Legal reveals the formation of a council to combat money laundering & the freezing ~
Legal reveals the formation of a council to combat money laundering and the freezing of funds fleeing
12/15/2015 13:14 pm (Baghdad time)
BAGHDAD - scales News
Legal expert Tareq Harb, Tuesday, revealed that the new anti-money laundering law form a council to combat money laundering and the Commission to freeze the funds fugitives.
He said the war in a statement received / scales News / copy, "pursuant to the provisions of Article 129 of the Constitution which necessitated the labor laws after its publication in the Official Gazette, has been published Law No. 39 of 2015, the new anti-money laundering law in the Official Gazette of the Iraqi newspaper facts number 4387, and therefore, this law is applicable from the date of its publication in the Gazette, its provisions severe minute and rules which are completely different from the previous anti-money laundering law No. 93 of 2004 ".
He explained that "the previous law was decided by a higher penalty can be imposed is imprisonment for a period not exceeding four years, while the new law brought the punishment to life imprisonment and through him note the considerable difference between the two laws."
War, he said, "If the value of money of ten million dollars the previous law decides penalty of not more than this amount, while the new law can be up punishment it to $ 60 million as five times the money subject of the crime, and thus note the considerable difference introduced by the new law the criminal punishment and financial penalty as set out in Article 36 et seq. of the new law. "
He pointed out the war to be "This new law covers everyone, including Chairman and Commissioner of the bank manager as well as financial institutions such as banks and companies, including up to 250 million dinars, in addition to the new law establishes the criminal and financial responsibility determined by the possibility of knowing where that responsibility on the possibility of science has not unscheduled in the previous law, but he shall be punished upon knowing that the funds obtained from a crime. "
He pointed out that "the new law form a council to combat money laundering and the Commission to freeze the fugitives money did not exist in the previous law, headed by Central Bank Governor Multiple destinations interior, finance, justice, trade, foreign affairs and the Secretariat of the Council of Ministers and the National Intelligence and Security and the fight against terrorism, such as ministries"
He said the "new law decided to many legal obligations on financial institutions such as banks, companies and the Business and Professional non-financial, as well as decided swift action to reserve funds, and other anti-money laundering procedures as this onerous law harsh punishment must for every owner accessed relationship and read it. " It ended 29 quarters e