a third round of sanctions against Iran over its alleged ambitions to develop nuclear weapons. Fourteen of the 15 members of the Security Council supported a measure calling for tighter monitoring of Iranian financial institutions, travel bans, and cargo inspections.
An executive order, issued by President Bush on July 17, requires U.S. financial institutions to block, or freeze, the transactions of people or organizations that commit or "pose a significant risk of committing" a violent act intended to undermine Iraqi stability.