Judges of the money-laundering: weak banking supervision easy smuggling millions of dollars out of Iraq

45 minutes ago


Detect judges specialize in laundering millions of dollars was smuggled out of the country by traders, fictitious financial transfer companies and exchangers.

Ligature Iyad defines money laundering investigation judge Mohsen this crime as "legalization of funds of illicit origin, to look at several techniques legitimately."

He continued in an interview quoted by Ligature "magazine issued by the Supreme Judicial Council that" these methods do fake imports and convert dollar abroad and outsource other people. "

And "through small accounts with their names and the distribution of these payments on their accounts to hash sums and make it seem small and then assembled in another account and conduct various transactions through or transferred outside the country, without these transfers for legitimate business purposes.

Ligature stated that "Central Bank buy the dollar for essential purposes, one of the weekly share exchange companies that these firms sell to those who want to travel for treatment or tourism for less than the market price," adding that "some companies sell the dollar on the black market and provide copies of tickets and false passports.

"The second is intended for importing the private sector through the auction currency", stating that "most frequent picture of money laundering in Iraq occur through an auction to sell the currency at the Central Bank and that the perpetrators of crimes of embezzlement and bribery, charging commissions to deposit their money in banks ' accounts".

He pointed out that "a deal gets with people representing their interfaces and general trading companies registered their names and then applying for entry to the auction sale of dollar import requirements of the private sector and transfer millions of dollars into accounts abroad without entering goods for it and then be suspicious dealings with no legal or business purposes.

He stated that "the mechanisms established by the Central Bank to sell dollars through the auction currency be open merchant account at the National Bank in order to get what he needs from the Central Bank after applying to buy iodized clearance goods purchase lists of tax and import of galleries leave Iraq."

Ligature explained that "dollar-buying process between National Bank and the Central Bank for the purpose of covering required by the customer. And bind that to "legal obligations imposed by the Central Bank to banks under the law in accordance with the principle of know your client where it rests on the shoulders of those banks verify who's dealing with and need to know is that the customer any trader can being like this import and possess money or that interface to cover sources of funds owned by criminals".

Ligature adds that "the facts indicate that the trader provides documents, forged documents and fake permits and lists by private banks to purchase order currency and turning it out."

"The incident is exposed after the time limit of three months duration on the client then offer permits stating that the goods entered Iraq, there is a Central Bank approached the customs service and then the Court is detect fraud investigations."

Ligature due to the principle of know your client, by saying "the Bank verify the client's ability to repay what he owes, if his inability to communicate the Central Bank within 15 day that there is a suspicious transaction. With "denied any such case against any customer", "private banks have become an easy route to money laundering operations. And further "under the facts before the Central Bank always blame the banks full eligibility and this is incorrect, because the latter is not a government agency and that only administrative sanctions to enumerate.

He stressed that "controls and check the buy later is after losing drawdowns", calling that "the checks before the Exchange process.

Ligature called "developing mechanisms for checking the validity of the Bills and make sure the customer's account and the fact that the amounts required are they to cover private imports or for other reasons."

According to "the crime charged to merchant and all those who contributed to his account and the Bank that fails to perform according to the money laundering Act.

According to the money laundering trial judge "offending Bank officials to sanction this type of crime is a felony and the penalty for the same merchant but right up to life imprisonment if the amounts allocated to support terrorist operations."

The Central Bank often impose fines on banks that do not comply with the currency auction help clients ", stating that" the offender to pay the price difference between the value of the dollar in markets and what he bought from the Central Bank.

And finish by saying that "the Court over the door greeted reports of these crimes including money laundering reporting Office, adding to the banking and credit control Department at the Central Bank through its inspection and audit committees, the Court also sometimes receive communications from private detectives.

And finish by saying that "the money laundering investigation completed dozens of court cases and money laundering offenders referred to the courts of misdemeanours and crimes".

Misdemeanor judge says integrity and money-laundering rady fartusi, that "our courts dealing seriously with these kind of issues and resolve many of them."

Fartusi said that "delay resolving some case be for reasons not related to the Elimination of non-completion of administrative investigation of the relevant authorities."

He criticized "don't identify stakeholders amounts bought by private banks when conducting an administrative inquiry as well as the amount of damage is achieved as a result of money laundering".

Fartusi also complained not to check those permits and invoices provided by banks and customers by participating in an auction of foreign currency ".

Alien cases before the judiciary, fartusi said that "a young man of only 25 years have fueled his $ 10 million although taxi driver and after checking with him showing that he used one interface for the purpose of money laundering these amounts and transferred out of Iraq."