Home
Financial fraud
Economical 01/23/2024
Samir Al-Nusairi
Due to the difficult and complex economic challenges and conditions that the government and the Central Bank faced in 2023 due to the fluctuation in the exchange rates of the Iraqi dinar against the US dollar and the instructions, facilities, controls and packages issued by the Central Bank to provide cash dollars to travelers and students outside Iraq and to small merchants who do not enter the electronic platform.
A number of cases of financial fraud have been identified by bringing in and taking out money across the Iraqi border and exploiting this in currency counterfeiting and money laundering operations, which falls within the category of financial crimes prosecuted by Iraqi law.
Therefore, the Central Bank announced that it is currently carrying out and also urging banks to carry out a wide media and advertising campaign to warn Citizens are aware of the danger of practicing these actions in violation of instructions and the extent of their impact on harming the national economy.
Here we would like to clarify the development of the methods and practices of people and companies involved in financial crimes, or so-called economic crimes, in most countries of the world, which can be identified as money laundering crimes, electronic payment crimes, currency counterfeiting, securities forgery, and other financial fraud crimes.
Government agencies, judicial and supervisory bodies have amended their applicable laws and developed procedural and electronic means to reduce these crimes in order to preserve their funds and the national economy.
Iraq, like other countries, has activated its economic and legislative bodies and institutions in combating these crimes, as it issued the Anti-Money Laundering Law No. 39 of 2015,
which included 12 chapters and articles that specified the crimes covered by the law and the penalties for each financial crime.
It also adheres to the international standards that limit money laundering issued by the FATF,
in addition to the crimes of counterfeiting, forgery and fraud stipulated in the Iraqi Penal Code and the instructions issued by the Financial Authority and the Monetary Authority represented by the Central Bank of Iraq and the Ministry of Finance to combat these crimes with the aim of preserving Iraq’s money, especially its currency. Foreign countries,
due to the impact of these crimes on the national economy, creating stifling economic and financial crises for it, and the impact of this on sustainable development.
What is dangerous is the failure of financial and banking institutions to adhere to compliance rules,
which means that they are exposed to financial and legal risks,
the most important of which is reputational risks that directly affect Iraq’s international economic, financial, and banking transactions,
which affect Iraq’s foreign economic relations with countries of the world, especially the financial and banking transactions of Arab and foreign correspondent banks.
But laws alone and internal judicial procedures alone cannot combat these financial crimes, which requires developing local and international proactive control methods by adopting mechanisms and policies regulated by international agreements to cooperate in reducing financial crimes related to money laundering, terrorist financing, and electronic financial crimes related to electronic payment operations and reaching the final beneficiary..
Training and qualifying supervisory and technical personnel specialized in the subject of money laundering and applying international standards in this field has become imperative.
Therefore, we propose that the Central Bank of Iraq, the Association of Iraqi Private Banks, and the Iraqi judiciary organize specialized qualification and training courses similar to the courses that were held in the years 2017 and 2018 inside and outside Iraq. Participate in Banking and judicial cadres join together to exchange experiences and cooperate with each other to reduce financial and economic crimes.
https://alsabaah.iq/90894-.html
Economical 01/23/2024
Samir Al-Nusairi
Due to the difficult and complex economic challenges and conditions that the government and the Central Bank faced in 2023 due to the fluctuation in the exchange rates of the Iraqi dinar against the US dollar and the instructions, facilities, controls and packages issued by the Central Bank to provide cash dollars to travelers and students outside Iraq and to small merchants who do not enter the electronic platform.
A number of cases of financial fraud have been identified by bringing in and taking out money across the Iraqi border and exploiting this in currency counterfeiting and money laundering operations, which falls within the category of financial crimes prosecuted by Iraqi law.
Therefore, the Central Bank announced that it is currently carrying out and also urging banks to carry out a wide media and advertising campaign to warn Citizens are aware of the danger of practicing these actions in violation of instructions and the extent of their impact on harming the national economy.
Here we would like to clarify the development of the methods and practices of people and companies involved in financial crimes, or so-called economic crimes, in most countries of the world, which can be identified as money laundering crimes, electronic payment crimes, currency counterfeiting, securities forgery, and other financial fraud crimes.
Government agencies, judicial and supervisory bodies have amended their applicable laws and developed procedural and electronic means to reduce these crimes in order to preserve their funds and the national economy.
Iraq, like other countries, has activated its economic and legislative bodies and institutions in combating these crimes, as it issued the Anti-Money Laundering Law No. 39 of 2015,
which included 12 chapters and articles that specified the crimes covered by the law and the penalties for each financial crime.
It also adheres to the international standards that limit money laundering issued by the FATF,
in addition to the crimes of counterfeiting, forgery and fraud stipulated in the Iraqi Penal Code and the instructions issued by the Financial Authority and the Monetary Authority represented by the Central Bank of Iraq and the Ministry of Finance to combat these crimes with the aim of preserving Iraq’s money, especially its currency. Foreign countries,
due to the impact of these crimes on the national economy, creating stifling economic and financial crises for it, and the impact of this on sustainable development.
What is dangerous is the failure of financial and banking institutions to adhere to compliance rules,
which means that they are exposed to financial and legal risks,
the most important of which is reputational risks that directly affect Iraq’s international economic, financial, and banking transactions,
which affect Iraq’s foreign economic relations with countries of the world, especially the financial and banking transactions of Arab and foreign correspondent banks.
But laws alone and internal judicial procedures alone cannot combat these financial crimes, which requires developing local and international proactive control methods by adopting mechanisms and policies regulated by international agreements to cooperate in reducing financial crimes related to money laundering, terrorist financing, and electronic financial crimes related to electronic payment operations and reaching the final beneficiary..
Training and qualifying supervisory and technical personnel specialized in the subject of money laundering and applying international standards in this field has become imperative.
Therefore, we propose that the Central Bank of Iraq, the Association of Iraqi Private Banks, and the Iraqi judiciary organize specialized qualification and training courses similar to the courses that were held in the years 2017 and 2018 inside and outside Iraq. Participate in Banking and judicial cadres join together to exchange experiences and cooperate with each other to reduce financial and economic crimes.
https://alsabaah.iq/90894-.html
