Finance Committee: Fight against money laundering need to cooperate with the government’s CBI

August 12th, 2012 06:50 am s

Erbil, 11 August / August (Rn) – The parliamentary Finance Committee on Saturday, said there is a need for full cooperation between the federal government and the Iraqi Central Bank to curb money laundering operation, warning of the consequences of dangerous smuggling of currency on the economy of the country.

A member of the Committee Deputy Secretary Hadi, told the Kurdish news agency (Rn) that “the Finance Committee, the parliamentary hosted and several times the staff and directors in the Central Bank of Iraq, including the Director General of Anti-Money Laundering,” adding that “the points of the formal relationship in the Central Bank is referred to the existence of economic and financial excesses dangerous place in the country without the presence of her follow-up, especially in the issue of money laundering. “Observers believe that the phenomenon of money laundering in Iraq has grown in the absence of an integrated banking sector governing financial transactions between the inside and outside Iraq on the one hand, and between markets within the country on the other.

He added that “the Finance Committee asked the Presidency of the Council of Representatives and the government to intervene and follow up the matter according to the controls and the executive,” pointing out that “the fundamental problem lies in the privacy policy of the Central Bank, at a time is a signal the existence of violations and not having the appropriate mechanism to reduce them.”

The main task of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.

And Hadi, a deputy of the State of Law coalition WIN in the INA that “there is a need for full cooperation between the Iraqi Central Bank and the government to stop the smuggling of currency of the country,” warning of the consequences of economic and financial hazardous due to money laundering and the smuggling of foreign currency as it is Alorad Statute of the country, as the total budget based on fiscal revenues and the sale of oil in hard currency. “

According to economists, the control of the process of smuggling and money laundering requires an extra effort in Iraq when compared to countries stable and scientifically advanced.

The developing and underdeveloped countries, and a suitable environment for money laundering operations because these countries are characterized by the weakness of the laws and the fragility of the legal control and a clear decline in the level of statistical and mathematical operations.


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