Specialists: most of the foreign banks, "bank shops" to smuggle currency 11/19
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    Specialists: most of the foreign banks, "bank shops" to smuggle currency 11/19

    Specialists: most of the foreign banks, "bank shops" to smuggle currency

    News Source: Ali Abd al-Salman

    November 19, 2015 13:53

    He economists, most of the foreign banks represent banking boutiques work is limited to the speculative profitability, while others called for activating the work of washing of the central bank's money department to pursue the work of foreign and private banks.
    The economist said on behalf of Abdul Hadi, said that "the Central Bank and through its policy pursued in previous years, work on the expansion of the preparation of foreign banks by granting banking licenses lacked the most basic standards of the banking business. "

    He added that "despite the diversity of Arab and foreign banks operating in the country, but most of them do not have much capital, so find their work is limited to the speculative process at auction currency to achieve a quick profit, which reflects negatively on the reality of the local market."

    Said Abdul Hadi said "files that have been open and pertaining to foreign and private banks have proved that there is smuggling of funds out of the country through the daily dealing with the central bank auction, which requires strict laws to the work of those banks and take advantage of the money owned to the development of the economic system of the country which heads. "

    And that" the solution lies in integration more than a bank to establish a shareholding company with big money can have a work within the monetary system of the country and which needs to be accelerated development in banking dealings and reduce financial corruption processes and methods of profit is legitimate."

    He pointed to the need to" activate the work of Money Laundering Department of the central bank and that follow-up work of banks according to specific laws and on a daily basis in order to avoid violations and prevent wasting money significantly."

    The Financial experts and economists, confirmed in (the 18th of September 2014 the past), that the volume of financial deposits owned by the operating banks in Iraq, whether governmental or civil reach up to 70 trillion dinars, and argued that the total of Iraqi private banks' capital rose from $ 30 million in 2004, to one billion and $ 600 million year-end 2014 the past, except for branches owned by Arab and foreign banks operating in Iraq, and the number of private banks operating in Iraq rose from 17 in 2004 to 31 year-end 2014, while the number of branches has increased in Baghdad and other provinces than a hundred to more than 600 branch to compete in the number and level of services Rafidain bank branches of government and governance.

    In turn, said economist Mohammed Abdul Latif Al-Ani, said that "most of the foreign banks located in the country are not working Within systems and banking laws internationally recognized but is considered boutiques banking only."

    He added that" the daily currency auction and the way his controversial, called for a lot of companies and individuals to exploit the central bank easy conditions for building a semi-fictitious banks to be a front for holding suspicious financial transactions drain foreign currency in the country."

    He said al-Ani said" mafias political stands behind most of these banks to pass the money corruption and washed legal ways and within the central bank instructions that need to be activated to ensure the domestic market stability and the process of sale and transfer of funds internally and externally."

    And that" the banking system in the country needs to restructuring and evaluating the work of each bank itself and work to reconcile and close the offending them according to the law to get rid of the rampant corruption within the financial institutions of the State ".

    It consists of the Iraqi banking system of 54 banks, including seven state-owned one of them an Islamic newly established, there are 23 commercial banks, special, including an Islamic nine . There are also 15 branches of foreign banks, and there are many institutions that do some banking, of which 34 money transfer company, and nearly 200 belonging to banks, foreign exchange company or deal with the banks, with the Loan Guarantee Company and to finance small and medium enterprises, with two companies for services of electronic banking and card Smart, in addition to nearly 800 branches and subsidiary banks spread over Iraqi provinces.


  2. #2

    Re: Specialists: most of the foreign banks, "bank shops" to smuggle currency 11/19

    I apologize for duplicating this article. I got through editing mine then I saw your post.

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