Legal Expert: legal texts to combat money laundering, but it is sufficient in the application

09-08-2012 | (Voice of Iraq) - Add a comment -
Baghdad (news)

Between the legal expert Tariq Harb, that the law grants the Iraqi Central Bank wide powers and the powers of vast oversight, supervision and follow-up and punished, but he also said: that the legal provisions and practice the real thing is something else.

He said the war in a statement received (for the Agency news) on Thursday: a comment on the charges for crimes of money laundering and the sale of the dollar, we say that the system of Iraqi law, decided the provisions of many believes in combating these crimes and Mhaddtha "limit" to grant the central bank wide powers and the powers of vast control supervision and follow-up and punishment.

He said the war: as he committed all financial institutions including banks implementation as determined by the central bank and what is the decision of the legal rules and stay with her news events for any financial activity suspicious for money laundering or the financing of crime, or to use the money for the benefit of criminal organizations and transactions contrived and fictitious for the purpose of avoiding legal requirements.

He pointed out: he had decided to severe punishments for these financial institutions as a penalty to withdraw permission to "cancel the holiday" for financial institutions and the imposition of criminal penalties and financial sanctions, adding: This is clear from the three legislations related to this subject is Law No. 56 of 2004 Central Bank Law and the Law 93 of 2004, the Anti-Money Laundering Act No. 94 of 2004 Banking Act and established a special office of this legislation to combat money laundering at the Central Bank to report on cases of money laundering and was granted immunity for both the reporting and other provisions.

However, the war by saying: But legal texts about and practice the real thing else has been much talk about money laundering in the media without disclosing some cases large and finally we have to know that the money laundering means that a law dealing with proceeds of financial Msthsalh from illegal activity, or deal with the proceeds of money arising from the activity legal for the purposes of illegal addition to the cases that we have mentioned previously.

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