DEPUTY CALLS FOR A LEGAL AMENDMENT OF THE CENTRAL BANK AND BANKS
Vice-President of the Finance Committee Ahmed Hassan Faizullah, the need to amend the Central Bank and banks, because of the contradiction with the Penal Code. Faizullah said most Iraqi laws legislated need for the amendments that it interferes with other laws and the great imbalance and some paragraphs do not serve the interest of the country.
He added that the Central Bank Law No. (56) Of the year (2004) and the Banking Law No. (94) For the year (2004) contrary to the Penal Code No. (111) of the year (1969) rate, in addition to the translation of the law were not legal and sober translations, what makes a reluctance to reduce the smuggling of foreign exchange and other non-legal.
He pointed that the amendment of these laws will help the central bank to develop the financial sector and reduce the suffering of Iraqi citizens through the introduction of modern methods; in addition to that it does not allow speculators to transfer huge amounts of money outside the country illegally.
Iraq, June 5, 2012