Combating financial crimes enhances confidence in the banking sector

06/14/2022

Samir Al-Nusairi
  
The methods and practices of people involved in financial crimes or what is called economic crimes have developed in most countries of the world that can be identified with money laundering crimes (money laundering), electronic payment crimes, currency counterfeiting, securities fraud and fraud crimes.

Therefore, governmental and judicial agencies have amended their laws in force and developed procedural and electronic means in order to control the reduction of these crimes in order to preserve their money and the national economy.

Iraq, like other countries, has its economic and legislative bodies and institutions active in combating these crimes, as it issued the Money Laundering and Combating the Financing of Terrorism Law No. 39 of 2015, which included 12 chapters and articles that specified the crimes covered by the law and the penalties for each financial crime, in addition to the crimes of counterfeiting, forgery and fraud stipulated in the Iraqi Penal Code The instructions issued by the Financial Authority and the Monetary Authority - represented by the Iraqi Mercury Bank to combat these crimes in order to preserve Iraq's money, especially its foreign currency, due to the impact of these crimes on the national economy and the creation of suffocating economic and financial crises for it and its reflection on sustainable development.It must be pointed out here to the important role played by the Central Bank in forming the Anti-Money Laundering and Terrorist Financing Council. The Governor chaired this council and included in his membership the authorities concerned with combating money laundering and combating terrorist financing in accordance with the applicable law and the regulations of the Financial Action Organization (FATF) to which central banks are subject, including The Central Bank of Iraq, which has moved from the gray area to the usual follow-up after filtering the specific comments on the internal banking operations in Iraq. The European Union’s decision to remove Iraq from the list of high-risk countries will also contribute to restoring confidence in the Iraqi economy and its foreign banking operations with other countries.The European Union's decision to remove Iraq from the list of high-risk countries will also contribute to restoring confidence in the Iraqi economy and its foreign banking transactions with other countries.The European Union's decision to remove Iraq from the list of high-risk countries will also contribute to restoring confidence in the Iraqi economy and its foreign banking transactions with other countries.

And the danger that the monetary and financial authorities fear is the failure of financial and banking institutions to comply with the rules of compliance, which means their exposure to financial and legal risks, the most important of which are reputational risks that directly affect Iraq’s economic, financial and banking dealings that affect Iraq’s external economic relations with the countries of the world and in particular on financial transactions And banking for Arab and foreign correspondent banks, but laws alone and internal judicial procedures cannot alone combat these financial crimes, which requires the development of local and international proactive control methods by adopting mechanisms and policies regulated by international agreements to cooperate in reducing financial crimes related to combating money laundering and financing terrorism and electronic financial crimes related to payment operations Electronic access to the final beneficiary and the final use of the money leaving Iraq for import purposes of all kinds and forms.

This requires training and qualification of supervisory and technical staff specialized in the issue of money laundering and the application of international standards in this field>

Therefore, the Central Bank of Iraq, the Association of Iraqi Private Banks, and the Iraqi judiciary have jointly set up specialized courses for banking, supervisory and judicial staff to exchange experiences and cooperate with each other to reduce financial and economic crimes, and they are granted a certificate specialized in combating money laundering and detecting currency counterfeiting. Counterfeiting letters of guarantee, financial bonds and all other securities, focusing on electronic crimes and cyber security.

https://economy-news.net/content.php?id=28427