To curb the smuggling of hard currency abroad mechanisms 8/26/2015
To curb the smuggling of hard currency abroad mechanisms
To coincide with the formal approach for evaluating the work of private banks, the Finance Committee in the House of Representatives put, a mechanism to reduce hard currency smuggling operation out of the country through the import and export operations «fake» commercial goods shoddy.
The Committee member Haider al-Kaabi said his committee and in coordination with the concerned in the Ministry of Finance and the Central Bank «and set up a mechanism to reduce the phenomenon of hard currency which is made under the pretext of import or export of shoddy goods smuggling», accusing some private banks to facilitate the work of smugglers hard currency through fake business operations.
Kaabi said in a press statement: that «the reason for the continuation of the phenomenon of currency smuggling in some private banks, is delegated some traders and shops to sell and buy the currency from the central bank without bidding farewell to one bill under the pretext of importing children's toys or construction materials monstrous proportions ».
He pointed out that some private banks are trading foreign currency and conflicts within the local markets, and seeking cross to collect huge sums of money to be smuggled out of the country.
The parliamentary finance committee, it has hosted the Finance Minister Hoshyar Zebari and Governor of the Central Bank on the Keywords, to discuss the spread of the phenomenon of money smuggling abroad and washed outside legal contexts that affect the national economy.
As fingered directed towards banks eligibility with the help of smugglers of hard currency in it, «private banks» Association confirmed that it is working with the Central Bank of the strategy for evaluating the work of those banks by putting under the «pre-emptive censorship».
, said Executive Director »Association of private banks» Ali Tariq vacationer Commenting on this topic: «can bank or two influence in the banking sector as a whole in the event of a suspicion in their work and this is what happened during the last term», adding that «the question of reputation in a very important banking sector».
He explained vacationer in a statement »Sabah» that his association «working with the Bank Central to the strategy for evaluating the work of these banks across the monitor, where there is control over the bank process before entering the problematic, especially given that the difficult situation in the country until the private banks because, like the rest of the sectors that have been affected ».
Head of Banking Association, pointed out that the central bank supports private banks at this stage, following the lack of financial liquidity experienced by some of those banks, they returned that support «an important issue, can restore the confidence of citizens in banks and special».
He called vacationer to speed in a statutory declaration «deposit insurance» and »anti-money laundering» . As it will enable the first of «guarantee deposits of citizens with private banks across the company to guarantee deposits in order to restore the confidence of the citizen to these banks, while money laundering law will give confidence by international banks Iraqi counterpart classified within the gray area».
The smuggling of foreign currency operations, international crime have a direct connection to the activities of illegal sector works in secret which is known as the economy of the shadow or gray economy.
Executive Director of the Association mentioned, demanded the establishment of «strategic partnership between the government and private banks, through which a greater role for the latter on the subject of economic development», adding that «the amount of dinars trillion granted to private banks in accordance with specific mechanisms, great indicator of the government's confidence that banks ».
He concluded vacationer his statement, saying: «All these measures can restore private banks to be part of the economic system and the development process in Iraq, and therefore, the government's confidence would give an indication of the citizen that these banks are the subject of trust and confidence »It is said that the Ministry of Finance, had told the committee« money »in Parliament, that the money laundering and smuggling process affects the low reserves of the Central Bank of hard currency, saying that a number of private banks are covering up that the washing process through financial transfers out of the country.
In light of this, a committee was formed to follow up this worrying phenomenon and verification, including members of the parliamentary Economic Committee, Ministry of Finance, in addition to the General Authority for Customs and taxes. The Commission has already mentioned the follow-up work of the Central Bank and the quantities of money sold, in addition to follow the work of government and private banks that sell large numbers of the dollar.