Inspector General at the Ministry of Planning stresses the need to combat money laundering in Iraq

Sunday, July 15, 2012 12:46



Baghdad {: News} Euphrates stressed the Inspector General at the Ministry of Planning Raed Mohammed Kazem need to combat the phenomenon of money laundering and that the implications of the economically, socially and politically, the deductions from the national income and bleeding of the national economy for the benefit of overseas economies.

The Office of the Inspector General at the Ministry of Planning Day seminar on the role of money laundering in the financial and administrative corruption and mechanisms of treatment in the presence of a number of ministry staff and various configurations.

Mohammed said in a statement issued by the Ministry of Planning Agency has received {Euphrates News} a copy of it on Sunday that "the increase in domestic liquidity is not commensurate with the increase in the production of goods and services, and evasion of payment of direct taxes and then the suffering of the State Treasury from a lack of public revenues for the overall expenditure General, and the deterioration of the value of national currency and tarnish the image of the financial markets, high inflation rate due to pressure on the supply of the commodity during the purchasing power of groups to increase their marginal propensity to consume and the pattern of consumption is characterized by majority or not random. "

As explained lecturer Thaer al-Rubaie from the office that "money laundering and bleaching meet on the sign of one in the concept is to use tricks, means and methods for the disposal of funds acquired illegally, and illegal, to legitimate and legal on them. This includes the money gained from bribery, embezzlement, commercial fraud and counterfeiting of money ".

He said that "the term washing and bleaching of the funds is the term modern, alternative economy, hidden or economies, the black or the economies of the shadows, and reviewed the spring activities that make up a good source of money laundering are drug trafficking, embezzlement, and fraud, gambling, extortion, bribery, counterfeiting of all kinds and the illegal arms trade, terrorism and kidnapping." , referring to "washing stages through the recruitment stage and their objective is to develop illicit funds into the financial system, either by moving them in small quantities in bags by travelers or by sea, with the transfer of ordinary traders, in some cases."

He said al-Rubaie, "can also rely on a large number of people mercenaries so that through them to deposit small amounts multiple different number of accounts and then assembled later a banker in one account in a manner does not raise a lot of suspicion, followed by a camouflage, which is where many of the processes complex in order to hide the Durr's real money, including letters of credits is not genuine, and the purchase and re-sale of property or valuables and the purchase of lottery tickets winning and stakes in investment portfolios, as well as the consolidation phase where pumping money into the economy once again to justify the wealth launderers money and make it look from a legitimate source, including high-priced paintings, and works of art, and investment funds, real estate, and investment projects. "

Turning spring for "ways to combat money laundering, including contract programs special tariff to identify the customer, design, create and find jobs on the subject of commitment and the creation of competent officials, and special procedures for records and reports, and effective control systems to identify and monitor suspicious transactions and the recognition, as well as measures to control the client through the processes compatible with the historical development of their account. "

He also reviewed the Inspector General at the same time the international conventions that prevented work in this way such as the Convention United Nations in 1988 for cooperation between countries to be able to effectively address the various aspects of the problem of illicit trafficking in narcotic drugs and psychotropic substances, and the Committee on Economic Work of the industrialized nations of the seven, and the Basel Committee on overseeing bank where This committee has passed a law that banned the principles under which the banks are used for criminal activities, manage and prevent the confiscation of funds derived from criminal acts Vopak {} of the Interpol international. "ended


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