Central Bank unveils plan to tackle money laundering

16-04-2017 11:03 AM




The Central Bank Governor Ali Al-Alaq on Sunday revealed the bank's intention to prepare a solid base to tackle money laundering, stressing the need for concerted domestic and international efforts in this regard.

"The trend to prepare a solid base to tackle money laundering is very important and contributes to building a sound financial sector," he said, noting that "it is a subject of local and international interest and we are working on building sound rules by adopting international standards that regulate financial work and constitute immunity for the banking sector. And prevent money laundering '.

"It is important for local and international efforts to work together and coordinate working mechanisms to achieve the goals that prevent such practices from taking place in different economies," Al-Aalak said.

Alaq stressed the need to "adopt sound rules using the latest technology and coordination among all concerned parties to control these diseases and prevent their spread through a road map to be put in this regard coordinates the work between all parties, and there are legal regulations that draw the right course of action, The importance of training human resources and expanding the circle of knowledge on this side. "

Al-Alaq stressed that the Central Bank has introduced a great deal of mobility in this regard and provided basic and advanced work rules in this important chapter. A number of specialized units have been formed in this regard to undermine the chances of these crimes.

The process of money laundering means collecting funds from illegal black sources and introducing them into the economic cycle and removing them as clean money free from economic suspicions.

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Governor of the Central Bank participates in the workshop to combat money laundering and terrorism financing
2017/4/16

http://www.cbi.iq/documents/press%20for-16-4-2017.pdf

Money laundering .. solutions in the hands of everyone


Date: April 16, 2017


Under the auspices of the Central Bank of Iraq in cooperation between the Economic and Business Group of Lebanon and the Association of Private Banks Assault organized a workshop on money laundering in Iraqi banks in the capital Baghdad.

In his intervention, the banking advisor in the Association of Banks Samir Nusairi stressed that "Iraq has been going for two years in the right direction in the procedures of combating money laundering and financing of terrorism, as he now has a special system to start a new law No. 39 of 2015 to determine the crimes of money laundering and penalties for each crime, With the rules and rules of compliance in accordance with international standards and there is a higher anti-money laundering board of the Central Bank Governor and the membership of the concerned authorities in addition to the issuance of executive instructions to implement the law and the important link in this system is the role played by the Association of Private Banks In the training of banking cadres working in banks and technical, banking and legal rehabilitation to combat money laundering and granting them specialized certificates.

Over 600 employees were trained during the first quarter of 2017 in addition to the adoption by the Central Bank of Iraq of the compliance standard as a basic criterion in the classification of banks for the purpose of selling the currency.

Al-Nasiri suggested forming a nucleus for an Arab lobby to combat money laundering in cooperation with Lebanon as money laundering is a problem

All Arab countries and requires coordination and joint cooperation in this area.

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