Iraq admits "money laundering" after international threats by placing it on a "black list"

09/18/2015 20:55
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Long-Presse / Baghdad
World Bank pushed the pressures on the Iraqi government and brandishing put Iraq on the black list of the Iraqi parliament on Wednesday to pass legislation past the law of "money laundering and combating the financing of terrorism," just days before the deadline.
The Council of Ministers approved in, June 30, 2015, on the draft anti-money laundering and terrorism financing law.
And it accused the CBI of being soft on smuggling billions of dollars through shady business deals to buy hard currency from the daily auction managed by the Bank.
The financial crisis led to the imposition of restrictions on the purchase of the dollar from the central auction requests, but observers believe that the recent mechanisms do not prevent bleeding currency and money laundering.
A report prepared by the Parliamentary Finance Committee, published by the (long) early last August, revealed that one Iraqi banks to transfer amounts exceed the budget of some neighboring countries, pointing out that dozens of front companies operating as fronts for the commercial banks involved smuggling currency since 2012.
The report goes back to late last June during the setback suffered by the Iraqi dinar exchange rate against the dollar after that.
The central bank took out, early last June 14 banks waged from the auction currency for failing to pay the amount of remittances taxes and customs, but returned on June 20 and canceled a decision that sparked widespread controversy and caused a striking rise in the US dollar exchange rate against the local currency.
The appearance of Mohammed Saleh, Economic Adviser to the Prime Minister, said, in a statement to (range), in July, that 5% of the gross domestic product of Iraq seeps through money laundering.
In this context, the Attorney-Jabbar al-Abadi, a member of the Parliamentary Finance Committee, says that "the vote on the money laundering law and the fight against terrorism by the House of Representatives will prevent the smuggling of money."
He said al-Abadi (range), "This law will establish a new office to determine money laundering and watching the money in and out of Iraq movement."
He pointed out that the MP, "the World Bank and international financial institutions of the Iraqi government demanded enactment of Money Laundering Act before October next threatened the impact of Iraq on the blacklist."

Explains the Finance Committee member that "the situation in Iraq on the blacklist would deprive the government of dealing with global and international banks in the financial Thoilath," adding that the legislation of Money Laundering Act and combating the financing of terrorism was "consistent with international law applies with the standards set forth."
For its part, see Rep. Najiba Najib, a member of the Economic Committee, said that "legislation Money Laundering Act is long overdue after smuggling billions of dollars out of Iraq," arguing that "global crime to recover the funds in the countries where their laws and control weak wash".
She said Najib, told the (range), that "Iraq according to international institutions has become in the black area because of money laundering", but believes that "the legislation will deal with money laundering law as well as smuggling and terrorist financing."
He said the Iraqi Central Bank, in a statement seen (range) a copy of it, that "the House vote on the Money Laundering Act will provide a legal framework for the banking sector in the fight against money laundering and the smuggling of money."
In turn, said Ali Safi, the National Alliance MP that "the law came in the presence of bank fraud for many of the banks and the banks of the Iraqi civil and governmental organizations through the use of technology and modern technology."
He added net, in an interview for the (long), that "the adoption of lead-money laundering law to the formation of a new council to monitor the transfer of funds out of Iraq as well as those who want to finance terror operations, which means a gradual elimination of currency smuggling operations."