“The United Bank for Investment” in Iraq confirms the existence of major money laundering operations

“The United Bank for Investment” in Iraq confirms the existence of major money laundering operations inside

Published 28/02/2013 09:33 AM

BAGHDAD – Naseer Goldfinch *
offers «United Bank to invest in Iraq, notice confirms the existence of major money laundering operations inside, and pointed to statements of the Central Bank of Iraq that there is no money-laundering operations within Iraqi banks.

And announced «Central» in a statement that «the United Bank for Investment officially told him to stop dealing with a number of clients who have extensive dealings has closed their accounts, as I feel the Office of the Money Laundering Reporting this crime.

A source in the «Central» «life» that «the bank provides financial institutions with a list of individuals and entities on the financial institutions to inform the concerned government in its dealings when they are discovered. And dissemination of ‘central’ lists of bodies and entities associated with al-Qaeda and the Taliban, and received from the Security Council.

The Secretary General of the Council of Ministers on the Keywords, stressed that «the amounts that fled abroad during the past years is estimated at $ 180 billion and less than five percent of the foreign transfers are legal means. He said: «When the government encourages the central bank to intensify its supervision on the movement of funds, this is not an interference in the work of the bank, but aims to maintain public money. He pointed to the claim «Central» tighten controls on the movement of funds and activate the Office of the Inspector General, who was appointed Prime Minister Nuri al-Maliki, but the «Central» refused to directly Inspector.

The high-level banker who declined to be named for security reasons, that «remittances abroad via the central bank auction mostly false because they rely on false documents, and that no regulatory mechanisms on movement. He added: «assumes – as in most countries – to provide banks and money transfer companies proves why conversion, usually either import goods or introduce mechanisms for the implementation of the projects, or pay off previous debts resulted from providing services or business dealings.

And responsibility of the Central Bank, said: «work Central is art only has nothing to do oversight on the movement of money but in terms of follow-up work of banks, it is unable to follow up to see if a bank bought $ 100 million and around to the outside, for example, or if your goods against which or not, is how the mechanisms are the responsibility of several bodies, including the Central Customs and the Ministry of Trade and money, chambers of commerce and other ».

Fitzgerald said that «some believe that censorship is impossible, but applied in the countries potential is lower than in Iraq, we only demand from the bank show proof of health Talpeth and forced to implementation, although there were a greater opportunity in Iraq to circumvent the so mechanisms, what is needed is just more of coordination between these bodies.

He stressed that «only required process control or follow simple comparison between the value of the currency transferred abroad and goods entering, Currently out weekly about one billion dollars, while goods not exceeding 10 percent of the amount mentioned, which means that the rest of the amount within the framework of smuggling ». He explained that «most states do not oppose any huge financial transfers but rejoices economically and considers it an achievement regardless of their origin.

And reduced economic expert Arslan Salim Abbasi of the importance of anti-money laundering law and its effectiveness, and adopted at the time of the American civil governor of Iraq Paul Bremer.

He pointed out that «sanctions by the law does not fit the size of the crime, and everyone knows that money laundering operations are usually in favor of the financing of terrorism, but the items punitive provides a fine not exceeding $ 32 thousand dollars, or equal to the value of the property involved in the transaction, or imprisonment for a term not exceeding four years.

He added that «the other mistake is that the law authorizes the Central Bank issued a list of approaching suspicious, making it easy to circumvent this paragraph using views do not fall within the list, and here it can be the sergeant continues on Central banks work to ensure there is no gimmick.

The member of the Knesset Finance Committee MP for the coalition «rule of law» Abdul-Hussein al-Yasiri, to «hold a conference with the participation of economists to prepare the mechanism of action of the Central Bank in respect of the issue of the transfer of funds abroad. He said: «the Finance Committee formed a sub-committee to follow up the work of the central and confronted him questions, foremost objectives sell the currency such huge quantities.