Preparing a draft law to combat money laundering

Admin Fri Sep 28, 2012 9:48 am

Ali Abdullah - 09/28/2012 - 11:23 AM

Detect money laundering office of the Central Bank of Iraq, Friday, for
the preparation of a new draft law to money laundering, according to
the actual need for stage requirements and challenges, noting that the
project will be forwarded soon to the House of Representatives.

The director of the Office of money laundering-Khaled Cltag told a news
briefing that his office "under the guidance of the Joint Council for
the fight against corruption in the General Secretariat of the Council
of Ministers in 2009 prepared a draft of a new law to combat money
laundering and to the Council of Ministers."

He explained that "the project was discussed and subject to scrutiny
for transmission to the House of Representatives," pointing out that
"the law currently in force is the law No. 93 for the year 2004."

He added that "the Republic of Iraq joined the United Nations
Convention against Corruption thus became the anti-money laundering and
corruption of a national project and has the support of presidencies in
the country, according to the need in light of the problems and
challenges it has become to be preparing a new law."

And punishes law against money laundering in force a fine of not more
than 40 million Iraqi dinars, or twice the value of money used in the
deal, whichever is greater, or imprisonment for not more than 4 years,
or both for each of the runs or trying to manage financial transaction
employs revenues somehow the activity is legal clairvoyant user that
money is somehow returns to illegal activity or both transmits or sends
or transmitting means cash or exaggerated revenues account for some way
for illegal activity knowing that this means cash or money somehow
representing the proceeds of illegal activity.

The law punishes also impose a fine not less than 20 million Iraqi
dinars, or imprisoned for not more than two years, or both for each of
the offers money or conceal or gloss over the nature or place or source
or ownership of the money, knowing or intending, that this money is used
to create for the purpose of, or the implementation of a breach of the
law or for the purpose of setting or implementation to cover up the
escape from the commission of any breach in the financing of crime or
attempts or conspires to such activity.

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