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Money laundering consumes $ 4 billion of Iraqi funds a month and threatens the stability of the exchange rate
28/4/2015
Baghdad
expect Observers economic affairs that the amounts wasted exceed the result of money laundering $ 4 billion a month, while calling for the central bank to adopt control measures on the work of banks, to reduce those operations, which are growing dramatically in Iraq, warning mainstreamed "into the black list ".
United Investment bank manager, Saif al-Mashhadani, said in connection with "the world", said the money laundering crimes is growing dramatically in Iraq, to the point of becoming threatening its inclusion on the blacklist, pointing out that "this process interfere with the international parties, so be on the The government measures and measures to reduce them to take in view of the gravity and threat of the Iraqi economy and the possibility of use in the operations of corruption and terrorism. "
He said al-Mashhadani, the central bank's inability to provide hard currency to the lack of financial liquidity caused a crisis in the Iraqi market, although taken measures to stop the decline of the local currency against Dollar.
He called al-Mashhadani to open ports to sell the dollar in a number of State-owned banks, particularly the new system adopted by the Bank is not without problems, as well as increased regulatory measures on banks to curb money laundering operations.
The central bank may follow the new policy, which included reduced sales of the dollar to banks and bureaux de change to the quarter, to reach about $ 75 million a day, after it was $ 250 million, where the move was a result of the House of Representatives to include an item in the budget in this regard.
In turn, claimed the Finance Committee in the House of Representatives member Hussam punitive in the comments for "the world" the presence of Iraqi and Arab banks "competent money laundering," likely to exceed the amounts wasted as a result of that process $ 4 billion.
And that smuggling and money laundering involving community banks operations known with the help of state banks in exchange for goods and fake invoices.
For his part, , economic affairs analyst Maher al-Tamimi called in an interview for "the world" to reconsider the provisions of money laundering, due to the exacerbation of those operations, smuggling and corruption in the banks, pointing to the contribution of banks and part of the economic crisis the country is experiencing now. He cautioned that international money laundering agreements awarded a lot of powers and adopted many measures to combat these crimes.
He said the central bank's cooperation with private banks over the past year shares of the stability of the dollar's exchange rate against the dinar at 1200 dinars, where they agreed on the mechanism required to provide the Bank for banks hard currency through measures are examined by the Association of Banks; provides for the purchase of the local currency of specification
Nin and provide them with that currency so as to provide buyers a simple profit, but to flood the market in dollars, and this is what has already been, so it should be re-work that mechanism.
The Finance Committee may Parliament commissioned five of its members to pursue money laundering in Iraq file in cooperation with the committees of integrity, economy and the presidency of the House of Representatives, in order to take measures to encircle, while the Ministry of Finance confirmed possession of a list of fake names of authorized companies and private banks behind them big heads, noting that the absence of an electronic system Rezin tracking and verification of bank accounts, make way wide field operations corruption, forgery and fraud and financial fraud.
The State Institute in Basel, Switzerland, has issued over the past September, a periodic report put Iraq sixth rank globally in the list of top threat in the fight against money laundering as the highest vulnerable countries to this risks.
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28/4/2015
Baghdad
expect Observers economic affairs that the amounts wasted exceed the result of money laundering $ 4 billion a month, while calling for the central bank to adopt control measures on the work of banks, to reduce those operations, which are growing dramatically in Iraq, warning mainstreamed "into the black list ".
United Investment bank manager, Saif al-Mashhadani, said in connection with "the world", said the money laundering crimes is growing dramatically in Iraq, to the point of becoming threatening its inclusion on the blacklist, pointing out that "this process interfere with the international parties, so be on the The government measures and measures to reduce them to take in view of the gravity and threat of the Iraqi economy and the possibility of use in the operations of corruption and terrorism. "
He said al-Mashhadani, the central bank's inability to provide hard currency to the lack of financial liquidity caused a crisis in the Iraqi market, although taken measures to stop the decline of the local currency against Dollar.
He called al-Mashhadani to open ports to sell the dollar in a number of State-owned banks, particularly the new system adopted by the Bank is not without problems, as well as increased regulatory measures on banks to curb money laundering operations.
The central bank may follow the new policy, which included reduced sales of the dollar to banks and bureaux de change to the quarter, to reach about $ 75 million a day, after it was $ 250 million, where the move was a result of the House of Representatives to include an item in the budget in this regard.
In turn, claimed the Finance Committee in the House of Representatives member Hussam punitive in the comments for "the world" the presence of Iraqi and Arab banks "competent money laundering," likely to exceed the amounts wasted as a result of that process $ 4 billion.
And that smuggling and money laundering involving community banks operations known with the help of state banks in exchange for goods and fake invoices.
For his part, , economic affairs analyst Maher al-Tamimi called in an interview for "the world" to reconsider the provisions of money laundering, due to the exacerbation of those operations, smuggling and corruption in the banks, pointing to the contribution of banks and part of the economic crisis the country is experiencing now. He cautioned that international money laundering agreements awarded a lot of powers and adopted many measures to combat these crimes.
He said the central bank's cooperation with private banks over the past year shares of the stability of the dollar's exchange rate against the dinar at 1200 dinars, where they agreed on the mechanism required to provide the Bank for banks hard currency through measures are examined by the Association of Banks; provides for the purchase of the local currency of specification
Nin and provide them with that currency so as to provide buyers a simple profit, but to flood the market in dollars, and this is what has already been, so it should be re-work that mechanism.
The Finance Committee may Parliament commissioned five of its members to pursue money laundering in Iraq file in cooperation with the committees of integrity, economy and the presidency of the House of Representatives, in order to take measures to encircle, while the Ministry of Finance confirmed possession of a list of fake names of authorized companies and private banks behind them big heads, noting that the absence of an electronic system Rezin tracking and verification of bank accounts, make way wide field operations corruption, forgery and fraud and financial fraud.
The State Institute in Basel, Switzerland, has issued over the past September, a periodic report put Iraq sixth rank globally in the list of top threat in the fight against money laundering as the highest vulnerable countries to this risks.
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