100 million real estate decision puts the Central Bank Governor before the Iraqi Parliament
100 million real estate decision puts the Central Bank Governor before the Iraqi Parliament
2025-01-25 06:25
Shafaq News/ The Coordination Framework MP, Ibtisam Al-Hilali, revealed on Saturday that there is a move to host the Governor of the Central Bank, Ali Al-Alaq, in the House of Representatives, against the backdrop of the latter’s decision to set 100 million dinars as a minimum for purchasing real estate.
Al-Hilali told Shafaq News Agency, “The House of Representatives will move to host the Governor of the Central Bank, Ali Al-Alaq, to stand on the decision and mechanism for selling and buying real estate through banks, and to know the reasons that prompted the bank to take such a decision.”
She added, “The recent decision taken by the Central Bank is wrong and incorrect. Money laundering cannot be combated in this way. It is impossible for a corrupt person or someone who supports him to buy a property for 100 million dinars.”
Al-Hilali pointed out that “the properties whose prices range from 100 million dinars are located on the outskirts of cities and governorates, and this means that the ordinary citizen is the only one harmed by such a wrong and incorrect decision.”
She pointed out that “the Central Bank is required to cancel this decision, which will cause an increase in real estate prices in the market, as a result of routine procedures in banks, such as opening an account, withdrawing money, and other complex matters.
The Central Bank of Iraq issued a new decision to reduce the minimum value of real estate sales, as the new value was set at 100 million Iraqi dinars, after it was 500 million dinars .
According to the new instructions, according to an official letter addressed to the Real Estate Registration Department (on January 15), which Shafak News Agency has reviewed, the sale of these properties will be done through licensed Iraqi banks only, and that this procedure comes within the due diligence controls for combating money laundering and terrorist financing specific to the Real Estate Registration Departments .
The Deputy Director General for Combating Money Laundering at the Central Bank of Iraq, Hussein Ali, told Shafak News Agency that these measures aim to accelerate investigations related to money laundering, with the Real Estate Registration Department supervising the monitoring of suspicious transactions and documenting any money laundering cases to facilitate the follow-up of the relevant authorities .
Earlier, the Deputy Chairman of the Investment Committee in the Iraqi Parliament, Hussein Al-Saabari, warned that the laws issued by the Central Bank and Iraqi ministries are characterized by confusion, which may lead to a decline in the investment market in Iraq .
He added to Shafaq News Agency that laws such as the real estate registration tax on the sale and purchase of homes are inappropriate, and that the Iraqi banking sector is suffering from deterioration and is unable to meet investment needs .
Al-Saabri also considered the Central Bank’s decision regarding combating money laundering ineffective, and that it does not address the problem of rising housing unit prices in the country.
shafaq.com
