Central: We have established brokerage firms on the blacklist to combat money laundering and terrorist financing




2017/06/21 (00:01 PM) - Number of readings: 73 - Number (3955)


Range / Zahraa Al - Jassem

A few days after the US Treasury Department listed local Iraqi banking companies on its black list, without giving any explanation as to why, the CBI also listed local blacklisting companies. An official source at the Central Bank confirms that the measure came in the context of the bank's commitment to international standards designed to combat money laundering and terrorism financing.

An economist supports these measures, while helping to deter all uncontrolled and unprofitable acts of financial work in Iraq, Achieve the main objective of eliminating the irregularities committed by banking companies and local financial institutions. According to a list published on the US Treasury Department's Office of Foreign Assets Control (OFAC) website, dated September 6, 96 banks and a banking office in Iraq were included in the US black list (SDN).

The official source at the Central Bank, who declined to be named, said in response to a question (range), on how to put companies or banks on this list, and why not withdraw the license from them if they violate: The Central Bank of Iraq is committed to international standards that aim And calls for the fight against money laundering and the financing of terrorism, and as part of the global financial system, it supports the decisions issued by the Treasury Department, which is the status of financial institutions on the blacklist because of its activities in support of terrorism, adding: The status of these companies on the black list, whether exchange companies or the Open Wila Malia or even banks is to keep them away from any financial dealings either at home or abroad and with any other financial institution, in the sense that all financial relations with them.

The source pointed out that there are international standards that deal with combating money laundering and terrorism financing, and the Central Bank is committed to them, and that these standards are implemented to the fullest.

Therefore, there is a list published by the Central Bank of Iraq from time to time on its website. It includes a number of companies, banks, In the black list, which exceeded the number of "100 companies exchange and financial transfer" and about three banks, stressing that the sanctions are continuing on these companies will not be lifted only after confirmation of safety, and some of them have already been withdrawn licenses and stopped working permanently .

The central bank had listed on Sunday, 18 this month, a number of financial center companies on the blacklist for providing support and funding to terrorist organizations, and also called on banks and financial institutions not to deal with these entities directly or indirectly.

"If the company is licensed by the Central Bank and placed on the black list, the license is usually withdrawn," said Majid al-Suri, an economist at Al-Mada. "The blacklisting is based on non-application of the standards and instructions set by the Central Bank, And the violation of all the issues related to prohibited practices, adding: If the Central Bank directs a specific work for this company and it does more, it is contrary to the instructions and enter the subject of money laundering or cooperation with terrorism, therefore, all matters related to the issue of defending the right way to do the work , e To make the central bank calculates the license from this company or that.

Al-Soury explains that putting any company on the black list requires the central bank to take a decision to withdraw the license. According to the criteria, the license must be withdrawn from the bank.

However, this is also done after many steps. monitor the implementation of the instructions, and if not the process of implementation of these observations, here must withdraw the license it, but he also: that this talk is not about banks, it is for banking companies and financial institutions, and in all cases, even these measures taken by the central bank against offending companies between the period and the other did not reach Alentij Optimal with regard to the elimination of irregularities, but she may help deter those who want the offense and deter acts of undisciplined or not going according to the laws and regulations in force for the financial work in Iraq.

The central bank said in a press statement that the 'US Treasury has praised the actions taken by the Iraqi authorities to impede the dealings of financial Daesh in Iraq, and that it is implementing an elaborate system of anti-money laundering and combating the financing of terrorism, which has helped to strengthen Iraq's ability to protect its financial exploitation by Kdaash terrorist groups.

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