View Full Version : The central bank does control procedures to combat money laundering

06-02-2010, 07:26 PM
The central bank does control procedures to combat money laundering

(Voice of Iraq) - 03/06/2010

(Voice of Iraq) - Experts: bleaching conducted confidentially and without documentation
BAGHDAD - morning
Said director of the Department of Banking and Credit in the Iraqi Central Bank, Walid Abdel Nabi for a bid to activate the control of the Anti-money laundering under him, making it able to play a role in the follow-up activity of companies, banking and foreign exchange, which may record some breaches in this area. Moreover,

Called officials and financial experts to organize the work exchange firms throughout the country, and a mechanism for control of real and effective for its work to prevent money laundering. "Said Abdul Nabi in a press release reported by the Iraqi News Agency Information on« The decision issued recently linking the Anti-money laundering, the Governor of the Bank directly , in a move intended to give the Bureau an amount greater privacy, the importance of its role in the anti-money laundering and erase the negative effects on the national economy », pointing out that« the director of the office's Badr bring down the meetings of the stakeholders and regulators, as the central bank to establish regulations regulatory objectives of the Office's activity derived from the recommendations of the institutions of the international anti-money laundering in this regard, in addition to the registration office staff by 30 courses organized outside the country to increase their knowledge base, thereby enhancing their ability to do a better job ».

He said Abdul Nabi «that the central bank is keen to deal seriously with the issue of anti-money laundering, through the development of methods of control and financial accounting were circulated to government and private banks, which requested the establishment of special offices by the adoption of these formulas in their daily work». For his part, Chancellor at the Central Bank, Dr. appearance of Mohammed Saleh, according to the MEMRI site «door News» news: companies are banking does not work without a license from the Iraqi Central Bank and other companies that have accounts subject to the supervision and inspection and auditing field between the length of another. The number of these companies are now about 370 company capitalization to 600 million, and is entitled to open branches in all the provinces of the country, and work according to the controls the Central Bank of Iraq. Saleh pointed out that since the war in 2003 until the present time appeared offices dealing in foreign currency and local communities outside the central bank in all provinces . And treat these offices outside the corporate banking and is the control of the dealings are very difficult, because transferring money is very large out of Iraq, inside which lies the danger. He adds that the department monitor the activity of banks where the department responsible for monitoring the activity of companies, banking, and work is limited to control and audit firms activity registered with the banking, the activities and transactions conducted outside the scope of these companies finds this section difficult to follow. says Saleh «We intend to create a body combat economic crime, including the financial activities of the office of unlicensed». He pointed out that there are financial transactions in these offices is licensed under way for the financing of «terrorism» and other related issues, financial and administrative corruption. For his part, he believes the Iraqi financial Dr. Mohammed Kafel Hussein companies banking needs greater control by the central bank, as the Bank shall Central control and supervision of banks and private banks and government, without that there will be control and supervision of banking companies. He says that money-laundering operations carried out secretly and without documentation, that's difficult to detect, especially in light of current conditions. And calls for Hussein's central bank to tighten its procedures for follow-up licensed banking companies, as well as offices and unlicensed dealing in foreign currency and local communities to reduce the incidence of money laundering.

Emphasizes financial expert and economist Muhammad al-Samarrai there a law against money-laundering, which each operate banking institutions Iraqi private and public companies, including banking. He points out that the law governing the identification of the person who is a transfer or receipt of remittances, through the form shows the amount of money and the identity of the person and the party that conversion and conversion purposes. He adds that there are offices in every bank, whether government or waged, and branch offices in banks, called the Office of the money-laundering, there is no treatment of transfer or receipt of payments without reference to check for such remittances. Indicates Samurai to money-laundering operations carried out in exchange firms because of weak control them, in addition to the lack of documentation on such transactions as required by law.