It is necessary to comprehend the dangers associated with money laundering and terrorist financing activities, through the use of banks and financial institutions as a means to pass through dirty money earned from committing various types of organized criminal activities.

Money Laundering is defined in the Iraq Anti Money Laundering Law [No. 93 of 2004] (“AML Law”) as:

“The administration of, or the attempt to administer, a financial process employing revenues from unlawful activity; or anyone who sends or transports a monetary instrument or sums representing revenues of a given illegal activity, with the knowledge that such monetary instrument of the property belongs in a certain way to illegal activity, intention of helping to carry out illegitimate activity, profiting from illegal activity, to protect those who administer the illegal activity from judicial questioning, or shielding, hiding the nature, the source or the ownership of the monetary instrument in order to have power over the revenues of the illegal activity.”