Disruptive influences – at work in Iraq

Ongoing instability, both physical and political – may have blighted attempts to give effect to money laundering and terrorist financing regulations in Iraq but the central bank is determined to push ahead. In a rare interview, Khalid Shiltagh, director general of the country’s financial intelligence unit, discussed the proceeds of crime challenges in one of the world’s most dangerous jurisdictions; he spoke to Paul Cochrane in Beirut.

Physical risk

Some of the problems Khalid Shiltagh faces are matters of basic security. The Central Bank of Iraq (CBI) in Baghdad lies outside the secure Green Zone. While carrying out the normal functions of a central bank in a war-torn country is clearly difficult, it becomes far more so when the headquarters is put out of action. A suspected arson attack seriously damaged the building in 2008 and in June 2010 the CBI was stormed by militants wearing army uniforms in an apparent robbery attempt. Coordinated bomb attacks and the fire-fight with Iraqi security personnel left 26 Iraqis dead and dozens wounded.