Financial expert: impose sanctions on offending banks will limit money laundering

[ltr]24-06-2013 12:33 PM[/ltr]

Baghdad (news) .. Said financial expert on behalf of Hadi al-Tamimi, the importance of imposing financial penalties on banks in violation of the instructions of the Central Bank on the sale of hard currency and financial transfers to reduce the phenomenon of money laundering. Tamimi said (of the Agency news): Some local banks are deliberately not to apply laws and banking systems work, which caused the dinar exchange rate volatility and contributed to hard currency smuggling and money laundering operations encouraged. He added: that the central bank demands to impose financial penalties on banks that violate laws regarding the sale and purchase of foreign currency and converted to the outside to prevent money laundering or the like in the country. The Iraqi Central Bank may face in the earlier financial penalty for United Bank for Investment for not retaining documents disclose the nature of the activities exercised by customers who submit requests for funding amounts through the central bank auction. / End / 8.'s. M /

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