Intensify efforts to combat money laundering
01/8/2017

Baghdad / Emad Al-Amara
The Central Bank is seeking through its new mechanisms and instructions to combat money laundering, and its law complies with the requirements and rules issued by the UN bodies or regional and international organizations in this regard.
The Economist Said clinic told the "morning": money is laundered in various ways in preparation for giving them legitimacy status, including in non-bank areas where the resort to fictitious transactions or image, such as contracts for the purchase of equipment and machines with large amounts or buy these machines by setting different prices in those contracts .
"The aim is to show that the money is due to these deals, or through fictitious projects. These projects may be completely fictitious, do not exist or exist, but are used to carry out money laundering operations.
Said there are methods in the countries of the world to launder money in the areas of banking and financial and cash deposits in large amounts of cash through checks or other payment tools and a huge increase in cash deposits to any person for no apparent reason, especially if the transfer of deposits from the account to a party does not have a clear relationship with it Person within a short period of time, pointing out that anti-money laundering is the economy.
He pointed out the need to focus on cash deposits and withdrawals instead of using bank transfers or other negotiable instruments without a clear justification or to change large amounts of banknotes from small categories to other large without obvious reasons, adding that there is fraud may occur when the transfer of large amounts abroad or Receiving remittances received from abroad accompanied by instructions to pay in cash.
"There are many legislations governing the management of banking institutions, including Law No. 10 of 1997, which provides for the confiscation of movable and immovable property that has been illegally transferred to a person and transferred this property to others with a view to evading prosecution."
Al-Abed said in an interview with al-Sabah: "The law provides for penalties and fines in cases of non-reporting of these illegal funds." In 2004, an amendment was issued to include the issue of terrorism and its financing of the phenomenon of money laundering. And criminalizes the financing of
terrorism.
The Iraqi Money Laundering Law of 2004 stipulates the proper monitoring procedures for institutions, especially banking. The Anti-Money Laundering Act of Iraq is in line with the requirements and rules issued by the UN bodies or regional and international organizations in this regard. Money laundering.
He added that the establishment of offices to report on money laundering operations urged the achievement of international cooperation and exchange of information and reduce the confidentiality of information and allow the disclosure of suspicious information to the competent authorities and authorities.
In order to reduce the phenomenon of washing money, stressed the academic economist d.
He stressed the importance of issuing legislation to combat money laundering and the construction of regulatory bodies that abide by the laws and regulations relating to the financial and banking system . He called for the necessity of obligating financial institutions to verify the identities of persons dealing with them, especially those dealing with abnormal funds, as well as to ascertain the legal legitimacy of such funds. Suspicious transactions whose existence lacks economic justification.
Al-Bayati suggested coordination between banking institutions and other regulatory bodies to take measures to prevent the use of the internet in the money laundering process and to encourage modern and safe methods of managing money.
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