Academy of Accounting and Financial Studies Journal (Print ISSN: 1096-3685; Online ISSN: 1528-2635)


Challenges of New Methods of Money Laundering for the Iraqi Banking System

Author(s): Essam Al-Husseini, Nagham Hussein AlNeama, Tariq Ali

Black (or dirty) money: It is money obtained from illegal activities, and the process of legalizing that money is known as "money laundering". The world and Iraq suffered from this crime and its consequences until it became a serious threat to the banking sector and the economies of most countries. In the current years, the launderers have benefited from the use of technology, globalization and communications to invent new ways to launder their dirty money. This research is an embodiment of this case. Where modern methods (in addition to traditional methods) used by money launderers, and their impact on banks and the economy, were presented and discussed, with special reference to Iraq.

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