cbi-submits-to-parliament-a-new-law-combating-money-laundering

[deddy]

Baghdad / January 18 (Rn) – An adviser to the CBI on Tuesday submitted a new law to combat money laundering to the House of Representatives of Iraq in coordination with other government institutions, in order to provide greater protection for Iraq’s economic system and to engage in international assessment.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) announced today that “the Central Bank of Iraq presented in coordination with government institutions other Iraqi Council of Representatives passed a new law to combat money laundering is the most comprehensive of Law No. 93 issued by the CPA in 2004 to provide greater protection of the economic system of Iraq” .

Saleh added that “Iraq has not yet entered the International Assessment on file anti-money laundering is that it seeks through effective steps to provide protection to the system of Iraq’s economic enter into Rating International,” pointing out that “Iraq made significant steps toward combating money laundering through the presence of units specializing in all banks linked to a national office oversees the fight against money laundering process. “

And the favor of that “experience of anti-money laundering modern economic system of Iraq is that we have progressed significantly over the last period in the development of the foundations discreet for such an experiment in the country,” adding that “the law of 93 for anti-money laundering which was released in 2004, provides secure financial institutions and the fight against instability by criminalizing acts of money laundering and the financing of crime, terrorism and restructuring of certain transactions. “

He explained that “the law provides for the punishment of a fine of not more than 40 million Iraqi dinars, or a fine equal to twice the value of property on each of the being or initiate a financial transaction involving the proceeds of some form of activity Illicit he knows that, with respect to the subject of the financing of crime and terrorist operations” .

The Central Bank of Iraq to monitor financial institutions and the issuance of a regulation in addition to that it published a list of suspicious financial activities.

It provides anti-money laundering law to authorize the Central Bank to assume control of financial institutions and check the documents and accounts of their own.

http://don't promote other sites.wordpress.com/2011/01/18/cbi-submits-to-parliament-a-new-law-combating-money-laundering/

Edited January 19, 2011 by deddy

[mi17mech]

Nice post

fines alittle high but oh well

GO RV