Iraqi banks: concern charges violating governmental funds transfer instructions 10/8
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    Iraqi banks: concern charges violating governmental funds transfer instructions 10/8




    Iraqi banks: concern charges of violating governmental funds transfer instructions

    NEW MORNING ECONOMIC AFFAIRS OCTOBER 7TH,

    Announced its support for the draft law against money laundering and terrorist financing

    Morning new agencies:

    There is concern private banks in Iraq now by pointing fingers for some officials to override instructions for hard currency conversion mechanism outside Iraq through fake business operations is a recognizable economic crime.
    And private banks has expressed its support for the Iraqi draft law against money laundering and terrorist financing established by the Central Bank of Iraq in accordance with the latest international standards and agreements, and coordinate directly with «bank» other international destinations, adding that abide by the law if enacted by the House of representatives after the Council of Ministers, was important and direct impact on Iraq's economy and society, particularly in the current difficult phase.

    President of the Association of private banks in Iraq, Wadi Nuri colocynth, said that the law will spare Iraq access to the blacklist if passed by the Parliament in the coming period, adding to «life», the law will provide the framework and concepts and provisions, which would enable the Iraqi Central and "the judiciary and the relevant authorities, the use of appropriate tools to combat money laundering and terrorist financing and develop a deterrent to such practices add to the implications for the standing of the Iraqi banking sector, the law gives universal confidence in dealings with foreign banks.

    And a draft law against money laundering and terrorist financing with the Government to assess the activity of private banks in relation to excited now about the relevance of some of these banks with dollar smuggling out of Iraq through import and export operations may be fake goods and products.

    It quoted a member of the Finance Committee in the Chamber of Deputies, Meshal, as saying that the Committee developed, in coordination with concerned government agencies and the Central Bank of Iraq» mechanism to reduce the phenomenon of smuggling hard currency made importing goods shoddy argument or exported accused some private banks to facilitate the work of smugglers of hard currency through fake business operations.

    He said that because of continued smuggling of currency in some private banks is vested with some merchants and shops selling and buying currency from the Central Bank without deposit of one Bill, explaining that some private banks seeking to collect huge financial amounts smuggled out of Iraq.

    And the effects of finger to some banks help smuggling money out of the country wide reactions in the financial and banking community especially integrity court charged with money laundering section of the private banks and demanded the prosecution represented by the Chairmen of the boards of Commissioners and directors.

    And officials at private banks to the problem concerning the policy of «Central Iraqi auction selling foreign currency financing for those wishing to import goods to Iraqi market by converting the value of those goods to suppliers directly and cash advance not by opening credits which all banks operate worldwide and are followed in Iraq.

    A bank expert suggests that banks are institutions dealing with documents only, which appear on their face to be sound and not duties ensure the entry of the goods into the country or matched to the listings provided, does wonders required banks to appoint observers to goods after payment of customs duties to ensure the entry of the goods into the country?

    Do you want to be a Bank representative present at the arrival of the goods after payment of customs duties to imported stores? This expert stresses that these matters are not related to the duties of banks and how to do its work and there is no doubt that there is a misunderstanding of the duties of banks.


    http://www.microsofttranslator.com/b...spaper%2F62783
    Last edited by rcookie; 10-08-2015 at 07:46 PM.
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