The central bank plans to activate the "unity of the fight against money laundering" and is considering cooperation with the Association of Banks


BAGHDAD / Ibrahim Ibrahim

The Central Bank of Iraq, on Monday, his intention to activate the Unit for Combating Money Laundering to keep up with local and international requirements, as he emphasized his willingness to cooperate with the Association of Banks for the implementation of programs related to "the fight against money laundering," the central bank economists called for a restructuring of the banking and financial institutions to limit operations financial corruption taking place in the country for years.

The governor of the Central Bank and the Agency on the Keywords, in a statement received (range), a copy of it, on the sidelines of a meeting of 15 graduates recently took part training course set up by the Association of private banks to obtain certificate of competence in the field of (anti-money laundering and financing of terrorism), "The theme of the fight against money laundering is a fundamental criterion for dealing with any bank because it reflects the work of the bank in terms of financial integrity and professional and ethical work. "

He praised the Keywords, "the efforts of the Iraqi private banks association for the development of the banking sector", expressed the readiness of "the central bank to cooperate with ASEAN in the implementation of programs related to combating money laundering and pour in the financial sector and economic interest."

He stressed the Keywords, the need for the "pillar banks are basically in the process of combating money laundering by virtue of its location and its potential and capabilities," adding that "the central bank developed a special anti-money laundering unit and is now in the process of activated to keep up with local and international requirements."

For his part, Executive Director of the Association of Banks Tariq Ali, according to the statement, that "the association is seeking to develop training plans, especially in the field of combating money laundering and terrorist financing in order to serve the banking sector and the creation of advanced banking cadres working in accordance with the currently approved international standards."

In turn, the financial expert Uday Abdul Ameer Amer said in an interview for the "long", that "the phenomenon of money laundering has increased ten years ago due to decline the application for combating financial and administrative corruption in state institutions and economic laws."

He added that "all the government and private banks have a special anti-money laundering, but sections that she stopped working for several reasons such as lack of seriousness in the application of laws and the spread of financial and administrative corruption between functional cadres of these institutions."

He explained Amer that "the Central Bank Law No. 93 of 2004 and by Article 12, which relates to the establishment of indoor units to combat money laundering and bleached in all financial and banking institutions, so as to collect and analyze information to find out citizen corruption and hand money smuggling."

And that "some politicians and owners of intervention influence banking work through the establishment of banks and companies, mostly fake and illegal for the purpose of speculation in the daily currency auction and make big profits twisted and illegal means."

Amer stressed that "the central bank assumes full responsibility for the loss of billions of dollars and she went to the pockets of corrupt, so it should be a complete overhaul and restructuring of the banking and financial institutions are limiting the phenomenon of money laundering and smuggling abroad."

The Iraqi Cabinet, announced on Tuesday (June 30, 2015), agreed on a draft anti-money laundering and terrorism financing law, which is of great importance for his role in drying the sources of terrorism and to respond to international trends in this area.

It is noteworthy that the banking system in Iraq consists of 54 banks as well as the Central Bank and distributed according to property between the seven state-owned and 23 private businesses, including Islamic nine in addition to the 15 branches of foreign banks.