Iraq: tight measures to convert currencies and mechanisms to combat money laundering

Baghdad – Journal News

The parliamentary finance committee confirmed that the remittances in the country are carried out through the central bank exclusively and not by people because the bank deals with banks and not people.

A member of the committee, Jabbar Abdul Khaliq, told the “Journal News” on Wednesday, that the Central Bank transfers the amounts to hard currency, after the completion of the formal or substantive matters that ensure that these amounts are not derived or obtained from a crime.

He added that “there is a party involved in this matter, the money laundering office as one of the institutions of the Central Bank of Iraq.”

The MP criticized the Finance Committee “the large number of money transfer and exchange companies as most of them are not authorized and have indicators of corruption.”

He pointed out that “it has been noted the transfer of large amounts of financial intervention, including corruption suspicions, in addition to the smuggling of currency abroad, and this matter is under constant discussion between the Finance Committee and the Iraqi Central Bank and there are efforts between the two sides to develop control devices on currency transfers to and from Iraq.

He stressed that “the Finance Committee revealed earlier in the presence of transfers of billions of dollars in funds to the organization of an advocate gets in the process of laundering money and projects.”



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