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The Central Bank of Iraq: The penalty for unlicensed money transfers is 5 times higher for banks Direct: The Director General of the Financial Operations and Debt Management Department of the Central Bank said today, Wednesday, that the Sanctions Committee punishes offices that make unlicensed financial transfers by withdrawing their licenses, and if it is a bank, it is fined 5 times the amount transferred . Mahmoud Dagher added, according to the Iraqi News Agency (INA), that the financial transfer of banks is fully monitored, because it passes through an encrypted system and is subject to the supervision of the Central Bank and the control of the Federal Reserve Bank, up to the holder of the accrual with the banks. Dagher explained that the financial transfers from an accounting and financial point of view follow through an international company within the central bank, which works to audit and follow-up, in addition to the presence of financial control that monitors the transfers completely. He continued: "Any complaint or doubt is pursued by the Anti-Money Laundering Office, which is an independent office managed by an administration linked to the intelligence and national security agencies and the judiciary and the Ministry of Commerce, represented by the Anti-Money Laundering Administration Board and is concerned with monitoring violations where there is cooperation with all parties to ensure the transfer". Dagher pointed out that unlicensed funding transfers were seized during the ISIS occupation of some provinces, and the owners were punished, their licenses were withdrawn and they were referred to the judiciary. He pointed out that in the event that the transfer of funds from one of the banks is discovered without bringing in a customs declaration, the penalty will be five times the amount transferred by the Sanctions Committee. And the Director General of the Financial Operations and Debt Management Department at the Central Bank of Iraq, that the problem in Iraq is not smuggling of funds; rather, the exit of a lot of money, due to the lack of the required service in Iraq, such as transfers of imports, study, hospitalization and tourism. Dagher stressed that Iraq is one of the few countries where the crime of smuggling money occurs, noting that the law that was established after 2004 does not place restrictions on transferring money as long as it belongs to people.
