The Central Bank reveals a joint plan to monitor money laundering operations through the real estate market

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The Central Bank reveals a joint plan to monitor money laundering operations through the real estate market

2023.04.16 - 13:31

 

Baghdad - people   

Today, Sunday, the Central Bank of Iraq clarified its procedures regarding its recent decisions to monitor money laundering operations, while indicating that a joint plan has been developed with the Ministry of Justice to be implemented in stages to prevent affecting the real estate market.  

 

  

The Deputy Director General of the Investments Department at the Central Bank, Dr. Muhammad Yunis, said in a statement to the official agency, followed by “NAS”, (April 16, 2023), that “the Anti-Money Laundering and Terrorist Financing Council indicated that the real estate sector is the highest risk in Iraq, due to the advantages of this sector.” Attractive to money laundering, and as a result, the Central Bank took measures commensurate with those risks, which made this sector an unsafe haven for the proceeds of crime.  

  

He pointed out, "Processions have been put in place in cooperation with the Ministry of Justice and the Office of Combating Money Laundering and Terrorist Financing in the Iraqi Bank and Center, within an integrated plan, implemented in successive stages, to prevent affecting supply and demand for those real estate, and paid using banking services and enhancing financial inclusion in Iraq, and guarantees the rights of both parties to receive and deliver funds.  

  

And he continued by saying: “To monitor these procedures, the real estate registration staff and the relevant authorities have been trained through workshops, to monitor money laundering and terrorist financing, and these procedures include, as an initial stage, that the real estate be limited to 500 million dinars, the purpose of which is for the bank to take the necessary measures.” At this ceiling, after which it will come down gradually, to ensure that it does not affect the real estate market, and we believe that these measures are a catalyst for reducing money laundering operations.  

  

And the Central Bank of Iraq specified, earlier, the mechanism for buying and selling real estate, and the work of banks, real estate departments, and communications to complete the process, in accordance with the law to prevent the phenomenon of money laundering.  

  

 

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The Central Bank confirms the development of a joint plan to monitor money laundering operations

 

- 16-04-2023 01:54 PM - Number of readings: 4625

 

Today, Sunday, the Central Bank of Iraq clarified its procedures regarding its recent decisions to monitor money laundering operations, while indicating that a joint plan has been developed with the Ministry of Justice to be implemented in stages to prevent affecting the real estate market.

The Deputy Director General of the Investments Department at the Central Bank, Dr. Muhammad Yunis, told the Iraqi News Agency: “The Anti-Money Laundering and Terrorism Financing Council indicated that the real estate sector is the highest risk in Iraq, due to the attractive features of this sector for money laundering, and as a result, the bank Central Bank, with procedures commensurate with those risks, which made this sector an unsafe haven for the proceeds of crime.

He pointed out, "Processions have been put in place in cooperation with the Ministry of Justice and the Office of Combating Money Laundering and Terrorism Financing in the Iraqi Bank and Center, within an integrated plan, implemented in successive stages, to prevent affecting the supply and demand for those real estate, and paying using banking services and enhancing financial inclusion in Iraq, and guarantees the rights of both parties to receive and deliver funds.

And he continued by saying: “To monitor these procedures, the real estate registration staff and the relevant authorities have been trained through workshops, to monitor money laundering and terrorist financing, and these procedures include, as an initial stage, that the real estate be limited to 500 million dinars, the purpose of which is for the bank to take the necessary measures.” At this ceiling, after which it will gradually go down, to ensure that it does not affect the real estate market, and we believe that these measures are a catalyst for reducing money laundering operations.

And the Central Bank of Iraq specified, earlier, the mechanism for buying and selling real estate, and the work of banks, real estate departments, and communications to complete the process, in accordance with the law to prevent the phenomenon of money laundering.

[yota691]

The Central Bank is developing a joint plan to monitor money laundering operations

 

money and business
   

Economy News - Baghdad
Today, Sunday, the Central Bank of Iraq clarified its procedures regarding its recent decisions to monitor money laundering operations, while indicating that a joint plan has been developed with the Ministry of Justice to be implemented in stages to prevent affecting the real estate market.

The Director General of the Bank’s Investments Department, Muhammad Yunus, told the official news agency, “The Anti-Money Laundering and Terrorism Financing Council indicated that the real estate sector is the most dangerous in Iraq, because of this sector’s attractive features for money laundering, and as a result, the Central Bank took measures commensurate with With these risks, which made this sector an unsafe haven for the proceeds of crime.

Younes indicated, "Developing treatments in cooperation with the Ministry of Justice and the Office of Combating Money Laundering and Terrorism Financing in the Iraqi Bank and Center, within an integrated plan, implemented in successive stages, to prevent affecting supply and demand for those real estate, and paid using banking services and enhancing financial inclusion in Iraq." It guarantees the rights of both parties to receive and deliver money.

And he continued by saying: “To monitor these procedures, the real estate registration staff and the relevant authorities have been trained through workshops, to monitor money laundering and terrorist financing, and these procedures include, as an initial stage, that the real estate be specified at 500 million dinars, the purpose of which is for the bank to take the necessary measures.” At this ceiling, after which it will come down gradually, to ensure that it does not affect the real estate market, and we believe that these measures are a catalyst for reducing money laundering operations.

 

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Added 04/16/2023 - 1:25 PM