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Gold smuggling...a double threat to the economy and the Iraqi dinar
November 18, 2024
Baghdad/Iraq Observer
The smuggling of Iraqi gold represents the latest chapter in the money laundering operations that the country is suffering from, as the
Iraqi authorities were recently able to thwart an attempt to smuggle large quantities of gold through Baghdad International Airport, at a time when the Federal Integrity Commission announced intervention and opened an investigation into the case.
The head of the Integrity Commission, Muhammad Ali Al-Lami, announced the directive of the legal department in the commission to open a comprehensive investigation into the attempt to smuggle gold via one of the Iraqi Airlines planes.
The commission confirmed that the case is one of the largest cases of financial and administrative corruption,
stressing the importance of following up the case in all its details and taking action.
Necessary actions.
For its part, the Border Ports Authority indicated that “the attempt was foiled after the discovery of 13 gold bars with a total weight of 13.7 kg, which were carefully hidden in the weighing hall at Baghdad Airport,” explaining that
“the bars were discovered using modern baggage detection devices, and
it confirmed that the investigations We are continuing to identify those responsible for this attempt.
In turn, legal expert Ali Al-Tamimi confirmed that
“Money Laundering Law No. 39 of 2015 imposes penalties of up to 20 years in prison and fines that are not less than the value of the smuggled money, and may reach five times that.” Al-Tamimi added to “Iraq Observer” that
“Iraq can sue countries that contribute to destabilizing its economy, based on Articles 1, 2, and 3 of the United Nations Charter, which gives Iraq the possibility of resorting to the United Nations and the International Court of Justice to protect its economic interests.”
Reports and analyzes indicate that gold smuggling in Iraq is no longer an individual issue, but has become part of an interconnected corruption system supported by influential parties, as
these operations are exploited to feed the black market and weaken the national economy.
Specialists believe that the continuation of this phenomenon represents a direct threat to national resources, as
smuggling operations are no longer limited to gold only, but also include oil and currencies,
which increases the economic crisis in the country.
Innovative methods
In turn, Member of Parliament Alia Nassif confirmed that
“gold smuggling operations are conducted using innovative methods,” warning that
these operations aim to systematically destroy the Iraqi economy. She pointed out that
large quantities of local and imported gold are melted down and converted into bullion to be smuggled abroad, which opens the way for money laundering and financing illegal operations.
Nassif called on the regulatory authorities and the Central Bank to
trace the sources of funds used to buy gold and
ensure the validity of the procedures followed at border crossings and customs. She also stressed the
need to investigate how funds are transferred through the currency sales window and their role in financing these operations, stressing that
these financial crimes do not threaten Not only national wealth,
but also increases the exchange rate gap between the official market and the parallel market.
https://observeriraq.net/تهريب-الذهب-خطر-مزدوج-على-الاقتصاد-وال/
November 18, 2024
Baghdad/Iraq Observer
The smuggling of Iraqi gold represents the latest chapter in the money laundering operations that the country is suffering from, as the
Iraqi authorities were recently able to thwart an attempt to smuggle large quantities of gold through Baghdad International Airport, at a time when the Federal Integrity Commission announced intervention and opened an investigation into the case.
The head of the Integrity Commission, Muhammad Ali Al-Lami, announced the directive of the legal department in the commission to open a comprehensive investigation into the attempt to smuggle gold via one of the Iraqi Airlines planes.
The commission confirmed that the case is one of the largest cases of financial and administrative corruption,
stressing the importance of following up the case in all its details and taking action.
Necessary actions.
For its part, the Border Ports Authority indicated that “the attempt was foiled after the discovery of 13 gold bars with a total weight of 13.7 kg, which were carefully hidden in the weighing hall at Baghdad Airport,” explaining that
“the bars were discovered using modern baggage detection devices, and
it confirmed that the investigations We are continuing to identify those responsible for this attempt.
In turn, legal expert Ali Al-Tamimi confirmed that
“Money Laundering Law No. 39 of 2015 imposes penalties of up to 20 years in prison and fines that are not less than the value of the smuggled money, and may reach five times that.” Al-Tamimi added to “Iraq Observer” that
“Iraq can sue countries that contribute to destabilizing its economy, based on Articles 1, 2, and 3 of the United Nations Charter, which gives Iraq the possibility of resorting to the United Nations and the International Court of Justice to protect its economic interests.”
Reports and analyzes indicate that gold smuggling in Iraq is no longer an individual issue, but has become part of an interconnected corruption system supported by influential parties, as
these operations are exploited to feed the black market and weaken the national economy.
Specialists believe that the continuation of this phenomenon represents a direct threat to national resources, as
smuggling operations are no longer limited to gold only, but also include oil and currencies,
which increases the economic crisis in the country.
Innovative methods
In turn, Member of Parliament Alia Nassif confirmed that
“gold smuggling operations are conducted using innovative methods,” warning that
these operations aim to systematically destroy the Iraqi economy. She pointed out that
large quantities of local and imported gold are melted down and converted into bullion to be smuggled abroad, which opens the way for money laundering and financing illegal operations.
Nassif called on the regulatory authorities and the Central Bank to
trace the sources of funds used to buy gold and
ensure the validity of the procedures followed at border crossings and customs. She also stressed the
need to investigate how funds are transferred through the currency sales window and their role in financing these operations, stressing that
these financial crimes do not threaten Not only national wealth,
but also increases the exchange rate gap between the official market and the parallel market.
https://observeriraq.net/تهريب-الذهب-خطر-مزدوج-على-الاقتصاد-وال/
