Iraq is making with a special 29 Iraqi banks accused of corruption and money laundering
Iraq is making with a special 29 Iraqi banks accused of corruption and money laundering
07-12-2014 07:42 AM
Confirmed the significant economic official in the Iraqi government, refused to disclose the identity of the November 18, 2014 to refer 29 Iraqi banks a special investigation, the charges related to corruption and money laundering cases, out of 33 banks, is the sum of the Iraqi private banks operating in Iraq.
According to published site in the November 16, 2014, based on the report, which was written by the Inspector General for Iraq Reconstruction Stuart Bowen, the money laundering through the central bank caused the loss of more than $ 100 billion over the past ten years, most of which leaked to the banks in Dubai and Beirut.
He said Prime Minister’s Advisor Dr. appearance of Mohammed Saleh in the November 26 event, a big disappointment in the private banking sector, which relied upon to rebuild the country’s economy. Chancellor favor and explain the high number of banks assigned to investigate the causes of several, most notably the absence of governance for private banking departments, cash credit and weak, forcing banks to look for profit-taking, are in most cases, operations non-bank, pointing out that the regulatory philosophy of the Central Bank after 2003 changed from the control of compliance to preventive censorship, a supervisory task and not Satria, where the central bank is watching the credit and liquidity to ensure safety in accordance with the financial ratios.
Confirms that the absence of banks credit rating makes the creditworthiness of the private banks are not supported, a process that must be performed by a third party (a specialized international offshore company in it) adopted by the Central Bank.
For his part, one of the major shareholders saw one accused of bank financial operations are illegal, on condition of anonymity, in November 25, 2014, that the former banking competencies that trained in a bank Rafidain and Rasheed, and running until recently in the private banking sector, laid off from work in private banks, and become CEOs new operational tool to requests adults shareholders who drive these illegal operations, so now they see that Almsaqan investigations are executives at the 29 banks covered by the investigation, and most of them fell victim to lack of experience.
He added that the manipulation operations began in private banks with the process of the currency in 2004 switch, which create mafias financial dominated the market, came after the Banking Act, which prevent private banks in paragraph 28 of the entry in investment operations or participate in, and prevent them from owning property more of need (ie prevent investment in the real estate market), which led the banks to look for funds and methods of capital to make profits illegally, and thus to enter the capital is clean for profits. Consequently, I worked in the money laundering is not subject to the tax, and entered the funds from abroad, and some of them from the inside do not know their sources to private banks, and even dominated the owners of those funds to the departments of some banks, and thus took control of the dollar auction at the Central Bank and ridiculed those funds for personal benefits .
On the other hand, the cooperation between banks and influential in certain circles inside and outside Iraq, falsified documents tab where he went to the dollar, which was often go out of the country, to the Gulf, Jordan, Iran and others.
However, the banking expert, Dr. Majid picture he saw in a statement to ‘the Monitor’ on November 25, 2014 that private banks are not intelligence work for the follow-up documents, so it is not responsible for the source of funds that go to it, but if there is a doubt, amounts to the bank’s central bank which in turn is responsible parties to take legal action.
He stressed that private banks are the victim of a holistic view erroneous, and that the sources of these perceptions are the leaders and officials and minds dominant economic activity in the overall picture in Iraq.
However, Dr. Suri refers to the serious imbalance in the series follow the movement of funds in Iraq, which contributes in great shape in the occurrence of financial irregularities and illegal dealings, where the discovery of financial corruption and transactions illegal comes too late, and up audits of banks to the Central Bank after month to conduct operations, and continue checking at the central bank for another month is reviewed any previous operations, which took place two months ago. The funds are then may come to an end, perhaps on the other side of the globe.
To solve those big problem, urges Dr. Suri’s central bank on the need to adopt a comprehensive technological banking system, which guarantees immediate control, and access information in the same moment, and in government and the private banking sector together.
The chief executive of Standard Chartered Bank UK, which opened a branch of the bank in Baghdad in late-2013, decaffeinated and Wishart said in a statement published in the agency’s eyes Iraq on August 21 / August 2014 The way in which managed a weak Iraqi banks, and in the need to adopt international experiences in this area, the adoption of international standards and specifications.
Which is confirmed by expert regulatory Dr. Mohsen emotions in November 25, 2014, noting that the financial control of the private banking sector is not currently feasible, as described Balkhjulh.
Here and alert to the need for greater government intervention in the form of the fact that the private banking sector closed and administered in the form of a family, a large gap for the passage of financial corruption. Believes that the solution lies in the formation of a joint committee of the BSA and the central bank and private bank itself, the task of direct real-time control.
In this regard, adds its voice to Chancellor Dr. appearance of Mohammed Saleh to adopt better corporate governance as a way to reduce the private banking sector problems.
ikhnews.com
