The need for new legislation to combat money laundering as apparent threaten the country’s economy
A member of the Finance Committee: the need for new legislation to combat money laundering as apparent threaten the country’s economy
Date: 10/01/2012 07:59:36 Monday
Baghdad (news) .. The member of the Finance Committee MP / National Alliance / AMEER Mayahi, the need new legislation to combat the phenomenon of money laundering because it phenomenon that threatens the national economy to deteriorate, noting that the law applied current tainted a lot of mistakes and gaps.
said Mayahi (of the Agency news): The Anti-money laundering No. (93) issued in (2004) where many loopholes can not be adopted in lost increased phenomenon of money laundering during the current period in the country. added: should new legislation to combat money laundering because it dangerous phenomenon affecting the national economy and the local currency directly must work to control through a new law keep pace with international laws developed in this area as well as the legislative process and the country’s political. desk was money laundering of the Iraqi Central Bank stressed that the law against money laundering No. 93 for the year 2004 is still in force, as revealed the existence of the project A new law is by the authorities concerned in the General Secretariat of the Council of Ministers. while a member of the Finance Committee in the House of Representatives Haitham al-Jubouri said earlier that the central bank froze a law 93 of 2004 on combating money laundering. punishable law against money laundering in force a fine not exceeding 40 million Iraqi dinars, or twice the value of money used in the deal, whichever is greater, or imprisonment for not more than 4 years, or both for each of the runs or trying to manage financial transaction employs revenues somehow illegal activity clairvoyant that money used is revenue somehow to illegal activity or both transmits or sends or transmitting means cash or exaggerated revenues account for some way to illegal activity knowing that this means cash or money representing the proceeds in some way for illegal activity. also punishable by a fine of not less than 20 million Iraqi dinars , or imprisoned for not more than two years, or both for each of the offers money or conceal or gloss over the nature or place or source or ownership of the money, knowing or intending, that this money is used to create for the purpose of or implementation of a breach of the law or configuration for the purpose of or implementation of disguise escape from the commission of any breach in the financing of crime or attempts or conspires to such activity. / end / 8. n. p /