Calls on private banks to combat money laundering in Iraq

Calls on private banks to combat money laundering in Iraq

Friday 10-07-2015 | 11:38:40

Calls on private banks to combat money laundering in IraqTwilight News / Iraqi private banks association announced that the Cabinet approve the anti-money laundering law will give confidence to the global private banks, stressing that banks will adhere to the law.

The head of the Association meek Nuri al-Handal said in a statement to Al-Hayat reported that “the Council of Ministers approve the draft anti-money laundering and terrorism financing law of important laws and in support of the banking sector.”

He pointed out that this law will provide frameworks, concepts and provisions that enable the central bank, the judiciary and the relevant authorities to use the proper tools to combat money laundering and terrorist financing and the development of a deterrent to such practices, and that the law would give “confidence global in foreign dealings with Iraqi banks.”

“All banks are members of the Association is keen to abide by the law if enacted, because of its importance and direct impact on the economy and society, especially in the current stage, and the approval soon avoid Iraq access to the blacklist.”

He was an economic advisor to the prime minister appearance of Mohammed Saleh stressed that “the crime of money laundering need to be strong and effective law of Parliament in cooperation with the regulatory authorities and the executive, because it is a wide process and you need a common political umbrella of all departments and agencies to prosecute criminals,” adding that “audit procedures and information Stopped on the legislation before the House of Representatives. ”

“These crimes affect in government and economic stability of the country’s political transactions, a recent crimes because of the financial and international financial openness and globalization”, stressing the need that everyone works for legislation laws to curb such crimes.

The Governor of the Central Bank on the Keywords had praised the Cabinet’s decision to vote on the draft law presented by the Central Bank, which put according to the latest international standards and agreements and coordinate directly with the World Bank and the Financial Action Task Force and international organizations, calling on the House of Representatives to give priority to pass, while approved Council of Ministers last week on the bill.

The economic community warned on more than one occasion of the expansion of the phenomenon of money laundering in the Iraqi banking sector, and described lesions that are harmful to the sector, noting that “the situation in Iraq anti-money laundering No. 93 Law of 2004 and the Bill of secure knowledge of illegal sources and venture capitalists illegal and take the necessary sanctions that protect society from their evil. ”

And it called for an action by the relevant government institutions to reduce this phenomenon through legislation laws and regulations required by the citizen’s financial and banking institutions in line with many of the actions taken in the states.

She explained that “money laundering is a global phenomenon threatens the economic growth and sustainable development of countries as one of the economic crimes dangerous to the community for their negative effects on the level of the economic cycle of any country, as well as pollution of the financial and banking institutions and the consequent obstruction of economic growth and gross domestic product and production cycle and rampant unemployment, low Monetary value and the low purchasing power of the citizen. ”

The phenomenon of money laundering have risen in recent years to the size of organized crime, gangs and defended her organizational structures in a manner becoming gripping the world’s economies, especially in light of technological development.

It is noteworthy that the charges issued against some private banks in this regard without identified, what raised the ire of Iraqi private banks association, which warned of the negative consequences that affect the banking sector in the event of charges relating to money laundering crimes without determining the responsibility of the Bank of violating the instructions to do so.

He quoted the Executive Director of the Association of Tariq Ali as saying “the adoption of mechanisms to put an end to the crime of money laundering and smuggling legislation with strict laws in this context, it will guarantee to confront this crime.”

Abizaid and “eager to communicate with each banking association in order to ensure compliance with the Central Bank of Iraq, for addressing the crime of money laundering”.