More than $ 100 billion looted from the Iraqi currency auction since 2012

15-12-2015 01:21 PM

in 2004, the central bank established an auction to sell the dollar to banks and banking companies, acknowledged the central bank and the government and parliament the existence of a large corruption in the currency auction, where documents Corruption confirmed in the central, specifically currency auction, which includes 32 companies, including 29 fictitious company is registered in the record Companies in the Ministry of Commerce.

The central bank sold more than $ 312 billion since its inception, valued at 1180 dinars to the dollar, has transformed 80% of these funds out of Iraq, while 20% have entered into the market. A member of the Integrity Commission, the parliamentary, high Nsifan 'parliamentary Finance Committee began to investigate corruption file ERA currency about six months ago, sent correspondences to banks in the inside and outside Iraq to know the fate of these funds, and all the documents that were leaked to the public just about the extent of corruption', indicating that in 2013 the volume of losses in the Central Bank $ 800 million, and this shows that corruption is too big.

She added that 'some politicians speak to file corruption ERA political currency, not economically, and this indicates that they are involved, because the existing banks are fronts for political parties and personalities, so they are trying to close it by whatever means to cover up for themselves'.

She Nassif that 'the previous government opened a corruption currency auction file, which ousted the Governor of the Central Bank Sinan Shabibi and his deputy and seven general managers, and bring them to justice in 2014, proclaimed their innocence because of a political deal', adding that 'Iraq's money was stolen through currency auction according to fake contracts, and that all the Governors of the Central Bank since 2003 and yet growling bear funds in Iraq, because there are banks and fictitious companies participated in the auction and is not registered at the government '.

money smuggling

Meanwhile, an informed source said that 'money looted from the currency auction at the Central Bank since 2012 and so far more than $ 100 billion, had been smuggled to several countries across the banks', noting that' many of the beneficiaries of these funds working for senior officials in the government or security institutions'.

In addition, explain the Finance Committee Member of Parliament Haitham al-Jubouri, the corruption that is happening in the currency auction, said that 'the central bank issued the facilities to sell the currency, where any man known businessman can buy the dollar, by providing purchase invoice for the import of goods from a particular country, then These funds are transferred to the banking company ', adding that the presence of one of the persons in the industry Baghdad bill stamped with seals and foreign companies, and up per invoice amount to four dollars. "

He added that 'the businessman who owns a bank or banking company that converts the money to several countries to sell the dollar and take advantage of it', adding that 'the central bank confirms to the competent authorities to scrutinize the bills is not his jurisdiction, but from the jurisdiction of the economic crime department of the Interior Ministry' .

He acknowledged the central bank and financial irregularities to participate in the auction of the institutions of the currency, and has taken several measures to reduce them, but look weak by observers.

The refusal of the Central Bank to make any talk about this file, and only issued a statement which reads in part: 'we have within the period 2012-2015 to issue many cases the competent Iraqi courts against banks and companies contrary to the instructions' sale of foreign currency window', in addition to those related to control issues money laundering, the number of such cases has reached nearly 97 suit belonging to banks and other financial institutions and clients of customers, it has issued several judicial decisions in this regard '.

He added that he 'has been the imposition of fines has reached the limits of its values ​​to 400 billion dinars (333 million dollars), it included 40 banks'.

And the bank will sell the currency to restrict operations because it violates the principles of the International Monetary Fund agreed to by Iraq, and intersects with the article 28 of the law, in addition to creating a large deviation in the official exchange rate and the market which will reflect negatively on the prices.