The elimination and money laundering .. By Elias Acommok

Monday , February 13, 2017 - 00:43 GMT

Not removed officials and MPs statements about money laundering comes nearly a year, did not diagnose the reasons, but carried the two addresses used public opinion to listen to her, and phrases familiar and thus lacked the precision and away from the diagnosis of the causes and proposing solutions and did not mean only to mislead the public opinion and jamming it, a petition to the charges "political mafias, banks accused of corruption, officials are behind the money laundering operations."

The definition of money laundering offense in general, is "to legalize funds of illicit origin, to make them look legitimate image using several methods."

Perhaps the most striking images of money laundering in Iraq, is Bakherouk on dollar selling operations by the central bank's currency and circumvent the instructions auction.

Iraq provides the dollar officially to the street by the central bank in two ways. First, through banking stores scattered in the country.

This Chierfat focus their work on the sale of the dollar provided to the citizen submitted a copy of his passport and plane ticket trip for therapeutic purposes or tourism or study.

His banking obliged to sell the dollar to a citizen at a price that determines the central bank as well as his right to get the price difference, between what sells it to the passenger for treatment, tourism or education, and citizen bought from the central bank's weekly quotas.

But that gets under the investigations of money laundering court in Baghdad, is that Chierfat owners are falsifying passports and tickets reproduced for the purpose of obtaining large amounts of dollar and sell them to the citizens without any legal justification, a crime does not fall under the money laundering.

As for the other way to sell the dollar, through the auction sale of the currency in which the share of private banks here and as we have said previously active money laundering operations, which convey the court investigations as well and not just analysis and views from behind the computer.

These banks turned to the easy paths to money laundering, through up my stuff out successively circumvent the central bank instructions relating to the importation of the private sector.

Initially, the private banks have under the Central Bank's instructions, to get the profit margin from the sale of dollar operations to traders and importers, compared to what you buy through its participation in the auction of the currency being empowered to participate in this auction.

The process begins providing dealer or importer request to open an account to the National Bank for the purpose of obtaining amounts of dollar boosts demand Bmsthompskat confirm his identity as a trader, in addition to the documentation for the import process supports such lists to buy the goods and clearance from the tax and import license from the Iraqi opposition.

"Know your customer", one of the main principles which skips private banks in dealing with customers, but it is accelerated to meet their demands without knowing the commercial backgrounds, in order to get a profit as soon as possible without being sure the extent of the customer's ability to provide the Iraqi amounts to buy dollars? Is dealer real or whether it represents a front for money laundering mafia exercise whereby operations.

National Bank participates in the auction currency as a mediator between the central bank and the trader buys the resort that is needed hard currency and then ask the central bank converted to a correspondent bank (is the bank in which the supplier of the goods) outside Iraq account there under the pretext of it is the price of goods to the customer pledge The National Bank of bringing customs permits within 3 months of the date of the financial transfers, here are supposed to enter the goods but the reality indicates otherwise.

Either the documents submitted forged that there are not a commodity, or that the shipment is not worth anything compared to his request from the amounts through the participation of National Bank in the currency auction, with reference to that audits are usually subsequent to the operations of exchange to be revealed crime !.

Legally, the new legislation is to combat money laundering and financing of terrorism Law No. (39) for the year 2015 has been the imposition of severe sanctions on the perpetrators of money laundering crimes and said such acts criminal offenses, has also allocated Judicial Court to achieve a competent into money laundering and the courts of misdemeanors and felonies competent issues for this purpose, which called for the judges to "put in place mechanisms to check the validity of the bills and make sure the customer's account and the fact that the required amounts Is it to cover imports by the private sector or for other reasons."

Investigations court of inquiry of money laundering has been revealed that some private banks have used their customer accounts without their knowledge to enter the auction of currency convertibility of the dollar has customers mentioned surprise when their review of the General Authority for taxes for the presence of significant tax amounts discharged as a result of their entry in the auction did not enter it knowingly or willingly.

I find that the central bank instructions included download all the consequences of money laundering crimes private banks, while it was appropriate that the central bank bears part of the responsibility for the fact that his staff are responsible for auditing transfers incoming requests and not completing the purchase and convert the process if there are suspicions of money laundering.

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