Economic benefits from the declaration of the introduction and removal of funds

The declaration of the General Authority of Customs in July, new instructions and controls for the authorization of funds when entering and removing them across the Iraqi border and issued by the Central Bank of Iraq, is of importance to the Iraqi economy because it prevents money laundering operations, in addition to the fight against terrorism.
The expert in the economic law Abdullah Nawaf told "Sabah" that "this step is absolutely necessary to prevent money laundering operations carried out by some in order to achieve profits on the public interest, despite its illegality and expose it to the burden of law and accountability."
He added that "the Central Bank has succeeded in recent years in the fight against this phenomenon, what contributed to the non-smuggling of hard currency in the form that was happening before and resulted in the stability of the exchange rate, which led to a stable stability in the markets."
The new regulations "obligate each person upon entry into or departure from Iraq to declare upon request the representative of the General Customs Authority of any money, currency or negotiable financial instruments held by the holder or transferred to or outside Iraq through a person, postal service, Another way ". The permit shall include the value of such currencies or instruments. Every traveler upon his entry into or out of Iraqi territory shall have the right to declare: "The money of more than one thousand dollars or the equivalent in other foreign currencies, precious stones and precious metals if the value exceeds ten thousand dollars Negotiable financial instruments to the holder or transferred inside or outside Iraq through a person, postal service, shipping service or any other means exceeding ten thousand dollars, in addition to "limit the entry and exit of the Iraqi currency to and from Iraq, not permissible limits and the amount of Two hundred Iraqi dinars, and in the case of the transfer of an amount higher than the limit mentioned by a person or postal service or shipping service or any other means, it should be the amount that exceeds the limit and fill out a form and statement sent to the Anti-Money Laundering Office and the financing of terrorism reservation. "
"These measures are in place in most developed countries because of their importance to the economies of these countries, as well as the prevention of money laundering and the fight against crime and terrorism," Nawaf said.

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