Money Laundering in Iraqi Law | Money Laundering Lawyer in Baghdad Money laundering is a serious economic crime that threatens the financial and economic system, as it involves an attempt to give a legitimate appearance to funds obtained from other crimes. The Iraqi legislature has regulated this crime under the Anti-Money Laundering and Counter-Terrorism Financing Law No. (39) of 2015, which established a legal framework for criminalizing money laundering operations, prosecuting perpetrators, and seizing and confiscating the proceeds. What is Money Laundering? Money laundering is committed when a person, knowing or having the right to know that funds are proceeds of a crime, engages in transactions or operations aimed at concealing or disguising the illicit source of the funds, or concealing their true nature, source, ownership, or location. Some of its most prominent forms include:
- Transferring or moving funds.
- Replacing funds with other funds or assets.
- Concealing or disguising the source of funds.
- Possessing or using funds obtained from a crime, knowing their source. - Purchasing real estate or assets with illicit funds and then reselling them.
- Using companies or bank accounts to conceal the true source of funds. The Supreme Judicial Council points out that Article 2 of the Anti-Money Laundering and Counter-Terrorism Financing Law No. 39 of 2015 defines the acts that constitute the crime of money laundering. Is it a requirement that the original crime be committed within Iraq? Not necessarily. Iraqi law extends to money laundering crimes committed within Iraq even if the original crime from which the funds originated occurred outside Iraq, provided the conditions stipulated by law are met. Punishment and Prosecution of Money Laundering Confronting this crime is not limited to criminal penalties; it can extend to seizure and confiscation in accordance with legal provisions. The law permits the seizure of funds related to money laundering crimes, and these funds may be subject to execution proceedings after a final and binding conviction, in accordance with relevant legal provisions. Why Does a Money Laundering Case Require a Specialized Lawyer? Money laundering cases are often complex in nature; Because it may involve bank accounts, companies, real estate, financial transfers, contracts, multiple assets, or successive transactions. Therefore, a successful legal defense requires examining: Source of funds → Predicate offense → Knowledge of the source of funds → Financial transactions → Intent of transactions → Evidence and documents → Seizure and investigation procedures. It is also essential to verify the legal elements of the crime and not rely solely on the presence of funds or unusual financial transactions to establish criminal liability. Attorney Ali Qais Al-Zaidy – Money Laundering Lawyer in Iraq Defending in money laundering, terrorism financing, and economic crime cases requires expertise in handling investigation files and financial and banking evidence, following up on seizure, freezing, and confiscation procedures, as well as presenting legal arguments before the competent judicial authorities. Attorney Mohammed Abdul Qader Al-Hamdani provides legal consultations and representation in criminal and economic cases, studying each case independently based on the facts, evidence, and applicable legal texts. If you are accused of or involved in a case related to money laundering, proceeds of crime, financial transfers, seizure or confiscation of funds, obtaining early legal advice helps to determine the legal position and possible defenses in the case.