New Obligatory Instructions for Foreign Companies Registered with RoC in Iraq

The Ministry of Trade (“MoT“) has recently issued mandatory instructions for foreign companies registered with the Registrar of Companies (“RoC“) in Iraq. The instructions are based on the Anti-Money Laundering and Terrorism Financing (“AMLT“) No. 39 of 2015, Due Diligence Regulations (“DDR“), and the recommendations of the Financial Action Task Force (“FATF“).

Foreign companies must now provide the names, residency details, and documents of their foreign shareholders registered with the RoC in Iraq. These documents must be updated every six months, and failure to comply with this requirement will result in rejected transactions until the information is updated. To avoid disruptions in their business transactions, foreign companies should be aware of these new obligations and ensure compliance with the regulations.

How can we help?

Al Tamimi & Company’s Iraq Office is available to assist you with any questions or concerns you may have regarding these new instructions. Our team of legal professionals has extensive experience in navigating regulatory compliance matters and can provide valuable assistance to ensure your business transactions remain uninterrupted.