CoI Commissioner: the commission recovered 14 billion Iraqi dinars to the treasury after embezzlement by private sector banks through rigging the electronic clearance process
8/31/2015


CoI Commissioner: the commission recovered 14 billion Iraqi dinars to the treasury after embezzlement by private sector banks through rigging the electronic clearance process

The Commissioner, Dr. Hassan Al-Yasiri noted that through the CoIís investigation into the matter, the commission was able to retrieve a large amount of funds embezzled from the Rafidain Governmental Bank. The retrieved assets amounted to 14 billion Iraqi Dinars.
The Commissioner gave additional details regarding the case, the onset of which was at the Rafidain Governmental Bank\ Main Branch when three checking accounts were opened using identification papers of another client in the Rafidain Branch Bank.

He added that the three clients (H.J.A), (A.A.A) and (A.N.J) singed checks to other clients in private sector banks, the accounts of the said checks were out of credits. The Clearance Computer Operator, (A.A.Sh) did not update the received checks which were withdrawn from branching banks in order for the clearance period to pass and so that the branch of the bank would cash the checks.

The commissioner also asserted that the investigative procedures were done in direct coordination with the inspector general office in the Ministry of Finance. The coordination was on two levels: following up on the retrieval of the embezzled funds; and finishing the investigative procedures and ensuring that the bank files a claim in the CoI investigative court against the aforementioned computer operator who is currently absent from her work place without an authorized leave.

The commission has also informed the bank to file a claim against the beneficiary clients who made the withdrawals, and ensure that the bank would request the retrieval of all the illegally withdrawn funds. The commission noted that the process of retrieving additional 11 billion Iraqi dinars from two private sector banks, who ignored article 16 of the money laundering law no.93 of 2004 which states the obligation of the bank in ensuring that the client submits a written statement of withdrawal should the said client be anyone else other than the holder, or in case the withdrawal exceeds one million Iraqi dinars.

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