The electronic payment system a Solution to money laundering and smuggling
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    The electronic payment system a Solution to money laundering and smuggling

    The electronic payment system .. A future battle with gangs of money laundering and smuggling
    In a country like Iraq, citizens tend to carry banknotes, just as they trade goods and goods. The practice of "carrying money" or traditional cash usually leaves direct and indirect effects.
    Financial security

    From 2003 to today, financial security has been based on numerous forms of armed robbery, counterfeiting of paper currency, thefts and money-laundering gangs and smuggling.

    The establishment of the electronic payment system will eliminate all these problems and breakthroughs where the future of currency circulation and paper "Cache" between banks only to control the movement of funds and save public money from gangs of financial corruption.

    "The importance of keeping pace with the development and the country's urgent need to deal with electronic cash to reflect positively on the overall transactions and collection systems within the country," he said.

    Plans

    The Governor of the Central Bank on the link between "the payment systems in the central banks in the world has developed significantly, and in light of the knowledge of these systems, the Iraqi Central Bank is rapidly developing the infrastructure to implement advanced payment systems, the systems that exist today in the Central Bank are sophisticated systems, (RTGS), which regulates payment, settlement and clearing transactions between all transactions between banks. "

    "The other step that the central bank is working on expanding its framework is electronic payment in terms of bank transactions and tax collection," he said.

    Legal structure

    On the legal framework and the structure of the instructions, the Governor of the Central Bank stated that "most operations related to electronic cash are carried out in accordance with the regulations and instructions issued by the bank.
    The Central Bank, by virtue of its supervision and control over banks and financial institutions is responsible for setting the necessary controls and instructions. And all these are moving under licenses issued by the Central Bank of Iraq to these companies in order to be a monitoring process, all there is a movement of money is necessary for the issue of surveillance. "

    New projects

    "As part of the simplification of procedures project, the bank has set a strategy for the next five years. This national strategy has been launched for the practice of electronic payment and ensuring financial coverage," said the director of the payments department at the Central Bank of Iraq, Duha Abdul Karim.

    Among the new projects that the Central Bank has been working on since 2016:
    • Credit payments between ministries and government and private institutions through the system of payments in order to reduce the handling of the instrument, and cash.
    • Launch of the electronic dinar project and will be a tool to collect and pay through prepaid cards through a competitive atmosphere between banks and electronic payment service providers and the role of the central bank will be organizational for the process.
    • Encourage the construction of local payment gateways via the Internet.
    • Encourage linkages with regional and international divisions.

    Money Technology

    The Director of Information Technology at the Central Bank, Adnan Asaad, said that "for the purpose of activating and developing electronic payment and collection operations, investment and spending must be made in a concrete manner and appropriate to the situation in Iraq."

    The prime minister's adviser on economic affairs, the appearance of Mohammed Saleh explained that "the transition of Iraq from traditional criticism to electronic money contributes to reducing the consequences and risks associated with paper trading," adding that "advanced paper transactions will eliminate the circles of corruption, fraud, and the consequent Of legal and social repercussions. "

    Maximize resources

    For his part, the Executive Director of the Association of Iraqi private banks Ali Tariq, "the importance of electronic criticism in the transactions between institutions and individuals, it will maximize the resources of the state and shorten the human labor and helps to determine the accuracy of periodic reports on transactions."

    Since 2016, efforts have focused on making this year a starting point for financial inclusion and the transformation from traditional cash to electronic money with all its tools, as it has direct relevance to combating corruption, speeding up transactions and developing state institutions.

    Challenges

    For the purpose of activating the electronic payments in Iraq, it is necessary to invest and spend heavily in this project, especially with regard to the infrastructure of the electronic payment process or banking operations in general, as investment in this sector will be the results are not tangible at the moment, but are future plans at the intermediate levels The long term means that the return on investment will not be direct for banks and financial institutions to contribute to spending in this direction.

    There is currently no recipe for how to establish an ePay culture. Each country has its own social and cultural specificity, which leads to electronic payments and interaction with banking.

    A society such as the Iraqi society has been dealing with paper criticism for several decades. This makes the transition from paper to electronic currency not overnight. Therefore, efforts need to be coordinated between the central bank, banks, government institutions and even the media in order to achieve banking awareness.

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    Last edited by pusinsbiz; 06-16-2017 at 10:17 PM.



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