Is Biblical Babylon in Present day Iraq?

Yes You are right The Biblical Babylone is In Iraq. In fact this even predates the Bible. This crescent shaped land between the Rivers Euphrates and Tigris (Known as the Fertile Crescent ) was the cradle of the world's oldest civilization. And by meaning OLDEST means THE OLDEST, not as a figure of speech but literally.The civilization was known as the Mesopotamian civilization and was the abode of the Akkads ,(circa 3800 b.c. and the composing date of the Bible can tentatively be put in the region of 100 A.D. )their seat of Power being Babylon .Later this civilization came to be known as Babylonian civilization. Hope I have been some kind of assistance to your query.

The ruins of Babylon are located about 50 miles south of Baghdad in Iraq.