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Anti-Money Laundering Act of great interest to experts
7/13/2015
Academic: effective control devices required for its implementation
Accounted project money laundering and terrorism financing law recently approved by the Cabinet on his way to the House of Representatives for the legislation concerned with the economy and interest experts. Academic d. Said teaching clinic at the Faculty of Administration and Economics at the University of Anbar counting the phenomenon of money laundering of the most dangerous era crimes They come as a result of the activities of crime check illegal financial returns, so had to lend legitimacy recipe that result from financial transactions to deal with it in banks.
And between happy that the money laundering process generates large amounts of money such as the trade of drugs and arms smuggling and financial corruption, embezzlement and other, washing the funds criminal activity multi-the converging points of money, banks and experts Electronic Tech, so I find that such crimes indicate highly experienced for the perpetrators and that go beyond the national borders of countries making it a crime Organization is difficult to control without a comprehensive international effort and cooperation.
He pointed out, the economic expert d. Clinic that there are many of legislation governing the banking institutions manage them Resolution No. (10) of 1997 which provides for the confiscation of movable and immovable property belonging to someone illegally and the transfer of this property to a third party with a view to evading prosecution of law, as provided by law the said penalties and fines in cases of non-news about this illicit money,
and hinted that 2004 saw an amendment to ensure that the issue of terrorism and its financing to the phenomenon of money laundering came washing Iraqi money to the 2004 law puts control procedures due to institutions, in particular the banking ones, and noted that this Law came identical with the requirements and rules issued by the United Nations Organization or regional bodies and international organizations in this regard, among the articles of this law criminalizing money laundering and set up offices for reporting money laundering operations and encourage the achievement of international cooperation and the exchange of information and reduce the confidentiality of information and to allow advertising suspicious information to the parties and the competent authorities and the adoption of reports templates for disclosure of information about a given volume of financial transactions and to require institutions to record-keeping private financial Bamaamladtha and keep them with an effective regulators on institutions verify the application of programs to combat money laundering and to require institutions sufficient to verify the identity of customers and beneficial owner of the financial transaction.
He said economic expert d. Clinic by saying: for the purpose of application of this law has been formed Money Laundering Office in the Central Bank of Iraq has been linked to the highest authority in the Iraqi Central Bank, which the governor and to activate its role and give the powers and authority of the decision identified the materials used of Law 93 of 2004, it has directed all banks and individuals dealers in this area and financial markets to comply with the provisions of this law it has formally applied from the date of 15.09.2006.
and on the question (morning) what appeared symptoms money laundering in Iraq. D academic said. Clinic Yes, there are symptoms have implications and repercussions began to impact on the social and economic balance, but there are no numbers and stats minute size, and the judicial authorities are not submitted or discussed So far, no such process, there are many manifestations disclose the spread of the phenomenon of money laundering and those manifestations of the phenomenon of the spread of the establishment of phantom companies and some of the cars and some restaurants and stores that sell building materials and the purchase and sale of land and real estate and some travel agencies and some satellite stations trade.
He concluded d. Clinic on to say: You can determine the process that helps community individuals and institutions state to reduce the phenomenon of money laundering through the issuance of anti-money laundering legislation and that trend last law, which requires building effective SAIs committed to the laws regulators and regulations relating to the financial and banking system and the commitment of financial institutions steps to verify the identities of people dealing with it, particularly traders with money abnormal and ensure legal legitimacy to that money and coordination between the other banking regulatory institutions, including the integrity and give the central bank an important role in the fight against this phenomenon with not limited role on the issue of the legal framework as well as the activation of institutional building and do not let the fact that institutions or fake companies or activities that cooperate with them and with foreign bodies under cover reconstruction or import or export companies without the knowledge of the state and official approvals issued them.
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