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War: the Central Bank is responsible for corporate control

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War: the Central Bank is responsible for corporate control


13/6/2016 16:44:00

War: the Central Bank is responsible for corporate control

The decision by the Iraqi Central k on 2016/6/12 actions towards private banks are few and only a little part of the powers accorded by law to the Central Bank towards these banks are not enough so that many private banks do not depend on legal texts for the banking business but their banks and not for shareholders and depositors and clients confirms that banking operations by A these banks loans and letters of guarantee and reliability and other bank operations confirmed this saying especially evident in lending operations and debt,

much of it be for family governing banking through Bank or Managing Director is not even that many banks refrain from paying banks owed to the owners whether they're consigned to these amounts or transactors and resorts to procrastination and procrastination and delays

The phenomenon of banking shops is a phenomenon commonly known in Iraq there are civil universities and colleges in the form of shops so that the area of the University and its much lower than primary school and space and situation go to civil hospitals as well so that the targeting of many banks to collect profits just by entering into foreign exchange auction could constitute what is departure from the legal obligation to carry out the exercise of banking.

Not to say that there is real and many cases the crime of money laundering has been transferred to the courts where defendants were administer these banks must also say that we must stop at some calls to expand the powers of banks and banks to what exists currently fall short of what is needed to implement banking how expanded Bank operations to share facilities and business so you must check the current business banking qb To move to a new stage,

and if the Central Bank fought hard and precise legal experience with two or three when he decided to stop their banking (both failed) and designate a person before him to manage these banks rather than actual management that the Central Bank is required to implement the provisions in relevant laws that decided to authorize Central Bank powers and competences and powers at all private banks in particular and The Central Bank Act (56) of 2004 and the law on banks (94) of 2004 and AMLA (39) for 2015 and corporate law (21) of 1997

so that the Central Bank is the sole responsible in Iraq and implement monetary policy in accordance with the provisions of article 4 of this law, is the only body that issues licenses and permits banks it is obliged under the Act to provide liquidity Cash and dissemination of data on the banking and financial system and economy

in addition to the power to issue the Iraqi currency may not exercise any bank job in Iraq unless the Central Bank authorizes it and even for foreign banks eligibility as well as the Central Bank and the special AML Board make combating this crime and investigation jurisdiction of the Central Bank and not body integrity

this law also requires The Central Bank regulation for all non-banking financial institutions and give him the authority to make appointments for this law and published in the Official Gazette as well as the Central Bank banks act in articles III and beyond the powers and many powers to private banks as private banks corporate law applies to companies that the Central Bank must be sergeants and remarking on these companies are in fact financial companies and banks name applies the provisions of the companies act and previous laws if the Central Bank Had something of the banking reform yesterday, it needs to point to the new reforms by private banks.

PUKmedia/legal expert Tariq Harb

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