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Central bank: money laundering affects $ 15 billion annually
The government referred the phenomenon of private law to the Parliament .. and specialists are demanding support measures
Monday 6 - July 2015
Baghdad
the government and central bank economists officials say the anti-money laundering law creates a greater opportunity to return Iraqi funds looted, and gives international banks the confidence to enter the country after the last away from the black list, as expected that more than $ 15 billion exposed annually to operations money laundering in Iraq, called for the need to provide support and assistance to the control of devices that take it upon themselves to enforce the law.
and approved by the Council of Ministers, last Tuesday, the draft anti-money laundering and terrorism financing law, and submitted it to parliament for legislation.
The process of money laundering, economic crime aims to legitimize on Msthsalh funds through forbidden methods for the purpose of acquisition, disposition or management, meaning recycling of funds resulting from illegal actions in the areas of channels and invest legitimacy to hide the true source of her, to look as if they have been generated from a legitimate source, and examples of these illegal acts, funds generated by kidnapping and funds terrorism, theft, embezzlement, bribery and others.
He was the term "money laundering" the first time in the United Nations Convention against Illicit Traffic in Vienna in 1998, and because of the economic opening-up in Iraq and allow the introduction and directed capital deliberately Iraqi project to pass a law (93 for the year 2004) to address those crime as one of the modern Iraqi criminal law offenses.
Member of the Board of the Central Bank and economist Majid picture, he said that "the law against money laundering and terrorist financing in place for the time being, but the Council of Ministers added some important amendments to the law to be in line with the fight against global money laundering process requirements. "
He said the picture in a statement to "the world", that "these amendments were added to the law that will help Iraq to track the movement of capital at home and abroad, in a manner consistent with the new international conventions, with identification responsibilities setups regulatory authorities ", recalling that" the project requires the approval of the House of Representatives for the purpose of its application. "
Suri pointed out that "the volume of money that is exposed to the process of money laundering in Iraq for at least $ 15 billion a year; most of the operations of financial and administrative corruption," noting The adoption of the law alone is not enough without the full support of SAIs as an institution of money laundering in the Central Bank and the Office of Financial Supervision, as well as the fight against economic crime device. "
For his part, said the appearance of Mohammed Saleh, an economic advisor to the prime minister that the bill sent by the Council of Ministers to Council House of Representatives, "carries interest of Iraq because it will expand the international financial cooperation to combat money laundering with affiliated to the International Financial Action Organization countries."
Prior to the Iraq that occurred several reminders international conventions and protocols operating by virtue of similar or that fall under the International Financial Action Organization laws, but the enactment of this Act According to Saleh, "creates more room to return Iraqi funds looted."
Saleh said in his comment on Facebook seen by "the world", that "the anti-money laundering resulting from acts of crime and terrorism, you need a substantial international cooperation, especially that all the acts referred to stretch Boukaotha out of Iraq. "
The Chairman of the Committee of integrity in the House of Representatives Talal Zobaie revealed earlier about the involvement of 31 banks waged operations of money laundering, the central bank's currency auction.
Furthermore, the President of the Association of private banks and depositary Handal said that "the approval of the Council of Ministers project anti-money laundering and terrorism financing of important laws and in support of the banking sector law. "
Handal said that "this law will provide frameworks, concepts and provisions that enable the central bank, the judiciary and the relevant authorities of the use of appropriate tools to combat money laundering and terrorist financing and the development of deterrent to such practices," he said, adding that "The law will give the world confidence in foreign dealings with Iraqi banks."
Handal said that "all the member banks of the Association is keen to abide by the law, if enacted, because of its importance and direct impact on the economy and society, especially in the current stage," asserting that "legislation this Law avoids Iraq entry on the blacklist if it was passed by Parliament in the near term. "
The Governor of the Central Bank on the Keywords praised in the June 30, 2015, the Cabinet's decision to vote on the draft law presented by the Central Bank, which was put on according to the latest standards and conventions International direct and coordinate with the World Bank and the Organization of Financial Action Task Force and international organizations, also thanked the Governor of the State Consultative Council for his contribution to the active preparation for the duration of the project, called Keywords conservative House of Representatives to give priority to pass the law.
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The government referred the phenomenon of private law to the Parliament .. and specialists are demanding support measures
Monday 6 - July 2015
Baghdad
the government and central bank economists officials say the anti-money laundering law creates a greater opportunity to return Iraqi funds looted, and gives international banks the confidence to enter the country after the last away from the black list, as expected that more than $ 15 billion exposed annually to operations money laundering in Iraq, called for the need to provide support and assistance to the control of devices that take it upon themselves to enforce the law.
and approved by the Council of Ministers, last Tuesday, the draft anti-money laundering and terrorism financing law, and submitted it to parliament for legislation.
The process of money laundering, economic crime aims to legitimize on Msthsalh funds through forbidden methods for the purpose of acquisition, disposition or management, meaning recycling of funds resulting from illegal actions in the areas of channels and invest legitimacy to hide the true source of her, to look as if they have been generated from a legitimate source, and examples of these illegal acts, funds generated by kidnapping and funds terrorism, theft, embezzlement, bribery and others.
He was the term "money laundering" the first time in the United Nations Convention against Illicit Traffic in Vienna in 1998, and because of the economic opening-up in Iraq and allow the introduction and directed capital deliberately Iraqi project to pass a law (93 for the year 2004) to address those crime as one of the modern Iraqi criminal law offenses.
Member of the Board of the Central Bank and economist Majid picture, he said that "the law against money laundering and terrorist financing in place for the time being, but the Council of Ministers added some important amendments to the law to be in line with the fight against global money laundering process requirements. "
He said the picture in a statement to "the world", that "these amendments were added to the law that will help Iraq to track the movement of capital at home and abroad, in a manner consistent with the new international conventions, with identification responsibilities setups regulatory authorities ", recalling that" the project requires the approval of the House of Representatives for the purpose of its application. "
Suri pointed out that "the volume of money that is exposed to the process of money laundering in Iraq for at least $ 15 billion a year; most of the operations of financial and administrative corruption," noting The adoption of the law alone is not enough without the full support of SAIs as an institution of money laundering in the Central Bank and the Office of Financial Supervision, as well as the fight against economic crime device. "
For his part, said the appearance of Mohammed Saleh, an economic advisor to the prime minister that the bill sent by the Council of Ministers to Council House of Representatives, "carries interest of Iraq because it will expand the international financial cooperation to combat money laundering with affiliated to the International Financial Action Organization countries."
Prior to the Iraq that occurred several reminders international conventions and protocols operating by virtue of similar or that fall under the International Financial Action Organization laws, but the enactment of this Act According to Saleh, "creates more room to return Iraqi funds looted."
Saleh said in his comment on Facebook seen by "the world", that "the anti-money laundering resulting from acts of crime and terrorism, you need a substantial international cooperation, especially that all the acts referred to stretch Boukaotha out of Iraq. "
The Chairman of the Committee of integrity in the House of Representatives Talal Zobaie revealed earlier about the involvement of 31 banks waged operations of money laundering, the central bank's currency auction.
Furthermore, the President of the Association of private banks and depositary Handal said that "the approval of the Council of Ministers project anti-money laundering and terrorism financing of important laws and in support of the banking sector law. "
Handal said that "this law will provide frameworks, concepts and provisions that enable the central bank, the judiciary and the relevant authorities of the use of appropriate tools to combat money laundering and terrorist financing and the development of deterrent to such practices," he said, adding that "The law will give the world confidence in foreign dealings with Iraqi banks."
Handal said that "all the member banks of the Association is keen to abide by the law, if enacted, because of its importance and direct impact on the economy and society, especially in the current stage," asserting that "legislation this Law avoids Iraq entry on the blacklist if it was passed by Parliament in the near term. "
The Governor of the Central Bank on the Keywords praised in the June 30, 2015, the Cabinet's decision to vote on the draft law presented by the Central Bank, which was put on according to the latest standards and conventions International direct and coordinate with the World Bank and the Organization of Financial Action Task Force and international organizations, also thanked the Governor of the State Consultative Council for his contribution to the active preparation for the duration of the project, called Keywords conservative House of Representatives to give priority to pass the law.
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