Karbala warns private banks of money laundering operations

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Karbala warns private banks of money laundering operations

29/10/2011

Karbala - Al-Sabah

warned that the province of Karbala private banks and banking offices from carrying out money laundering and the lack of transparency in its dealings, saying that there are intelligence reports by some of these banks and offices of unlawful acts harm the national economy.

The head of the Economic Committee in the Provincial Council Tariq Kikhany told "morning", the private banks put clear instructions to the citizen found a formula to sign him, as is often surprised by the citizen to pay the loans is what was agreed upon with the bank, because of the transactions which he described as "opaque" operations to repay the loans.

He added that some of these banks have many problems, contributing to rampant corruption and fraud, noting that in Karbala, a good number of private banks, and dozens of offices, banking and remittances, all working without supervision from the local government, warning banks and offices of money laundering by some parties that may be involved issues of terrorist or criminal in order to influence the national economy.

The Kikhany that there are intelligence reports that some of the banking offices are acts harmful to the local economy and smuggled hard currency abroad, as well as being involved laundering money through the purchase of real estate and others.

and asked the executive to take legal action against banks and offices, contrary to instructions, stressing the importance of that subject to the control of local authorities and obtaining licenses to practice for the banking offices by the committees in local government, pointing out that everyone is subject to the laws and procedures, regulatory and accounting.

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