Iraq targets terror finance with international support. That phrase captures a key focus of the Central Bank of Iraq’s latest efforts to combat financial crime. Governor Ali al-Alaq reaffirmed the country’s commitment to fighting money laundering and terrorist funding with strong international cooperation.
Additionally, speaking at a high-level conference in Baghdad, al-Alaq highlighted the Central Bank’s active partnership with the Middle East and North Africa Financial Action Task Force (MENAFATF). Iraq is aligning its financial systems with global treaties to stop illegal money flows and terrorist financing.
Therefore, he emphasized Iraq’s improved financial transparency and fast access to transaction data. These improvements allow regulators to track cross-border transfers more effectively. Iraq also maintains open channels with foreign authorities, helping to exchange key information.
Moreover, among its new actions, the Central Bank has tightened oversight to reduce capital flight. Al-Alaq explained that Iraq’s dollar distribution mechanism is now considered one of the best in the world. These changes are meant to keep the system secure and traceable.
One of the biggest updates is the creation of a global registry for identifying real bank beneficiaries. This system will help authorities avoid fraud and prevent criminals from using fake names. With verified access, regulators can better detect suspicious accounts.
Iraq targets terror finance with international support also means working with regional allies. Al-Alaq praised the Kurdistan Region for playing a critical role in Iraq’s national financial integrity strategy. Their participation strengthens oversight across the country.
Despite progress, al-Alaq admitted there are still gaps in the system. However, he confirmed that Iraq is acting quickly to fix them. “We’re applying focused measures to stop terrorism financing,” he said, underlining the urgency of the issue.
As Iraq deepens its cooperation with global financial bodies, it shows a clear path toward stronger security and economic stability. Iraq targets terror finance with international support, and these efforts may shape how the country protects its future.