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The Central Bank of Iraq: The penalty for unlicensed money transfers is 5 times higher for banks

yota691

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yota691 Grand Master

yota691

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The Central Bank of Iraq: The penalty for unlicensed money transfers is 5 times higher for banks

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transfers were seized during the ISIS occupation of some provinces, and the owners were punished, their licenses were withdrawn and they were referred to the judiciary.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.

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yota691 Grand Master

yota691

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Image processed by CodeCarvings Piczard ### FREE Community Edition ### on 2019-02-04 15: 50: 59Z | | , ?? '' / GÑð5½ð
 
 

(Independent) .. The Integrity Commission revealed the details of the criminal and intelligence cases related to the file (currency auction) that it is investigating, indicating that it received (4) intelligence, and opened (8) criminal cases in it.

 

The investigations department at the commission indicated that (6) of these cases were referred to the trial court and other investigation courts, in addition to a case that was previously decided upon, and another that is still under investigation, explaining that among these cases are major corruption cases in the work of a private bank and indications of cases Smuggling foreign currency outside Iraq through the bank's purchase of foreign currency for the benefit of companies claiming to import goods, pointing out that, upon investigation and scrutiny, it was found that those companies had not introduced goods to Iraq since 2004.

The department clarified that the issues included fraud and some governmental and private banks entering the auction of selling the currency in the names of companies and private account holders without their knowledge, and submitting invoices and a false import vent, as well as violating the instructions of the Central Bank when entering the auction according to the provisions of Article (3) of the Washing Act Funds No. (93 of 2004).

She added that the incoming intelligence related to the issue of (flying instruments) and the collusion of some banks with people by depositing instruments with no possession of them in order to participate in the currency auction for the purpose of profit and benefit from the price difference between the central bank and the local market, in addition to the issuance and treasury department in the central bank By buying (10) coin counting machines, they are called (universal machines) for a total amount of (15,000,000) million dollars, which shows that they are not beneficial, as they destroy the banknotes, which causes a great loss of money, confirming that (3) of these intelligence are Pending follow up.

The Authority had announced that it had completed several criminal cases that it had investigated, which resulted in fines amounting to more than (245,000,000,000) billion dinars on private banks, as a result of legal violations regarding the two-year permits only, and in violation of the foreign currency auction instructions for 2012.

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Butifldrm Apprentice

Butifldrm

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106885.jpg?width=750&&height=375

 
12/11/2019 10:55
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  • Section: Iraq
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Banks enter the auction of selling currency with fictitious names and forging invoices, an import and remittance voucher

Baghdad / Obelisk: The Integrity Commission revealed, on Wednesday, details of criminal and intelligence cases related to the file of the currency auction that it is investigating, indicating that it received 4 intelligence, and opened 8 criminal cases in it.

The investigations department of the commission indicated that “(6) of these cases were referred to the trial court and other investigation courts, in addition to a case that was previously decided upon, and another that is still under investigation,” explaining that “among these cases are major corruption cases in the work of a bank Eligibility and indicators for cases of foreign currency smuggling outside Iraq through the bank's purchase of foreign currency for the benefit of companies claiming to import goods.
 
She added that "upon investigation and verification it was found that these companies had not introduced goods to Iraq since 2004," explaining that "the issues included fraud and some governmental and private banks entering the auction of selling the currency in the names of companies and private account holders without their knowledge, and providing invoices and a counterfeit import counterfeit, as well as For violating the Central Bank’s instructions when entering the auction in accordance with the provisions of Article (3) of the Money Laundering Law No. 93 of 2004 ”.
 
She added that "the incoming intelligence is related to the subject of" flying instruments "and the collusion of some banks with people by depositing instruments with no possession of them in order to participate in the currency auction for the purpose of profit and benefit from the price difference between the central bank and the local market, in addition to the issuance and treasury department in the bank The central bank purchased (10) coin counting machines called (universal machines) with a total amount of "15,000,000" million dollars, which were found to be of no benefit, as they destroy the banknotes, which causes a great loss of money, confirming that (3) of these intelligence It is under follow-up. "
 
It is noteworthy that the Integrity Commission announced that it had completed several criminal cases that it had investigated, which resulted in the imposition of fines amounting to more than "245,000,000,000" billion dinars on private banks, as a result of legal violations regarding permits for two years only, and in violation of the foreign currency auction instructions for 2012.

Follow the obelisk 

http://almasalah.com/ar/news/183855/مصارف-تدخل-مزاد-بيع-العملة-بأسماء-وهمية-وتزور-الفواتير-ومنفيس-الاستيراد-والحوالات

 

 
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Engine1 Collaborator

Engine1

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Posted (edited)
6 hours ago, Jaygo said:

Why would someone neg that ???

I always get negs, and I think.people think that giving negs bothers the person getting them. Personally I could care less if I get a negative or a positive, what does a negative or a positive mean in the long run? ( nothing ).   Who really cares.  

Edited by Engine1
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Laid Back Grand Master

Laid Back

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4 hours ago, justchecking123 said:

Me either... ;)

 

I think the holidays brings out their depression fuel. 

 

Appreciate all your real talk and positive vibes you bring here, LaidBack. 

Thank you my friend justchecking123,

Some people look at the bright side of life, while others look at the sewer.

Their problem not mine.

 

Go intellect 

Go Brainpower 

Go reasoning 

 

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