Smuggling millions of dollars from Iraq to the outside by the «fictitious transactions»

Ali Abd al-Salman, 85 2016-10-06

Banks managers benefit from the auction currency worth $ 400 million a month

He revealed the parliamentary finance committee member Majda al-Tamimi that banks managers benefit from currency auction of the Central Bank of the value range between 300 to 400 million dollars a month.

She pointed out that «the state reserves of foreign currency has greatly decreased as a result of leakage of funds to the pockets of their recipe Balvasudain.»

And raised suspicions of corruption, fraud and money laundering through the central bank auction, where he specialized issues of fairness and economic crime and money laundering a misdemeanor court announced last month issued sentences of imprisonment and a fine against officials in the Rafidain and the north, after being convicted on charges of corruption and money laundering, in addition to the presence of 20 defendants in the some of these issues degree Bank chairman.

Furthermore, Iyad Muhsin ligature, the judge said the achievement of money laundering, that «the central bank sold dollars to achieve two purposes: first exchange companies share a weekly that these companies are selling to those who purports to travel for treatment or tourism for less than the market price».

However, to say but «Some companies sell the dollar on the black market and provide copies of travel tickets and fake passports».

He said that «The second purpose is for the purpose of importing the private sector through currency auction», indicating that «the most image again to launder the money in Iraq, speaking through an auction sell the currency at the central bank, so the fact that the perpetrators of embezzlement and bribery crimes and charging commissions to deposit their money in accounts at banks civil ».

He warned that «an agreement get along with people representing the facades of them and record trading companies public their names, and then applying for entry to the auction sale of the dollar under the pretext of covering the import of the private sector needs, and the transfer of millions of dollars into financial accounts abroad without the introduction of the goods against which, and then the transactions suspicious without commercial purposes or legal »he pointed laundering judge money that« the mechanisms established by the Central Bank to sell the dollar through currency auctions are open merchant account at Ahli Bank in order to get what he needed from the central bank after submitting a request to buy the currency strengthened lists the purchase of goods and clearance from tax and import license from the Iraqi opposition. »

Ligature and explained that «the process of buying the dollar to be between the National Bank and the Central Bank in order to cover as requested by the customer.»

He pointed out that «the legal obligations imposed by the central bank to private banks under the law in accordance with the Know Your Customer principle, where is the responsibility of those banks to verify who deals with it and need to know whether the customer any merchant can take place such import process and has the money or is it front to cover the sources of funds owned by criminals. »

He bandaged, said in an interview quoted by «Elaf», quoting the magazine of the judiciary, that «the facts indicate that the merchant provides documents and forged documents and lists and fake permits by private banks to buy the currency check request and turning it into abroad».

He added that «the incident is exposed after the specified period of three months, a period that are imposed on the client after submitting permits stating that the goods have entered into Iraq, and there is the central bank approached the Customs Department and then be revealed forgery and conducted the court investigation.»

Ligature and return to the principle of know your customer by saying «the bank to verify the client's ability to repay his trust, and if he found the inability to inform the Central Bank within 15 days that there was a suspicious discourse».

While denied «record any case of this kind against any customer», he believed that «the private banks have become an easy conduit for money laundering operations.»

«Increased under the facts before the central bank for as long as the full cast blame on private banks and this is not true; because the latter is not a government agency and that the administrative penalties that Ttoulha only».

He stressed that «controls and audits to buy the currency to be later and after the loss of funds withdrawn», calling that «audits conducted by the exchange process».

He called ligature b »put in place mechanisms to check the validity of the bills and make sure the customer's account and the fact that the required amounts Is it to cover imports by the private sector or for other reasons.»

He cited that the «crime borne by the merchant and all the people who contributed to feeding their account and the bank that its obligations has not been implemented as money laundering law.»

According to the judge of money laundering, the «punishment of those responsible for causing the bank in this type of crime is a misdemeanor, a penalty merchant themselves, but they may reach their right to life imprisonment if it is proved that the amounts allocated to support terrorist operations».

He added that «the central bank often imposes fines on banks that do not abide by the instructions of their clients auction currency», indicating that «the violator to pay the price difference between the value of the dollar in the markets and bought it from the Central Bank».

He said the judge money laundering that «the court over the door to receive reports of these crimes, including the reporting of money laundering office, in addition to monitoring the banking and credit Directorate at the Central Bank through conducted by committees audit and inspection, as the court receives Sometimes reports from informants ordinary ».

He stressed that «the court of inquiry has completed dozens of money laundering cases and referred the perpetrators of money laundering offenses to felonies and misdemeanors courts.»

For his part, the cover of integrity and money laundering Radi Fartusi judge said in an interview with the magazine says that «our courts deal very seriously with this kind of issues and resolving many of them».

He explained that «delay the resolution of some of the cases have reasons not related to the elimination of including non-completion of the administrative investigation of the relevant authorities».

He criticized the «not selected stakeholders about the amounts bought by the private banks when conducting the administrative investigation, as well as the amount of damage as a result realized the money laundering operations».

He complained of the lack of «check those actors permits and invoices submitted by the banks and customers before their participation in the foreign currency auction».

He explained that the exotic cases before the judiciary, Fartusi said that «a young man of only 25 years fed the account of $ 10 million, although it is working taxi driver and after checking with him turned out to be the interface used by one of the parties for the purpose of laundering the funds and turn them out of Iraq».

The Iraqi central bank sold more than $ 44 billion in foreign currency auction in 2015, according to statistics published by the bank that the quantity sold to banks amounted to 44 billion and 303 000 799 thousand and $ 966.

Despite this huge amount which form of remittances, including the largest proportion, but they are recorded, according to the central bank declined compared with the same period last year increased by 7 billion 234 million and 149 thousand and $ 34 .. where sales amounted to 51 billion and 537 million and 949 thousand dollars.


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