The Central Bank of Iraq (CBI) announced on Monday that it has imposed penalties on 49 companies involved in money laundering and issued a public warning about the growing presence of fake firms promoting trading and investment opportunities.

In a statement, the CBI highlighted that names of fraudulent companies claiming to have branches in Kirkuk, Mosul, Erbil, and Sulaymaniyah are being circulated on social media. These firms are falsely using the Central Bank’s name and claiming to be officially licensed to invest in digital currencies, stocks, gold, and oil.

The CBI clarified that it does not issue licenses for companies dealing in stocks, metals, or cryptocurrencies and confirmed that legal measures have been taken against these entities.

The bank urged the public to exercise caution and verify the names of non-banking financial institutions licensed by the CBI, which are available on its official website. Citizens were also encouraged to report suspicious companies to the relevant authorities to prevent falling victim to fraudulent schemes.

The warning underscores the CBI’s efforts to combat financial fraud and protect citizens from misleading practices in Iraq’s financial landscape.