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Economy News – Baghdad
Ali Mohsen Ismail, chairman of the Council for Combating Money Laundering and Terrorism Financing, has issued a series of decisions concerning the controls on the declaration of funds when they are brought in and taken out across the Iraqi border.
Among the new decisions, customs authorities may be allowed to search people and inspect their luggage to verify the authenticity of the information.
As for the amounts allowed in or out of the territory of the Republic of Iraq, amounts below (10) thousand US dollars or the equivalent of other currencies are allowed to enter without authorization.
Amounts exceeding (10) thousand US dollars to (20) thousand US Dollars are required to be declared with the need to show supporting the purpose of the introduction or removal of these amounts.
It is required that the process of inserting and removing funds through financial institutions exclusively if the amount exceeds (20) thousand US dollars.
One of the decisions stipulated that “the entry and exit of amounts exceeding (1,000,000) (one million Iraqi dinars) is prohibited even if they are declared, and the amount is withheld and legal proceedings are taken against it.”
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