Concerned: the banking sector shackled by outdated legislation does not fit the change

07/22/2013 12:00 AM

Unanimously agreed on the need to repeal Article 28 of its law

Baghdad - شكران the Fatlawi - Ann Salah

Collect banking experts on the importance of an amendment to the Banking Act, which the enemy is inappropriate and inconsistent with the role that should be played by the banking sector in this period, arguing the need to speed up the passage of a law that would enhance the reality of financial and banking sector in the country, including allowing banks to exercise their work without being bound by law the old They also called for the need to separate administration from the capital for the government and private banks, noting the need to adopt measures and decisions of the Central Bank in order to determine the path of the banking system towards economic Alnmowalastaqrar.

Private banks

For his part, Finance Mscharfa Mazen in an interview for dear »Sabah» Central Bank's relationship banks sponsor for these banks from the central bank and legal private banks who Aahran to the nature of this relationship policies and directives issued by the central bank, whether true or not .. Have a significant impact on the decisions taken by the boards of directors of private banks.

He dear to FAQ latter are good instructions serve banks largely because it focuses on the credits that serve the country's economy and not only the operations of foreign exchange, pointing out that the implications of the recent crisis dealt with bridging the gap between him and the private banks because the resolutions proposed by the central bank is in the interest of private banks noting that the regulatory and inspection committees visiting private banks to protect banks from mistakes before they happen contributed to fortify.

Price volatility

As for the problem of exchange rate volatility, which has become an eternal and means to ensure the stability of the currency?

Aziza believes the need to find a solution to this problem through the "launch control the exchange rate and the central bank at the market" and not cashiers this short, what should be done.

Legal drafting

The banking expert Muhannad Qassim al-Saadi sees the Banking Act, the current is not consistent with the nature of the current stage and reasoned that there مأخذا on this law in terms of legal drafting of which he did not use the expressions normal legal in Iraqi legislation, since the Iraqi state was founded in the year 1921 and all legislation which worked out used legal language alternative imposed linking Arab laws and the laws of Islamic, pointing out that the Banking Act has not been used expressions legal convention in Iraqi legislation as well as the use of legal language alternative translated poorly missed a lot of meanings., and pointed out that Article 28 barred banks from exercising activities that at the heart of the banking business is investment as well as to prevent any activity not mentioned in Article 27 furthest taking approval from the Central Bank, surprising that the central bank when addressing to take the approval of the activity is not mentioned in Article 27, which reads as follows "It is prohibited on banks to exercise any activity not mentioned in this article, "What made us tied up in a spiral of the exercise of a particular aspect of the banking business and lack of exercise second aspect proposed solution is to modify the wording of Article 27 and the abolition of Article 28 of the whole by legal experts and Iraqi bankers and managers of banks.

Banking products

And on the avoidance of banks delve products banking which they were created?
Saadi told that the banking sector is restricted Steering control by a central bank calling to be a point of supporting the banking sector private warning crackdown that limit the activity of the sector. Either an expert on anti-money laundering Abdul Rahman Shaykhli occur "morning" from the process of money laundering in Iraq and how to combat and reduce them, saying:

Money laundering

And on the question »Sabah» about the size of money laundering in Iraq?
The expert said the competent Abdul Rahman Shaykhli there laundering of money, but the limits are very small, pointing to the possibility of fighting it by following all the means of care required under Law No. 93 of 2004 on combating money laundering and recommendations of the Financial Action Task Force against money laundering, FATF, pointing out that the process of money laundering is almost confined to the non-official institutions and not through legitimate institutions. He Shaykhli fully agree that the banking sector is not the only Evtaqraly governance, but all sectors of government and non-governmental particularly because the policy of good governance (or governance) for companies and banks must guarantee the rights of shareholders and guarantee the rights of departments in these companies.


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