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Warnings about the growing risks of money laundering on the national economy
18/02/2012
BAGHDAD - Hussein al-Tamimi Tgb
Established phenomenon of money laundering to a defect major financial hit many countries, where is passed the money that was obtained by methods tortuous legitimately, using interfaces institutionalized is through money transfer to and from countries in different, in Iraq started in the footsteps of the face of this phenomenon emerge into existence when Anzmt Etihad Iraqi private banks first seminars in this direction to determine when the importance of the adoption of advanced systems follow the movement of money.
Director of the Federation of Iraqi banks is contrary Badri Hassan told (morning): in all countries of the world there is money laundering, which means the introduction of the money earned illegally in the balances of banks legally to become the money legally, this has worked States to set controls on the control of the money that traded illegally in the drug trade, smuggling, and profits are not normal and revenues high, but where Tajir the money sometimes companies use a cover for money laundering on behalf of the profits to legitimize it, companies with activity specific earnings information can be found then, but when what you find profits in amounts imaginary, then it becomes controversial.
Said to be the movement of money legitimate it be under the cover of import-export company or contractor, or other terms of reference, but the fact they are trading illegally, and sometimes uses the money laundering to entities not legitimate, this subject is important in Iraq in terms of the solvency of Iraq, and by currency difficult, and to control money laundering must follow the orders of up companies, and here comes the role of monitors accounting for the company and Altnaql financial, and that there were suspicions about this company, because the process of money laundering complex need to be human efficiencies competent to a high degree of experience in accounting and audit, as well as systems, accurate financial tools are control must be available within each financial institution such as banks and companies, money orders, which should be linked to sponsor the official Central Bank or the Ministry of Finance, and must be for our systems transparent, open to the world to increase the degree of confidence Baniztna Financial and our calculations of Finance, noting that the states of Gulf has a transparency in their financial systems, but at the same time have differences in the field of money laundering and dealing with these problems in many ways to control it, although it has a transparent financial systems and the public.
He noted that the seminar has worked to bring in outside experts for the use of their expertise and to send a message to the countries of the world, and that Iraq appeared to step toward preventing this phenomenon in the country, as well as a letter to officials within the country to face this issue fully, and pointed out that the lack of a national conference to combat this phenomenon due to the multiplicity of agencies, the Ministry of Finance, Central Bank of Iraq, government and private banks, transfer companies, the Ministry of Commerce, the Iraqi market for securities, in addition to Iraqi academics interested in affairs of the Iraqi financial, and who perform a job teaching a generation a new bank, indicating that this issue is important and the need to contain several phases such practices, which require the efforts of the State and the private sector as well as a special thought to the subject.
He continued that the issue of money laundering into the issue of financial and administrative corruption, and here a question put to those who shall receive a salary of thousand dollars, how can convert (100) thousand dollars per month, and here highlights the role of oversight on this issue effectively, especially that corruption exists in all parts of the world, systems and pursuing this issue effectively, and any transfer must be made in accordance with the regulations and where to turn the money received by it and where to act? He pointed out that the world is different from us that he put in a system or a law for all financial transactions.
He called for activating the legal controls on the movement of money within the country, and here highlights the role of the accountant and the auditor's legal disclosure of any financial irregularities within the institutions concerned with this trend, stressing the adoption of control systems developed capable of handling such violations, indicating that the countries of the world beyond these systems since period of time, as the systems currently approved for return periods of financial movement was limited in the country.
He noted that the global investment when Atjd developed financial systems, moving away from such an environment to fit in with its ambition, indicating that the decline in investments in the country not for the security, but did not find the country's financial system sobering ensures movement of funds in solid and transparent to ensure the financial rights and the environment is suitable financial .
The Muyara Haddad from the Monterey Institute of International Studies in California, she said, Iraq is going through a circumstance is unique in his current move to the economy to the market, where there are many lessons to be learned from other countries that went through transformations similar in the nineties of the last century, and pointed to the experiences of European countries East and other parts of the world where it was necessary to revitalize the banking sector or re-building, where, a number of states and moved well as failed in the other countries, and the same applies to the banking systems, and pointed to the existence of good roads for a transition, and methods other than good, we are talking here about the age or legal frameworks, application, or put Aloaúh banking application site, so we have a lot of lessons from all over the world and learn from them, including the United States, where occurred and still occur mistakes painful many highlight the important pillars of the system a bank is important, and these pillars include privatization and property rights, investment, rules and regulations.
It showed that of privatization and joint stock companies subject raised a lot of controversy and there seems to be concern in both the public and the private sector from losing control of the property for the benefit of companies, non-Iraqi, and in fact there is justification for these fears, and that foreign direct investment is a main driver of economic growth which does not mean that Iraq will prove its sovereignty or control.
They pointed out that foreign direct investment means the injection of a dose of money in the economy which is good for any country in all cases. And needs of the financial sector in Iraq to re-capitalization process is called re-capitalization style that wins in which both the parties and this means that both the Iraqi banks and foreign banks will win a package of benefits.
She, if we look at the experiences of the countries of Europe, east, we can see any of the countries have arisen where banks special contribution to the well and any countries have done so badly, and Poland here in the story of success were not Poland fears that the private investors to buy shares of large largest banks, but has invited its enemy in the past (Germany) to invest in its financial sector, such as those that delayed the privatization of banks, or has allowed foreign banks to buy large stakes in banks suffered have not received the same level of economic growth enjoyed by Poland and decreased selling price of shares in countries that were late in the process. There are also many lessons from outside Eastern Europe, as Russia and Mexico tried to limit the private ownership of banks safety of local investors, which led to the exposure of corruption significantly.
What is the reason behind the interest of foreign banks to invest in Iraq's cause? Undoubtedly is to get the chance presence in Iraq, which is a land of economic opportunity, where there are a lot of reconstruction, which should take place, and there are opportunities to profit from financing projects, and now Iraq is a country in the expansion of banking operations, ie, that there are few people who have a bank account or a few of them who borrow from banks, and there is great potential for growth.
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18/02/2012
BAGHDAD - Hussein al-Tamimi Tgb
Established phenomenon of money laundering to a defect major financial hit many countries, where is passed the money that was obtained by methods tortuous legitimately, using interfaces institutionalized is through money transfer to and from countries in different, in Iraq started in the footsteps of the face of this phenomenon emerge into existence when Anzmt Etihad Iraqi private banks first seminars in this direction to determine when the importance of the adoption of advanced systems follow the movement of money.
Director of the Federation of Iraqi banks is contrary Badri Hassan told (morning): in all countries of the world there is money laundering, which means the introduction of the money earned illegally in the balances of banks legally to become the money legally, this has worked States to set controls on the control of the money that traded illegally in the drug trade, smuggling, and profits are not normal and revenues high, but where Tajir the money sometimes companies use a cover for money laundering on behalf of the profits to legitimize it, companies with activity specific earnings information can be found then, but when what you find profits in amounts imaginary, then it becomes controversial.
Said to be the movement of money legitimate it be under the cover of import-export company or contractor, or other terms of reference, but the fact they are trading illegally, and sometimes uses the money laundering to entities not legitimate, this subject is important in Iraq in terms of the solvency of Iraq, and by currency difficult, and to control money laundering must follow the orders of up companies, and here comes the role of monitors accounting for the company and Altnaql financial, and that there were suspicions about this company, because the process of money laundering complex need to be human efficiencies competent to a high degree of experience in accounting and audit, as well as systems, accurate financial tools are control must be available within each financial institution such as banks and companies, money orders, which should be linked to sponsor the official Central Bank or the Ministry of Finance, and must be for our systems transparent, open to the world to increase the degree of confidence Baniztna Financial and our calculations of Finance, noting that the states of Gulf has a transparency in their financial systems, but at the same time have differences in the field of money laundering and dealing with these problems in many ways to control it, although it has a transparent financial systems and the public.
He noted that the seminar has worked to bring in outside experts for the use of their expertise and to send a message to the countries of the world, and that Iraq appeared to step toward preventing this phenomenon in the country, as well as a letter to officials within the country to face this issue fully, and pointed out that the lack of a national conference to combat this phenomenon due to the multiplicity of agencies, the Ministry of Finance, Central Bank of Iraq, government and private banks, transfer companies, the Ministry of Commerce, the Iraqi market for securities, in addition to Iraqi academics interested in affairs of the Iraqi financial, and who perform a job teaching a generation a new bank, indicating that this issue is important and the need to contain several phases such practices, which require the efforts of the State and the private sector as well as a special thought to the subject.
He continued that the issue of money laundering into the issue of financial and administrative corruption, and here a question put to those who shall receive a salary of thousand dollars, how can convert (100) thousand dollars per month, and here highlights the role of oversight on this issue effectively, especially that corruption exists in all parts of the world, systems and pursuing this issue effectively, and any transfer must be made in accordance with the regulations and where to turn the money received by it and where to act? He pointed out that the world is different from us that he put in a system or a law for all financial transactions.
He called for activating the legal controls on the movement of money within the country, and here highlights the role of the accountant and the auditor's legal disclosure of any financial irregularities within the institutions concerned with this trend, stressing the adoption of control systems developed capable of handling such violations, indicating that the countries of the world beyond these systems since period of time, as the systems currently approved for return periods of financial movement was limited in the country.
He noted that the global investment when Atjd developed financial systems, moving away from such an environment to fit in with its ambition, indicating that the decline in investments in the country not for the security, but did not find the country's financial system sobering ensures movement of funds in solid and transparent to ensure the financial rights and the environment is suitable financial .
The Muyara Haddad from the Monterey Institute of International Studies in California, she said, Iraq is going through a circumstance is unique in his current move to the economy to the market, where there are many lessons to be learned from other countries that went through transformations similar in the nineties of the last century, and pointed to the experiences of European countries East and other parts of the world where it was necessary to revitalize the banking sector or re-building, where, a number of states and moved well as failed in the other countries, and the same applies to the banking systems, and pointed to the existence of good roads for a transition, and methods other than good, we are talking here about the age or legal frameworks, application, or put Aloaúh banking application site, so we have a lot of lessons from all over the world and learn from them, including the United States, where occurred and still occur mistakes painful many highlight the important pillars of the system a bank is important, and these pillars include privatization and property rights, investment, rules and regulations.
It showed that of privatization and joint stock companies subject raised a lot of controversy and there seems to be concern in both the public and the private sector from losing control of the property for the benefit of companies, non-Iraqi, and in fact there is justification for these fears, and that foreign direct investment is a main driver of economic growth which does not mean that Iraq will prove its sovereignty or control.
They pointed out that foreign direct investment means the injection of a dose of money in the economy which is good for any country in all cases. And needs of the financial sector in Iraq to re-capitalization process is called re-capitalization style that wins in which both the parties and this means that both the Iraqi banks and foreign banks will win a package of benefits.
She, if we look at the experiences of the countries of Europe, east, we can see any of the countries have arisen where banks special contribution to the well and any countries have done so badly, and Poland here in the story of success were not Poland fears that the private investors to buy shares of large largest banks, but has invited its enemy in the past (Germany) to invest in its financial sector, such as those that delayed the privatization of banks, or has allowed foreign banks to buy large stakes in banks suffered have not received the same level of economic growth enjoyed by Poland and decreased selling price of shares in countries that were late in the process. There are also many lessons from outside Eastern Europe, as Russia and Mexico tried to limit the private ownership of banks safety of local investors, which led to the exposure of corruption significantly.
What is the reason behind the interest of foreign banks to invest in Iraq's cause? Undoubtedly is to get the chance presence in Iraq, which is a land of economic opportunity, where there are a lot of reconstruction, which should take place, and there are opportunities to profit from financing projects, and now Iraq is a country in the expansion of banking operations, ie, that there are few people who have a bank account or a few of them who borrow from banks, and there is great potential for growth.
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