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Iraqi banks: Concerns over accusations of violating the government instructions on the transfer of funds
07/10/2015
It announced its support for the draft anti-money laundering and the financing of terrorism law
New Morning agencies:
There is concern of private banks in Iraq is a result of pointing fingers of some of its officials to bypass the instructions for hard currency conversion out of Iraq mechanism through fake commercial operations is an economic crime punished by the law.
She Iraqi private banks expressed support for the draft anti-money laundering law and the financing of terrorism, which put Central Bank of Iraq according to the latest international standards and agreements, and coordinate directly with the «Bank» International and other interested parties, noting that the compliance with the law in the case of legislation from the House of Representatives after being voted by the Council of Ministers, involves the importance of a direct impact on the Iraqi economy and society, especially in the difficult phase current.
President of the Iraqi private banks association, Wadih Nuri al-Handal, said that the law legislation avoids Iraq access to the blacklist if passed by Parliament in the coming period, adding «life», that the law will provide frameworks, concepts and sentences, which enables the «Central »Iraq, the judiciary and the relevant authorities, to use the proper tools to combat money laundering and terrorist financing and the development of deterrent to such practices as well as their implications for the status of the Iraqi banking sector, as the law gives global confidence in foreign dealings with Iraqi banks.
coincides draft anti-money laundering law put and the financing of terrorism with the government went to evaluate the activity of private banks in terms of what is currently being said about the relevance of some of these banks operations dollar smuggled out of Iraq through the import and export operations may be fake goods and commercial goods.
quoted a member of the Finance Committee in the House of Representatives, Haider al-Kaabi, as saying The Commission has developed, in coordination with concerned government agencies and «central bank» Iraqi mechanism to reduce the phenomenon of hard currency which is made under the pretext of importing shoddy goods or exported accusing some private banks to facilitate the work of the smugglers of hard currency through fake business operations smuggling.
He pointed out that the reason for the continuation of the phenomenon Currency smuggling in some of the private banks is delegated some traders and shops to sell the currency and buy them from the central bank without deposit of one bill, pointing out that some private banks seeking across it to collect huge sums of money to be smuggled out of Iraq.
raised finger pointing to some of the banks to help to smuggle money out of the country replies wide actions in the financial and banking community especially the integrity Court have been charged with money laundering to a section of the private banks and demanded with prosecution represented by heads of boards of directors and managers of Commissioners.
Officials at private banks and points out that the problem of policy followed by the «Central» Iraqi auction of foreign currency sale to finance wishing to import various goods to the Iraqi market by converting the value of those goods to the suppliers directly and pay the cash advance and not through the opening credits, which operates all banks in the world and was followed in Iraq previously.
refers banking expert that institutions, banks are dealing with documents only, which seems at face value intact and not of homework to make sure the entry of goods into the country or conformity to the lists provided, and wonder whether required of banks set monitors the goods after payment of customs duties to ensure the entry of goods into the country? Is it required to have a representative present when the bank and the arrival of the goods after payment of customs duties to the importer by the stores? This expert stresses that these things are not related to the duties of banks and how to do their work there is no doubt that there is a misunderstanding of the duties of banks.
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07/10/2015
It announced its support for the draft anti-money laundering and the financing of terrorism law
New Morning agencies:
There is concern of private banks in Iraq is a result of pointing fingers of some of its officials to bypass the instructions for hard currency conversion out of Iraq mechanism through fake commercial operations is an economic crime punished by the law.
She Iraqi private banks expressed support for the draft anti-money laundering law and the financing of terrorism, which put Central Bank of Iraq according to the latest international standards and agreements, and coordinate directly with the «Bank» International and other interested parties, noting that the compliance with the law in the case of legislation from the House of Representatives after being voted by the Council of Ministers, involves the importance of a direct impact on the Iraqi economy and society, especially in the difficult phase current.
President of the Iraqi private banks association, Wadih Nuri al-Handal, said that the law legislation avoids Iraq access to the blacklist if passed by Parliament in the coming period, adding «life», that the law will provide frameworks, concepts and sentences, which enables the «Central »Iraq, the judiciary and the relevant authorities, to use the proper tools to combat money laundering and terrorist financing and the development of deterrent to such practices as well as their implications for the status of the Iraqi banking sector, as the law gives global confidence in foreign dealings with Iraqi banks.
coincides draft anti-money laundering law put and the financing of terrorism with the government went to evaluate the activity of private banks in terms of what is currently being said about the relevance of some of these banks operations dollar smuggled out of Iraq through the import and export operations may be fake goods and commercial goods.
quoted a member of the Finance Committee in the House of Representatives, Haider al-Kaabi, as saying The Commission has developed, in coordination with concerned government agencies and «central bank» Iraqi mechanism to reduce the phenomenon of hard currency which is made under the pretext of importing shoddy goods or exported accusing some private banks to facilitate the work of the smugglers of hard currency through fake business operations smuggling.
He pointed out that the reason for the continuation of the phenomenon Currency smuggling in some of the private banks is delegated some traders and shops to sell the currency and buy them from the central bank without deposit of one bill, pointing out that some private banks seeking across it to collect huge sums of money to be smuggled out of Iraq.
raised finger pointing to some of the banks to help to smuggle money out of the country replies wide actions in the financial and banking community especially the integrity Court have been charged with money laundering to a section of the private banks and demanded with prosecution represented by heads of boards of directors and managers of Commissioners.
Officials at private banks and points out that the problem of policy followed by the «Central» Iraqi auction of foreign currency sale to finance wishing to import various goods to the Iraqi market by converting the value of those goods to the suppliers directly and pay the cash advance and not through the opening credits, which operates all banks in the world and was followed in Iraq previously.
refers banking expert that institutions, banks are dealing with documents only, which seems at face value intact and not of homework to make sure the entry of goods into the country or conformity to the lists provided, and wonder whether required of banks set monitors the goods after payment of customs duties to ensure the entry of goods into the country? Is it required to have a representative present when the bank and the arrival of the goods after payment of customs duties to the importer by the stores? This expert stresses that these things are not related to the duties of banks and how to do their work there is no doubt that there is a misunderstanding of the duties of banks.
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