Central reaffirms its commitment to the fight against money laundering and warns banks of channels "terrorist financing"

Author: AT, MJM
Editor: the AT

03/12/2016 20:11

Long-Presse / Baghdad
It confirmed that the Central Bank on Saturday, the commitment of the banking institutions in Iraq's laws and regulations to combat money laundering crimes, and warned of the repercussions of non-compliance with such legislation and risks to create channels for the financing of terrorism, while the Iraqi private banks association pointed out that the statements of some politicians is "responsible" caused stop the deal one of the big European banks with Iraq.

The governor of the Central Bank, on the Keywords, during a press conference, held on the sidelines of the Forum of compliance and anti-money laundering and terrorism financing in the banks of the Iraqi financial institutions, Palestine Hotel in central Baghdad, and attended (range Press), said that "Iraq confirms banking and financial institutions, compliance with anti money laundering and financing terrorism, especially that this issue has become a national and international interest and a law passed in Iraq law No. 39 of 2015 represents a broad framework and whatever is built on the basis of what has been agreed upon with international organizations concerned with this issue. "

Added Keywords, said that "the law was drafted very carefully and as far as this care needs to be carefully applied," noting that "the Iraqi Central Bank issued a set of instructions and regulations in light of this law in the financial institutions and groups and other concerned the banking sector in this law," stressing that "banks the establishment of units to comply with anti-money laundering and risk management of direct cooperation and coordination with the central bank, we are building and the development and training of these units to make them able to comply with this legislation. "

He continued Keywords, said that "the success of the application of the law depends largely on the nature of the deal that banking institutions with different parties, especially the Foreign him," adding that "the international banks and international financial institutions look closely and follow-up to the commitment of these banks by those rules so that it can deal with it transparent and clear, "warning that" the dangers of not adhering to this law facilitates the work of the special operations of money laundering channels or various other crimes to finance terrorism. "

He said the Keywords, that "the central bank gave priority to the issue of the closure of the ports for the financing of terrorism, we have succeeded to a large extent in this context and in the past two years we have stopped hundreds of financial institutions and companies from the exercise of their work because we discovered the existence of cases involving suspicions of and in coordination with international parties as well as we develop programs linked to the international system to prosecute financial transfers and there is a program and a large part of the letter and put part of an international audit offices with international companies. "

Among the Keywords, "The fight against money laundering and terrorist financing, the Office deals directly with the judiciary, even without the intervention of the central bank in a lot of cases that carry legal suspicions," stressing that "these issues are fully confidential and direct follow-up between the office and the prosecution."

For his part, head of the Iraqi private banks association, Wadih Handal, during the conference, said that "many of the international agencies monitoring the work of institutions in Iraq," he said, adding that "one of the European banks halted dealings with Iraq, according to remarks irresponsible for some politicians."

The Handal, said that "these forums, meetings and the work of the central bank through No. 39 Act of 2015 to combat money laundering and financing of terrorism, I think it's a message to the disclosure, training and raising the potential and capabilities of human resources, which is the real raw material for financial institutions and banks."

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