Money in one of the private banks
A government team in Iraq and will work on drawing up special policies to address the issues of money laundering, according to the law, which was issued last week by the Council of Ministers.
And it will consist of a team that is likely to be headed by the Minister of Finance or the Governor of the Central Bank, other members of the foreign, interior and defense, trade and intelligence ministries and other institutions concerned with security and money.
The team is, according to the Parliamentary Finance Committee to monitor the movement of Iraqi funds at home and abroad and the imposition of deterrent and preventive measures for money laundering.
It will provide the new law, which is supposed to be prescribed. House of Representatives soon, "sedate" the banking and financial system in Iraq, and limit the movement of the financing of terrorism in the country through cooperation with interested international cells in this regard.
The first law of its kind in the country after 11 years on the issuance of instructions by the former civil administrator Paul Bremer. But a number of experts deemed the ruling civil proceedings "limited and constrained by the central bank in the money control", noting that the money laundering operations in Iraq, amounting to 5% of gross domestic product.
Ebadi said Office, in a press release last week, that "the Council of Ministers approved a draft anti-money laundering law, and the financing of terrorism," noting that "this project is of great importance for his role in drying the sources of terrorism and to respond to international trends in this area."
National team to combat money laundering
In this context, says the appearance of Mohammed Saleh, Economic Adviser to the Prime Minister, that "the new law will work on the formation of a national team that works with a view to formulating policies, according to the legislation that will be issued for Parliament, to curb money laundering and issue instructions in this regard, a political umbrella, will help him (umbrella operations) in the implementation of those measures. "
And adds the benefit of, in connection with the "long", saying "will be finance minister or central bank governor or deputy presidency of the team, according to law, and the membership of representatives from the private financial issues and economic crime Interior, Defence and Foreign Affairs and International police and security agencies and other Ministry of institutions."
It is expected adviser to Prime Minister that "given the chairmanship of the Governor of the Central Bank, after the enactment of the law, the fact that the latter is headed by a cell in the bank operates in the same regard."
He said the appearance of Mohammed Saleh speech by saying "Intergovernmental Panel will issue instructions and regulations to prevent money laundering commensurate with international standards," adding that "Iraq is a member of a team known as the International Financial Action Task Force of the North and East Africa have average since 2004".
Saleh noted that "the new law will enable Iraq to cooperate with the international team, which imposes certain conditions to work with him, and will enable us to cooperate with the United Nations and World Bank."
Will provide information in collaboration with the Unit for Combating Money Laundering in the central bank (say an economic advisor to the Prime Minister that "the umbrella of the operations within the national team for the elimination of money laundering, a point of intelligence on the movement of funds), and will exchange information quickly and to deal more easily than in the past follow-up money. "
It is estimated the government official money laundering around the world to range between 3 to 5% of GDP and that "Iraq is close to this figure as well." He pointed out that the law will give the guarantee and sedate Iraqi banks and financial situation in the country.
He praised the Governor of the Central Bank on the Keywords, recently, the Cabinet's decision to vote on the draft anti-money laundering law submitted by the central bank, which was put on according to the latest international standards and agreements and coordinate directly with the World Bank and the Financial Action Task Force and international organizations, according to a press statement issued by Keywords week the past.
And he called on the Governor of the Central Bank of the House of Representatives to "give priority to pass a law where there is a few months deadline given to Iraq if it is not the adoption of the project will be placed Iraq on the blacklist, which has serious consequences for Iraq's position internationally."
He noted that "the new law lays the framework and concepts clear and effective provisions that enable the central bank, the judiciary and the relevant authorities to exercise the roles and tools commensurate with the seriousness of the crimes of money laundering and terrorist financing."
Law will support the work of the Central
So says Najiba Najib, a member of the Parliamentary Finance Committee, the "long" that "the new law will enable the central bank to move more easily to follow the movement of funds."
Najib and adds that "the Central Bank told us in the Finance Committee that is restricted and can not easily pursue money laundering cases to the absence of a law supports his work, where smuggling was a lot of money and the inability of the bank to cope with it."
Asked nominated from the terms of the new law that has just arrived in the House of Representatives, Najib he says, "will determine the meaning of money laundering and establishes sanctions against the perpetrators of this crime, and to take deterrent steps and other treatments for after the discovery of the crime, will also address the law the financing of terrorism, which is the money laundering of the most prominent issues sources ".
And it will replace the law, which the Cabinet sent to parliament recently, replaced the law in force, which began in the US civil administrator in Iraq, Paul Bremer, time and bears the number 93 of 2004.
According to the MP for the Kurdistan Democratic bloc that "the fight against money laundering needs to be international cooperation with Turkey, Iran, Jordan and other countries that represent the largest importers and exporters of Iraq," pointing to "the necessity of activating the Ministry of Interior procedures and national security and intelligence services and the Ministry of Commerce to monitor the traders and owners of capital." MP also assume that the "Iraqi economic attaché in all countries of the world to monitor the movement of Iraqi money there."
On the other hand says that the member of the Finance Committee for its "check the existence of charges for the judge to stop the proceedings against a number of banks that money to flee abroad."
She said some media leaks that the judge who is extorting telecommunications companies and the owners of the banks to close the cases brought against them being the chairman of the appeal committee in the form of communications, estimated at around 2500 issue, Najib said that while "the figure mentioned is uncertain so far."
.. Of Wael grace
[You must be registered and logged in to see this link.]