War: required from the central bank is mandated by law to take action against private banks


Dated: Tuesday 06/14/2016 3:59

Follow-up / Iraq today

Stressed the legal expert Tareq Harb, said that the decision of the Iraqi Central Bank on 12.06.2016 of measures towards private banks are a few measures,

and does not constitute only a little part of the authority vested in the central bank law to these banks, they are not sufficient so that " a lot of private banks do not depend on action banking legal texts,

It was the banks to run it, not to shareholders, depositors and clients, "added the war, what confirms that" the banking operations of these banks to provide loans and letters of guarantee reliability and other documents from the banking operations confirms this saying, especially this is evident in the lending and debt operations,

the many of them are banking family that controls the bank through the administration or the managing director, not even a lot of banks refrain from paying owed banks for their owners, whether they are depositors of these amounts or dealers. "

And indicates the war, saying also, "The bank resorts to procrastination and delay, while the phenomenon of banking boutiques is a phenomenon spread in Iraq, there are universities and colleges civil in the form of shops so that the university area and what they offer far less than the elementary school space and what they offer,
and the situation moved to the civil hospital well, so the target of many banks to collect profits only by entering into an auction sale of foreign currency could constitute what is the move away from the legal obligation to carry out the exercise of real banking business,

we do not say that there are claims of many a crime of money laundering has been forwarded to the courts and the defendants the management of these banks. "
Concluded his talk of war by saying, "well do not need to say that we should stop at some of the calls to expand the powers of banks and banks on what is currently insufficient to take action towards the implementation of the banking business,

how if expanded bank's operations so that the participating establishments and business, so it has to be checking in Business current banking before moving on to a new stage and whether the central bank has fought a difficult and precise legal experience with banks

or three when he decided to stop the banking business for them (Avlasshma) and the appointment of a person by him for the management of these banks instead of the actual administration,

the Central Bank of Iraq demands the implementation of the provisions contained at the same relationship that has decided to authorize the central bank powers and the terms of reference and the broad powers over all private banks,

particularly those stated in the Central Bank Law No. laws (56) for the year 2004, and the banking Law No. (94) for the year 2004, the law on anti-money laundering No. (39) for the year 2015 and Corporate law No. (21) for the year 1997 so that the central bank is the only party responsible in Iraq for monetary policy and implemented in accordance with the provisions of Article IV of this Act which is the only body that issues licenses and permits for the work of banks,

as it is obliged under the law to provide liquidity and dissemination of data on the banking and financial and economic system in addition to the issuance of the Iraqi currency authority is not permissible exercise of any banking business in Iraq unless authorized the central bank so even for foreign banks civil,

as well as the central bank's anti-money laundering and the Council to make the fight against this crime,

investigation of the competence the central bank is not the prerogative of the integrity Commission,

and that this law committed Central Bank has established the rules governing the work of all financial institutions, non-banking and granted the issuance of appointments for this law and published in the official Gazette of the authority,

as well as the banking Act to grant the Central Bank in the third material and beyond the powers of wide and numerous towards private banks,

since the civil companies banks companies Act applies to that the central bank is bound to be a sergeant and noting these companies are in fact financial firms on behalf of banks and applied the provisions of the companies Act and previous laws and whether the central bank has pointed to something banking reform yesterday, he first needed to refer to the new reforms carried out by the private banks. "

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