Governmental amendments to the Money Laundering Act: $ 20 billion annual losses!

Since 07/06/2015 15:36 pm (Baghdad time)

Special scales News

Acknowledge the Central Bank Council member Majid picture, Monday, adding that the Council of Ministers important amendments to the anti-money laundering and terrorism financing law to be consistent and soon with the requirements of what is happening in the world of crime.

He said the picture's / scales News / "The amendments were added to the law that will help Iraq to track the movement of capital at home and abroad in cooperation with global regulatory agencies competent," explaining that "the draft Anti-Money Laundering Act and the financing of terrorism requires the approval of the House of Representatives for the purpose of applied ".

He said the Central Bank's board member, said, "Anti-Money resulting from acts of crime laundering and terrorism need to be a major international cooperation," noting that "the money that is exposed to the process of money laundering in Iraq for at least $ 20 billion a year, mostly from operations of financial and administrative corruption size."

He said the picture that "this law will provide frameworks, concepts and provisions that enable the central bank, the judiciary and the relevant authorities of the use of appropriate tools to combat money laundering and terrorist financing and the development of deterrent to such practices," adding that "the law will give the world confidence in foreign dealings with Iraqi banks."

This revealed the economic and investment commission parliamentary L / scales News /, on Sunday, that "the Presidency of the Council of Representatives received the draft money laundering of the Council of Ministers Law," asserting that "the legislation delayed a lot and we need as soon as because it will contribute to the prevention of smuggling of currency abroad."

The "Council of Ministers approved a draft anti-money laundering and terrorism financing law" .


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