$$$$$ Central» Iraqi plans to radically change its laws

Ali Salman-26/11/2013-8: 49 am

The Governor of the Central Bank of Iraq, Abdul Basit Turki, attempts to change radically the banking laws, according to the International Monetary Fund, buggies, stressing that "new laws that would promote the economic reality.

He said at a seminar held by the «Central», to discuss amendments to its headquarters in 2004, banking law and the law against money laundering, "the IMF representatives in Washington, lectured a development role and not only the role of central banks to regulate their monetary policy.

 He noted that the Central Bank take that direction and is preparing an economic development plan that would promote Iraqi economic reality».

He pointed out that "most of the laws on banking sector recognized after 2003 or change during different environment completely what we need today, so we must amend the Banking Act, which restricts the movement and activity of local private banks and even Arabic and foreign operating in Iraq.

Turkish emphasized during the seminar work five days and involving a number of academics, experts and managers of banks, "the Central moving towards anti-money laundering Amendment Act, as is the case with other countries which are looking through experts, could develop the law».

The «International Conference in Bahrain in its hardline 25 to determine the main obstacles facing law and could put up a new version line and controls and mechanisms for all countries».

And the Executive Director of the company «biblan» British Circo alabed, specialized run banks in the so-called «electronic banking system of», «Central two years ago focused on the problem of the scarcity of capital that it is difficult to conclude contracts with investment companies or foreign Executive, is a letter of bank guarantee amounts so huge over Iraqi banks capital».

He said "after raising capital from banks, another problem has emerged in their working mechanisms failed, the Government still operating systems completely forgot the rest, either of the simple systems applied, leading to a reluctance of Arabic and foreign investment banks to work in Iraq as they need to keep pace with their systems.

And the law against money laundering, said the former Director of one of the largest banks, thanks to the anonymity, that "Iraq has become a safe haven for dirty money run by a mafia, and the reason is the lack of control over the movement of funds and the predominance of contacts window on bank management, the most important is the preoccupation of the security agencies in combating terrorism.

 He said the past years had witnessed massive fraud mostly in Government banks, Rafidain and Rasheed, Iraq's Bank of trade, and so far have not closed the investigation.

He was Deputy Governor of the Central "» previous appearance of Mohamed Saleh said that weak domestic banking sector caused by weak capital and lack of competitiveness in the market, along with limited products which only buy hard currency from the Central Bank auction and sell it in the market for dealers and customers, and to transfer funds abroad».

Seven banks, NGO working in Iraq, three of them, in addition to 31 private banks and 10 Arab and foreign banks operate either in accordance with the principle of partnership with an Iraqi bank or a separate branch, belonging to the Turkish and Iranian banks, Lebanese and Kuwaiti and Bahraini and Emirati.


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