CBI warns of fake trading firms, penalizes 49 money laundering firms

Shafaq News/ On Monday, The Central Bank of Iraq (CBI) imposed penalties on 49 companies involved in money laundering and issued a warning to the public about the rise of fake firms offering trading and investment opportunities.

In a statement, the CBI said that names of fake companies, which claim to have branches in Kirkuk, Mosul, Erbil, and Sulaymaniyah, are circulating on social media. “These companies are exploiting the name of the Central Bank and claiming to be officially licensed to invest and trade in digital currencies, stocks, gold, and oil.”

The CBI clarified that it does not issue licenses to companies trading in stocks, metals, or cryptocurrencies, adding that it has taken all legal measures against such fake companies.

Stressing the importance of taking legal action and reporting to the relevant authorities, the bank urged the public to verify the names of non-banking financial institutions licensed by the bank, which are published on its official website, before making any transfers.