Cabinet approves anti-money laundering and terrorism financing law

[yota691]

Cabinet approves anti-money laundering and terrorism financing law

 

 

 

 

Author: Editor: sz Reporter:

Number of Views: 8

 

06/30/2015 15:23

 

Tomorrow Press / Baghdad: The Council of Ministers approved at its regular meeting held on Tuesday under the chairmanship of Haider al-Abadi on the draft anti-money laundering law, and the financing of terrorism. Ebadi said Office in a press statement received by "tomorrow Press", "The Council of Ministers approved a draft anti-money laundering law and the financing of terrorism, which is of great importance for his role in drying the sources of terrorism and to respond to international trends in this area. " "The Council of Ministers also approved the grant allocations to employees of the federal police at their participation in combat missions in case of availability of appropriations."

 

[yota691]

Government recognizes money laundering and terrorism financing law and forward it to Parliament 

18 Show    June 30, 2015 16:48

 

(Independent) .. Council of Ministers agreed to grant allowances to employees of the federal police at their participation in combat missions in case of availability of appropriations.

The Cabinet also approved in its regular Tuesday under the chairmanship of President of the Council Haider al-Abadi, a draft anti-money laundering law, and the financing of terrorism, which is of great importance for his role in drying the sources of terrorism and to respond to international trends in this Amajal.autam refer the bill to parliament for approval

The council also stressed to proceed with the completion of the coverage of social protection field survey, to ensure accurate data base, and to ensure the inclusion of eligible ..

The Council also approved the allocation of $ 5 billion for the rehabilitation of Spyker camp in Salahuddin province, as well as giving the authority to the Minister of the Interior honored the brave officers and rank and associate training and federal police .. (end)

06/30/2015 20:45

Central hails anti-money laundering law

 

 

 

Keywords House of Representatives called on to give priority to pass a law where there is a few months deadline given to Iraq if they are not in Iraq approve the project will be put on the blacklist, which has serious consequences for Iraq's position internationally.

BAGHDAD / Obelisk: praised the Governor of the Central Bank on the Keywords, Tuesday, the Cabinet's decision to vote on the draft anti-money laundering law presented by the Bank.

Keywords and said in a press statement, "We commend the Council of Ministers decision to vote on the draft anti-money laundering law submitted by the central bank, which was put on according to the latest international standards and agreements and coordinate directly with the World Bank and the Financial Action Task Force and international organizations", and expressed his thanks for "Shura Council State actors for his contribution throughout the project preparation. "

He called Keywords House of Representatives to "give priority to pass a law where there notice a few months granted to Iraq if they are not project approval in Iraq will be placed on the blacklist, which has serious consequences for Iraq's international position," stressing that "the new law lays the framework and concepts clear and effective & Conditions It enables the central bank, the judiciary and the relevant authorities to exercise the roles and tools commensurate with the seriousness of the crimes of money laundering and terrorist financing. "

The Council of Ministers approved on Tuesday the draft anti-money laundering and the financing of "terrorism" law.

And money laundering is the recycling of funds resulting from illegal actions in the areas of channels and invest legitimacy to hide the true source of these funds and look as if they had been generated from a legitimate source Examples of such unlawful acts (funds generated by the drug trade - slave - prostitution - weapons).

[Nelg]

Isn't this a "locking the barn door after the tractor has been stolen"?  Totally redundant.  

[jg1]

Make it retroactive

[Officiallytook]

Here it goes...

No more money laundry maliki goons

[yota691]

Governor of the Central Bank Calls for Parliament to accelerate the adoption of anti-money laundering lawBy Roudao Two hours ago

Cash Currency

Roudao - Arbil, called on Governor of the Central Bank of Iraq on the Keywords, on Tuesday, the Iraqi Council of Representatives to speed up the adoption of the draft Anti-Money Laundering Act, praised the passage of the Council of Ministers of the bill submitted by the Bank.
 


Keywords and said in a press statement, "We commend the Council of Ministers decision to vote on the bill anti-money laundering made ​​by the central bank, which was put on according to the latest international standards and agreements and coordinate directly with the World Bank and the Financial Action Task Force and international organizations. "He called on the Governor of the Central Bank of the House of Representatives to "give priority to pass a law where there notice a few months granted to Iraq if you do not The project is the adoption of which Iraq will be placed on the blacklist, which has serious consequences for Iraq's position internationally. " He noted that "the new law lays the framework and concepts clear and effective provisions enable the central bank, the judiciary and the relevant authorities to exercise their roles and tools commensurate with the seriousness of money laundering and terrorist financing." .

[SnowGlobe7]

I wonder if these recommendations are coming from whoever is looking at the books to decide on the credit rating...just thinking

[sandfly]

THANKS

[yota691]

Association of Banks: Adoption of the draft Anti-Money Laundering Act will give the world confidence Iraqi banks

By Emad Mohammed 01/07/2015 11:49 | Views: 62

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Brother - Baghdad

Saw Association of private banks, that the adoption of the House of Representatives to draft anti-money laundering law will give the global confidence of the Iraqi banks.

The head of the Association of private banks and depositary Handal, on Wednesday, in a statement received for News Agency (et) a copy of it, that "the Council of Ministers approve the draft anti-money laundering and terrorism financing law of important laws and in support of the banking sector."

He explained that "the law will provide frameworks, concepts and provisions that enable the central bank, the judiciary and the relevant authorities to use the proper tools to combat money laundering and terrorist financing, and to develop a deterrent to such practices, and that this law will give the world confidence in foreign dealings with Iraqi banks."

Handal said that "all member banks of the Association is keen to abide by the law if enacted, because of the subject of direct importance and impact on the economy and society, especially in the current stage."

He added that "legislation law avoids entering Iraq blacklisted if they were passed by Parliament in the near future."

The Council of Ministers during its voice on Tuesday, agreeing to draft anti-money laundering and terrorism financing law.

[newbieDA]

again, thank you so much Yota for all you!

[yota691]

A spokeswoman for the Association of Banks Money Laundering Act: will prevent the entry of Iraq in the black list

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Publishing Date: Wed, 01 Jul two thousand and fifteen 10:11:44 | Views: 28

BAGHDAD - News Aleomcdt Iraqi private banks association, on Wednesday, that the adoption of the Council of Ministers to the law of money laundering will give a global trust for private banks, and as pointed out that banks will adhere to the law, pointed out that the approval in the House of Representatives would avoid entering Iraq within the black list. The head of the Association of private banks and depositary bitter melon in a statement received "News Today" a copy of it, that "the adoption of the Council of Ministers the draft Anti-Money Laundering Act and the financing of terrorism of important laws and in support of the banking sector." Handal said that "this law will provide frameworks, concepts and provisions that enable the central bank, the judiciary and agencies related to the use of appropriate tools to combat money laundering and terrorist financing and the development of deterrent to such practices, "adding that" the law will give the world confidence in foreign dealings with Iraqi banks. " He said Handal that "all the member banks of the Association is keen to abide by the law if the legislation because of this Thread of direct importance and impact on the economy and society, especially in the current stage, "stressing that" this legislation avoids entering Iraq blacklisted if it was passed by Parliament in the near term. "

Read more: http://dinarvets.com/forums/index.php?/topic/204914-a-spokeswoman-for-the-association-of-banks-money-laundering-act-will-prevent-the-entry-of-iraq-in-the-black-list/#ixzz3edUMnQf3

[yota691]

Saleh: Money Laundering Act will expand the international deal for the recovery of Iraq's dues

Author: Publisheron:

 

July 2, 2015

In: economyViews: 5 views

BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - Economic Adviser to the Prime Minister said the appearance of Mohammed Saleh, said that the Money Laundering Act was sent to the House of Representatives to be voted on, noting that law when the international financial transactions to combat money laundering with affiliated countries under the Financial Action Organization feature International.

Saleh added for (IMN) that "the law was sent to the House of Representatives by timings that have been developed to be voted on because it is a great benefit to Iraq, as well as the existence of a general trend to vote on the law."

He continued that "the law when the international financial transactions and money laundering arising from acts of crime and terrorism and this all be out of Iraq feature, which need to be the largest international deal," pointing out that "Iraq has signed several memoranda international conventions and protocols operating by virtue of similar laws or that fall under the Organization the international Financial Action Task Force and this law will create greater cooperation in the field of return of looted funds Iraq. "

The cabinet approved a draft anti-money laundering law in its regular 45 under the chairmanship of the Prime Minister.

He praised the Governor of the Central Bank on the Keywords cabinet's decision to vote on the law given by the central bank and that has been developed in accordance with the standards of international conventions.

[yota691]

 

Economist: Iraq threatened to enter the black list

Date: 02/07/2015 15:26

 

 

 

 

 

 Information / special / .. 
stressed economic expert, Dr. contrary goldsmith, Thursday, that Iraq threatened to enter the blacklist issued by the ILO and global money that if the House of Representatives did not vote on the anti-money laundering law before the expiry of the period specified. 
jeweler said in a statement to Agence information / , "The work of global and money organization Iraq gave two years for legislation to combat money laundering and terrorist financing law," noting that "the specified period will end in the month of December next." 
He added that "the lack of enactment of this Act by the House of Representatives during the specified period will enter Iraq to blacklist issued by the Organization which will affect heavily on domestic economic conditions and offshore banking transactions for Iraq, "pointing out that" Iraq is threatening to enter the black list. " 
The Council of Ministers approved the first Tuesday, the draft anti-money laundering and terrorism financing law, as he emphasized A source in the prime minister that the law is of great importance for his role in drying the sources of terrorism. It ended 25 K

[yota691]

Abadi adviser: Money Laundering Act contributes funds looted Iraq returns

By Mohammed Emad 07.02.2015 3:09 a.m. | Views: 27

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Brother - Baghdad

Economic Adviser to the Prime Minister that the Money Laundering Act was sent to the House of Representatives to be voted on, said the appearance of Mohammed Saleh, noting that law when the international financial transactions feature anti-money laundering affiliated with the states under the International Financial Action Organization.

Saleh added that "the law was sent to the House of Representatives by timings that have been developed to be voted on because it is a great benefit to Iraq, as well as the existence of a general trend to vote on the law."

He continued that "the law when the international financial transactions and money laundering arising from acts of crime and terrorism and this all be out of Iraq feature, which need to be the largest international deal," pointing out that "Iraq has signed several memoranda international conventions and protocols operating by virtue of similar laws or that fall under the Organization the international Financial Action Task Force and this law will create greater cooperation in the field of return of looted funds Iraq. "

The cabinet approved a draft anti-money laundering law in its regular 45 under the chairmanship of the Prime Minister.

He praised the Governor of the Central Bank on the Keywords cabinet's decision to vote on the law given by the central bank and that has been developed in accordance with the standards of international conventions.

[DinarThug]

CNN. Broadcasting A Threat To Place Iraq On The Black Burqa List !

 

 

 

(by walkingstick)

Economist: Iraq threatened to enter the black list
Date: 02/07/2015 



stressed economic expert, Dr. contrary goldsmith, Thursday, that Iraq threatened to enter the blacklist issued by the ILO and global money that if the House of Representatives did not vote on the anti-money laundering law before the expiry of the period specified. 

jeweler said in a statement to Agence information / , "The work of global and money organization Iraq gave two years for legislation to combat money laundering and terrorist financing law," noting that"the specified period will end in the month of December next." 

He added that "the lack of enactment of this Act by the House of Representatives during the specified period will enter Iraq to blacklist issued by the Organization which will affect heavily on domestic economic conditions and offshore banking transactions for Iraq, "pointing out that" Iraq is threatening to enter the black list. " 

The Council of Ministers approved the first Tuesday, the draft anti-money laundering and terrorism financing law, as he emphasized A source in the prime minister that the law is of great importance for his role in drying the sources of terrorism. It ended 25 K

http://www.almaalomah.com/news/25017/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A:-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%85%D9%87%D8%AF%D8%AF-%D8%A8%D8%A7%D9%84%D8%AF%D8%AE%D9%88%D9%84-%D8%A5%D9%84%D9%89-%D8%A7%D9%84%D9%82%D8%A7%D8%A6%D9%85%D8%A9-

[yota691]

Money Laundering Act avoids serious damage to Iraq

 

 

         

7/2/2015 0:00 

 BAGHDAD - Al-Sabah 

described the head of the Iraqi private banks association meek ​​Handal money laundering law as the best way to enhance the confidence of international monetary institutions and banks the global banking sector, the Iraqi foreign dealings with Arab and international banks. 

The bitter melon in a statement singled out by the (morning): The importance of this law stems from the supplied spammers and judgments that enable the judiciary and the central bank and the relevant authorities of the use of appropriate tools to combat money laundering and terrorism financing. 

He said Handal's keenness all member banks in the Iraqi private banks association fully commit to the law, if approved, to the subject of the importance and the impact of direct to the economy and society, especially in light of the circumstances in the country, referring to banks close cooperation with the Central Bank's intention for the success of his efforts in achieving the objectives of this law. 

He Handal to the need to speed up the approval to spare Iraq of sanctions resulting from the lack of such a law and of the development of the country on the black list that harm the reputation of Iraq and its economy. 

The central bank may hailed in a press release issued by the province d. On the Keywords cabinet decision and vote on the draft anti-money laundering made ​​by the central bank after the adoption of international standards and agreements and Ptsnic directly with the World Bank and the Financial Action Task Force and international organizations. 

He called on the governor in a press statement on parliament to speed up passage of the bill to spare Iraq and put it in the black list, which have serious implications on the international position of Iraq and the national economy, pointing to Iraq a few grace period to enact the law requires to give him a preliminary to pass, to save time.

[yota691]

Money laundering

 

 

         

Author: Yasser incumbent

05/07/2015 0:00

Cabinet resolved is very important when the voice on the draft anti-money laundering law and the financing of terrorism, which was the subject of an ongoing debate about who directly responsible for its implementation, and the law is now on the Parliament table. 
It is said that Iraq has given a few months in order to legislation such as this law, otherwise exposed to and blacklisted by international institutions You can imagine the extent of the damage suffered by the country economically and politically. 
But the most prominent question is, is that this global classification or valuation (call it whatever you want) alone justification for legislation such as this law? The answer is simply, no, because a country without law to protect its economy from a terrible and evil methods and smashed the assessment humanity is unreasonable for it The need for such legislation is a list without international assessment Aoumah. 
we find in the pursuit of international institutions this way stimulated to speed up the setting up, P (a silver lining ), about that what is required to do to ensure the success of the project and achieve its objectives? 
passed decades, Iraq lacks such legislation, despite the existence of a window at the central bank or a department or office for money laundering, but the dispute was in the bear monitoring and enforcement responsibility remained a matter Markona to be initiated Central administration to prepare a draft anti-financial aid laundering law and the financing of terrorism in its current form and that saturated debate in the relevant committees in coordination with the specialized international institutions. 
The ball is in the court of the House of Representatives and we believe that the Council will take seriously the risks to the economy of the country without this legislation Vsaokhz priority inevitably impetus to embarrass and entering falling into the International Assessment and more importantly Parliament was keen to ensure the safety of our national economy. 
Central Bank of the banking sector hints to work together to ensure the success of the implementation of this law, the issue is very important, but not sufficient but need requires responsibilities clearly and commitment of all parties in the diagnosis of crime and then deposited in the custody of the judiciary because he is in charge in the final say about this dirty crimes. 
Law will put the Association of Banks and with the Central Bank and others in the great responsibilities to follow up on such thorny matters, the need requires speed up the introduction of elements responsible for this file in the training courses outside the country or recruitment Experts to prepare them here in Iraq, since any moment before the entry into force of the law to ensure its successful implementation.

[yota691]

 

Abadi adviser: Money Laundering Act contributes funds looted Iraq returns

BAGHDAD / justice - 07/05/2015 - 4:22 | Hits: 35

Economic Adviser to the Prime Minister that the Money Laundering Act was sent to the House of Representatives to be voted on, said the appearance of Mohammed Saleh, 

Noting that law when the international financial transactions to combat money laundering with affiliated countries under the Financial Action Organization Atah.oodhav Saleh said that feature "The law was sent to the House of Representatives by timings that have been developed to be voted on because it is a great benefit to Iraq, as well as the existence of a general trend to vote on the law. "He said that" the law when the international financial transactions and money laundering arising from acts of crime and terrorism and this all be out of Iraq feature, which need to be the largest international deal, "pointing out that" Iraq has signed several memoranda and protocols of international labor by virtue of similar laws or that fall under the International Financial Action Task Force and the Organization of this law will create greater cooperation in the field of return of looted funds Iraq "is noteworthy that the Council of Ministers approved a draft anti-money laundering law in its regular 45 under the chairmanship of Governor of the Central Bank Wazzra.oohad on the Keywords cabinet's decision to vote on Law made by the central bank and that has been developed in accordance with the standards of international conventions.

 

[yota691]

07/05/2015 19:22

Expert: the application of Money Laundering Act limits the crime

 

 

 

Baghdad National Authority for Investment Adviser economist Adel Abu loaf confirmed that the Money Laundering Act legislation alone is not enough to curb the crime of money laundering .

BAGHDAD / Obelisk: body Baghdad National Investment Adviser economist Adel Abu loaf stressed that the legislation money laundering law alone is not enough to curb the crime of money laundering, calling for those responsible to legislation necessary operational tools of economic and controls properly to reduce smuggling money out of the country .

Said Abu loaf local media and pursued "obelisk", he should be attached to the mechanism of enactment of the law as a first stage administrative mechanism and executive-money laundering law, being gives confidence to the Iraqi economy and the confidence of the Transparency International and international organizations .

The Abu loaf that it is necessary for each and every legal material legal legislation to be issued with executive and administrative tools .

Cabinet agreed last week on a draft anti-money laundering and terrorism financing law .

And money laundering is the recycling of funds resulting from illegal actions in the areas of channels and invest legitimacy to hide the true source of these funds, but it looks like they have been generated from a legitimate source, and examples of these illegal acts funds generated by drug and slave trade, prostitution and weapons.

[Officiallytook]

Yep.

[yota691]

07/05/2015 (00:01 pm)   -   the number of readings: 241   -  number (3403)

 

 

Parliamentary Economic declares near the passage of a law "money laundering" .. and experts assert: will reveal "Khvaya"

BAGHDAD / Noor Ali 
 

The Commission on the economy and investment representative, on Saturday, near the pass-money laundering law, as made clear he will determine the actions to prevent currency smuggling and detect suspicious transactions, economists pointed out that the absence of any accused in the case of money laundering is caused by lack of legislation and application of law.

 

She said a member of the economic and investment commission in Parliament, Najiba Najib in an interview for the "long", that "the legislation money laundering law will give strength to those concerned at the central bank and will determine the actions to prevent currency smuggling and detect suspicious transactions", noting that "the absence of this law puts Bank Central before the legal difficulties and administrative. " 
She said Najib "The enactment of the law is not enough unless there is application and implementation of its provisions, and that the existence of legal rules governing the work of the General Directorate for money laundering will provide them with legal force, which Ssetmknun under which to organize their temple administrative, and take the necessary measures." 
She noted that "money laundering most crimes of international crimes, and currency smuggling where an apparently legitimate but inwardly illegal", loaded with the previous government responsible for the delay in approving this law, and lack of dependence on the strategies and plans of the management of the country, noting that "the absence of this law In the previous stage push weak people to revive this crime, without the concerned authorities to take any measures against them. " 
In conclusion, the economic and investment commission member of the parliamentary "This law will pass soon to the lack of political bickering about it and all the political blocs insist on its application." 
For his part, Economic expert on behalf of Anton said in an interview for the "long" "The enactment of this law will be subject to a lot of Kharga and Dakhla transfers to the money laundering law, which either comes by selling drugs, or the arms trade, or financial and administrative corruption, or suspicious transactions." 
He added "When this law is applied will inquire (Where did you get this) and (You are not subject to the Income Tax Act), which will reveal a lot of crypts and will drop a lot of Dickey in this process," pointing out that "the importance of the law is not limited to only the legislation but depends on the application properly applies to everyone. " 
and between Anton: "You have more than one device is available to control money laundering ranging from customs to the Central Bank, on top of this process of money laundering Division, and activating the role of the Division in cooperation with the security services," explaining "We have to ask, is the dollar that comes out of here, we import its goods, whether goods coming into Iraq no conversion of the amounts and in accordance with the state of Thoel, and why some of the goods sold on the black market." 
adding that "these matters need to inquire, and the law is the first stage, the formation of the machine and coordination between the Second setups, and the application of the device without exception and benefit from professional organizations and civil society organizations III. " 
He noted economist, "The government and private banks alike, will play a role in the application of this law, and it should be there in Each Officer Department of the Bank for money laundering, and the Association of Banks to be at the forefront of this process, "calling for an explanatory seminar for this purpose, explaining the damage to Iraq from money laundering operation annually, pointing out the absence of any person accused of shops on the issue of money laundering in Iraq because of the lack of legislation and application of law. 
The Governor of the Central Bank on the Keywords praised, Tuesday, (June 30, 2015), the Council of Ministers decision to vote on the draft law presented by the Central Bank, which has been developed according to the latest international standards and agreements and coordinate directly with the World Bank and the Financial Action Task Force and international organizations, also thanked the Governor of the State Consultative Council for his contribution to players for the duration of the project preparation, called Keywords conservative House of Representatives to give priority to pass the law. 
The Council of Ministers announced on Tuesday (June 30, 2015), approval of the draft anti-money laundering and terrorism financing law, As also agreed to grant allowances to employees of the federal police at their participation in combat missions not on allocations, confirmed to proceed with the completion of the field survey of the coverage of social protection, to ensure accurate data base.

[Big_J]

Good Day Yota! Change is here my friend!

[yota691]

Governmental amendments to the Money Laundering Act: $ 20 billion annual losses!

Economy and tenders

 Since 07/06/2015 15:36 pm (Baghdad time)

Special scales News

Acknowledge the Central Bank Council member Majid picture, Monday, adding that the Council of Ministers important amendments to the anti-money laundering and terrorism financing law to be consistent and soon with the requirements of what is happening in the world of crime.

He said the picture's / scales News / "The amendments were added to the law that will help Iraq to track the movement of capital at home and abroad in cooperation with global regulatory agencies competent," explaining that "the draft Anti-Money Laundering Act and the financing of terrorism requires the approval of the House of Representatives for the purpose of applied ".

He said the Central Bank's board member, said, "Anti-Money resulting from acts of crime laundering and terrorism need to be a major international cooperation," noting that "the money that is exposed to the process of money laundering in Iraq for at least $ 20 billion a year, mostly from operations of financial and administrative corruption size."

He said the picture that "this law will provide frameworks, concepts and provisions that enable the central bank, the judiciary and the relevant authorities of the use of appropriate tools to combat money laundering and terrorist financing and the development of deterrent to such practices," adding that "the law will give the world confidence in foreign dealings with Iraqi banks."

This revealed the economic and investment commission parliamentary L / scales News /, on Sunday, that "the Presidency of the Council of Representatives received the draft money laundering of the Council of Ministers Law," asserting that "the legislation delayed a lot and we need as soon as because it will contribute to the prevention of smuggling of currency abroad."

The "Council of Ministers approved a draft anti-money laundering and terrorism financing law" .anthy 29 / d 25

[uncirculd]

Isn't this a "locking the barn door after the tractor has been stolen"?  Totally redundant.

Right On !

[yota691]

Calls on private banks to combat money laundering in Iraq

Friday 10-07-2015 | 11:38:40

 

 

 

 

 

M c

 

Twilight News / Iraqi private banks association announced that the Cabinet approve the anti-money laundering law will give confidence to the global private banks, stressing that banks will adhere to the law.

 

The head of the Association meek Nuri al-Handal said in a statement to Al-Hayat reported that "the Council of Ministers approve the draft anti-money laundering and terrorism financing law of important laws and in support of the banking sector."

 

He pointed out that this law will provide frameworks, concepts and provisions that enable the central bank, the judiciary and the relevant authorities to use the proper tools to combat money laundering and terrorist financing and the development of a deterrent to such practices, and that the law would give "confidence global in foreign dealings with Iraqi banks."

 

"All banks are members of the Association is keen to abide by the law if enacted, because of its importance and direct impact on the economy and society, especially in the current stage, and the approval soon avoid Iraq access to the blacklist."

 

He was an economic advisor to the prime minister appearance of Mohammed Saleh stressed that "the crime of money laundering need to be strong and effective law of Parliament in cooperation with the regulatory authorities and the executive, because it is a wide process and you need a common political umbrella of all departments and agencies to prosecute criminals," adding that "audit procedures and information Stopped on the legislation before the House of Representatives. "

 

"These crimes affect in government and economic stability of the country's political transactions, a recent crimes because of the financial and international financial openness and globalization", stressing the need that everyone works for legislation laws to curb such crimes.

 

The Governor of the Central Bank on the Keywords had praised the Cabinet's decision to vote on the draft law presented by the Central Bank, which put according to the latest international standards and agreements and coordinate directly with the World Bank and the Financial Action Task Force and international organizations, calling on the House of Representatives to give priority to pass, while approved Council of Ministers last week on the bill.

 

The economic community warned on more than one occasion of the expansion of the phenomenon of money laundering in the Iraqi banking sector, and described lesions that are harmful to the sector, noting that "the situation in Iraq anti-money laundering No. 93 Law of 2004 and the Bill of secure knowledge of illegal sources and venture capitalists illegal and take the necessary sanctions that protect society from their evil. "

 

And it called for an action by the relevant government institutions to reduce this phenomenon through legislation laws and regulations required by the citizen's financial and banking institutions in line with many of the actions taken in the states.

 

She explained that "money laundering is a global phenomenon threatens the economic growth and sustainable development of countries as one of the economic crimes dangerous to the community for their negative effects on the level of the economic cycle of any country, as well as pollution of the financial and banking institutions and the consequent obstruction of economic growth and gross domestic product and production cycle and rampant unemployment, low Monetary value and the low purchasing power of the citizen. "

 

The phenomenon of money laundering have risen in recent years to the size of organized crime, gangs and defended her organizational structures in a manner becoming gripping the world's economies, especially in light of technological development.

 

It is noteworthy that the charges issued against some private banks in this regard without identified, what raised the ire of Iraqi private banks association, which warned of the negative consequences that affect the banking sector in the event of charges relating to money laundering crimes without determining the responsibility of the Bank of violating the instructions to do so.

He quoted the Executive Director of the Association of Tariq Ali as saying "the adoption of mechanisms to put an end to the crime of money laundering and smuggling legislation with strict laws in this context, it will guarantee to confront this crime."

 

Abizaid and "eager to communicate with each banking association in order to ensure compliance with the Central Bank of Iraq, for addressing the crime of money laundering".