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Find out moreWelcome to this edition of Law Update, where we focus on the ever-evolving landscape of financial services regulation across the region. As the financial markets in the region continue to grow and diversify, this issue provides timely insights into the key regulatory developments shaping banking, investment, insolvency, and emerging technologies.
2025 is set to be a game-changer for the MENA region, with legal and regulatory shifts from 2024 continuing to reshape its economic landscape. Saudi Arabia, the UAE, Egypt, Iraq, Qatar, and Bahrain are all implementing groundbreaking reforms in sustainable financing, investment laws, labor regulations, and dispute resolution. As the region positions itself for deeper global integration, businesses must adapt to a rapidly evolving legal environment.
Our Eyes on 2025 publication provides essential insights and practical guidance on the key legal updates shaping the year ahead—equipping you with the knowledge to stay ahead in this dynamic market.
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.
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.
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