Iraq Implements Stricter Regulations on Real Estate Transactions to Fight Money Laundering
January 21, 2025 - 10:42
Baghdad – In a significant move to enhance financial integrity, the Central Bank of Iraq (CBI) has announced new regulations aimed at combating money laundering and terrorism financing within the real estate sector. The updated measures include a reduction in the threshold for cash transactions, which will now require greater scrutiny from financial institutions and real estate agents.
Under the new rules, transactions exceeding a specified limit will necessitate detailed documentation and verification processes. This initiative is designed to ensure that all real estate dealings are transparent and traceable, thus minimizing the risk of illicit financial activities. The CBI emphasized that these regulations are crucial for maintaining the integrity of the financial system and fostering a secure investment environment.
In addition to cash transaction limitations, the CBI plans to enhance training for real estate professionals on compliance and reporting obligations. This comprehensive approach aims to strengthen the overall framework for monitoring and addressing potential financial crimes in Iraq's burgeoning real estate market.
MORE NEWS
June 8, 2025 - 01:36
The Real Estate Market Sees a Shift in Seller-Buyer DynamicsThe dynamic in the real estate market is shifting as the number of sellers significantly outpaces buyers. Recent reports indicate that there are now approximately 500,000 more sellers than buyers...
June 7, 2025 - 00:39
Lone Wolf Technologies Achieves Great Place to Work Certification, Highlighting Commitment to Employee SatisfactionLone Wolf Technologies, a prominent name in residential real estate software, has proudly announced its recent certification as a Great Place to Work. This recognition underscores the company`s...
June 6, 2025 - 16:37
Comparing Long-Term Returns: Stocks vs. Real EstateWhat if you had to choose between asset classes, such as stocks or real estate? Here`s a look at returns for various indexes over the past three decades. Over the last 30 years, both the stock...
June 5, 2025 - 23:59
Declining Occupancy Rates in Life Science R&D Real Estate Raise ConcernsThe life science research and development real estate sector is currently facing challenges as occupancy rates continue to decline. This trend poses significant risks for investors and stakeholders...