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Iraq is waging a war on money laundering through banks
Wednesday , July 15, 2015
The conflict has led the money between the owners of economic influence and the spread of corruption among senior government officials in Iraq, to rising phenomenon of money laundering (money-laundering), in recent years, which turned into a crime organization defends the gangs and their organizational structures, prompting the government to take measures to oppose Funds crimes in the oil country necrosis corruption more rich institutions.
In April, the Finance Committee in the Iraqi Parliament revealed the country's loss of about $ 360 billion, due to corruption and money-laundering operations, held for 9 years in the period between 2006 and 2014, and that the rule of the Former Prime Minister Nuri al-Maliki of the country.
The Iraqi government issued last week, a law is struggling to prevent money laundering and to hide in an official channels, the central bank may offer him a few weeks ago. And money laundering is an economic crime aims to legitimize dirty money you earn often acts in violation of laws, such as smuggling and trade in contraband and bribery, among others.
This process has through several stages the most important "camouflage", which is the deposit of these funds in bank accounts and carry out multiple conversion of bank to another within the country and abroad in order to complicate the process of tracing these funds or know the main source before it is integrated into the public projects are legitimate, such as trade and industry.
Saad al-Sabri, a spokesman for the Iraqi prime minister, Haydar al-Abadi, said that the Council of Ministers approved a few days ago on the draft law against money laundering, financing of terrorism.
He added that this project is of great importance for his role in drying the sources of terrorism and to respond to international trends in this area. Pointing out that the government team in Iraq will follow and draw special policies to deal with money laundering issues in accordance with the law passed.
He pointed out that the team that is likely to be headed by the finance minister or central bank governor will consist of other representatives of the foreign, interior and defense, trade, intelligence and other institutions and ministries on security and public money, the team is to monitor the movement of Iraqi funds at home and abroad and the imposition of deterrent and preventive measures for money laundering. And saw a government spokesman, that the new law which is supposed to prescribed. Parliament soon, will sedate the banking and financial system in Iraq, and limit the financing of terrorism movement in the country through cooperation with interested in this matter of international cells.
in turn, announced that the Iraqi private banks association, that the adoption of Council Ministers fight against money laundering, one of the important laws and supporting the banking sector law, will give confidence for global banks in Iraq. She said the Association in a press release, last week, that all banks are members 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, and the approval, soon, sparing Iraq access to the menu black with regard to money laundering crimes.
He said the economic advisor to the Prime Minister, the appearance of Mohammed Saleh, that the crime of money laundering need to be strong and effective law of Parliament in cooperation with the regulatory authorities and the executive, because it is a wide process and you need a common political umbrella of all departments and agencies to track down criminals.
He pointed out that audit procedures and information depends on the money laundering legislation before the law, currently, the Parliament, explaining that the new law will enable Iraq to cooperate with the international team, which imposes certain conditions to work with him, as will enable him to cooperate with the United Nations and the World Bank. He praised the Governor of the Central Bank, on the Keywords, the Cabinet's decision to vote on the draft law presented by the Central Bank, calling on the Iraqi parliament to give priority to pass.
He warned Keywords in more than one occasion of the expansion of the phenomenon of money laundering in the Iraqi banking sector, and described lesions that are harmful to the sector and threaten economic growth and sustainable development of the country, as one of the most serious economic crimes on society. The formal charges have been issued against some private banks in this regard without identified, what raised the ire of Iraqi private banks association, which warned of the negative consequences that affect the banking sector in the event of charges relating to money laundering crimes.
A member of the Finance Committee in the Iraqi Parliament, Haider Massoud, in a press conference last April, said that about $ 360 billion of Iraq's oil revenues have been sold in the currency auction in Baghdad organized by the Central Bank of Iraq in the period between 2006 and 2014, and was transferred out of the country by civil and banks, companies in the mysterious circumstances. "
In addition, said a member of the Parliamentary Finance Committee, Haitham al-Jubouri, said the new law will enable the central bank to move more easily to follow the movement of funds, stressing that the central bank told the Finance Committee that is restricted and can easily follow up the money laundering cases to the lack of law supports his work, where he was smuggling large sums of money and the inability of the bank to cope with it.
On the other hand, stressed member of the Legal Committee, Mohsen al-Sadoun, that money laundering in Iraq, crime has become a serious, particularly funds of financial corruption, and though it finds that this crime is not up the gravity of the money that you get in the world laundering crimes. Adding that the Legal Committee investigating the presence of the judge charges the stop action against a number of banks that money to flee abroad.
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Wednesday , July 15, 2015
The conflict has led the money between the owners of economic influence and the spread of corruption among senior government officials in Iraq, to rising phenomenon of money laundering (money-laundering), in recent years, which turned into a crime organization defends the gangs and their organizational structures, prompting the government to take measures to oppose Funds crimes in the oil country necrosis corruption more rich institutions.
In April, the Finance Committee in the Iraqi Parliament revealed the country's loss of about $ 360 billion, due to corruption and money-laundering operations, held for 9 years in the period between 2006 and 2014, and that the rule of the Former Prime Minister Nuri al-Maliki of the country.
The Iraqi government issued last week, a law is struggling to prevent money laundering and to hide in an official channels, the central bank may offer him a few weeks ago. And money laundering is an economic crime aims to legitimize dirty money you earn often acts in violation of laws, such as smuggling and trade in contraband and bribery, among others.
This process has through several stages the most important "camouflage", which is the deposit of these funds in bank accounts and carry out multiple conversion of bank to another within the country and abroad in order to complicate the process of tracing these funds or know the main source before it is integrated into the public projects are legitimate, such as trade and industry.
Saad al-Sabri, a spokesman for the Iraqi prime minister, Haydar al-Abadi, said that the Council of Ministers approved a few days ago on the draft law against money laundering, financing of terrorism.
He added that this project is of great importance for his role in drying the sources of terrorism and to respond to international trends in this area. Pointing out that the government team in Iraq will follow and draw special policies to deal with money laundering issues in accordance with the law passed.
He pointed out that the team that is likely to be headed by the finance minister or central bank governor will consist of other representatives of the foreign, interior and defense, trade, intelligence and other institutions and ministries on security and public money, the team is to monitor the movement of Iraqi funds at home and abroad and the imposition of deterrent and preventive measures for money laundering. And saw a government spokesman, that the new law which is supposed to prescribed. Parliament soon, will sedate the banking and financial system in Iraq, and limit the financing of terrorism movement in the country through cooperation with interested in this matter of international cells.
in turn, announced that the Iraqi private banks association, that the adoption of Council Ministers fight against money laundering, one of the important laws and supporting the banking sector law, will give confidence for global banks in Iraq. She said the Association in a press release, last week, that all banks are members 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, and the approval, soon, sparing Iraq access to the menu black with regard to money laundering crimes.
He said the economic advisor to the Prime Minister, the appearance of Mohammed Saleh, that the crime of money laundering need to be strong and effective law of Parliament in cooperation with the regulatory authorities and the executive, because it is a wide process and you need a common political umbrella of all departments and agencies to track down criminals.
He pointed out that audit procedures and information depends on the money laundering legislation before the law, currently, the Parliament, explaining that the new law will enable Iraq to cooperate with the international team, which imposes certain conditions to work with him, as will enable him to cooperate with the United Nations and the World Bank. He praised the Governor of the Central Bank, on the Keywords, the Cabinet's decision to vote on the draft law presented by the Central Bank, calling on the Iraqi parliament to give priority to pass.
He warned Keywords in more than one occasion of the expansion of the phenomenon of money laundering in the Iraqi banking sector, and described lesions that are harmful to the sector and threaten economic growth and sustainable development of the country, as one of the most serious economic crimes on society. The formal charges have been issued against some private banks in this regard without identified, what raised the ire of Iraqi private banks association, which warned of the negative consequences that affect the banking sector in the event of charges relating to money laundering crimes.
A member of the Finance Committee in the Iraqi Parliament, Haider Massoud, in a press conference last April, said that about $ 360 billion of Iraq's oil revenues have been sold in the currency auction in Baghdad organized by the Central Bank of Iraq in the period between 2006 and 2014, and was transferred out of the country by civil and banks, companies in the mysterious circumstances. "
In addition, said a member of the Parliamentary Finance Committee, Haitham al-Jubouri, said the new law will enable the central bank to move more easily to follow the movement of funds, stressing that the central bank told the Finance Committee that is restricted and can easily follow up the money laundering cases to the lack of law supports his work, where he was smuggling large sums of money and the inability of the bank to cope with it.
On the other hand, stressed member of the Legal Committee, Mohsen al-Sadoun, that money laundering in Iraq, crime has become a serious, particularly funds of financial corruption, and though it finds that this crime is not up the gravity of the money that you get in the world laundering crimes. Adding that the Legal Committee investigating the presence of the judge charges the stop action against a number of banks that money to flee abroad.
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