currency smuggling

raq: concerns about the widening currency smuggling and central stresses imposed strict measures
08/01/2012 16:51

Baghdad, January 8 (Rn) - The experts in the Iraqi economy and the existence of cases of smuggling of money as a result of lack of control over the economy fully to the misconception of some politicians of the market economy, among the Iraqi Central Bank the possibility of the existence of simple operations of this phenomenon, but stressed imposed procedures work on the reduce them.

The expert in the Iraqi economy Majid picture, told the Kurdish news agency (Rn), that "there is smuggling of funds and the smuggling result of not being able to control the economy in general on the grounds that the concept of a market economy for politicians is wrong, they think that this means full freedom for the disposal of funds and potential the economic. "

He explained that the picture "smuggling money abroad evidence of a weak economy and lack of control and there are a lot of money smuggled in a formal and informal and there is lack of control on the transfer of funds out-of-government banks."

He continued that "the existence of financial and administrative corruption is the most prominent reasons that lead to smuggling money," adding that "there are those who defended the process of smuggling and money laundering."

The financial corruption and theft of public money and the growth of wealth is a natural one of the reasons the smuggling of money that has grown and spread in recent years.

In turn, did not deny the Iraqi Central Bank and the existence of cases of smuggling money outside the country but stressed that he is watching and follow up on all the sources and destination of funds.

The deputy governor of Central Bank of Iraq the appearance of Mohammed, told the Kurdish (Rn), "The smuggling of capital is classified as a money laundering if Mtherbh of taxes, but lighter than the process of money laundering that the latter resulting from the crimes and drug trafficking."

He explained that "Iraq by virtue of conventions of international, especially the International Monetary Fund signed in 1945, Article VIII, which stresses that all countries signatory to the Convention to liberalize the current account of balance of payments, this means allowing the transfer of funds for the purpose of the goods and services of any commercial purposes."

And that "those who want to buy funds at the auction provide documentation that they use that money to trade. If we confirm that the person he is an Iraqi and has a bank account and claims he was working on the import of goods after receiving the support of the tax and commercial documents (...) In other words, Money is not the result of money laundering. "

The Vice-President of the Central Bank of Iraq that "the demand for foreign currency increased in the last stage due to the withdrawal of foreign Iraq and political issues, but the great demand is the transformation of some Iraqi traders adults to the dealer and broker of regional trade by virtue of conditions in the region with them."

Observers believe that the phenomenon of money laundering in Iraq has grown in the absence of an integrated banking sector governing financial transactions between the inside and outside Iraq on the one hand, and between markets within the country on the other.

In the opinion of the Economic Committee in the Iraqi parliament to control the process of smuggling, money laundering, require extra effort in Iraq if they were compared in stable countries and scientifically advanced.

A member of the Committee Mahma Khalil (Rn), "The control of the phenomenon of money laundering and smuggling requires the electronic state and the culture and procedures, laws, political stability and security, even if we compare the Iraq developed and stable countries globally, it is going a good pace."

Khalil said that "Iraq has changed from a state with a centralized economy to a state with a free economy and this requires processors of all aspects and address the most important financial and administrative corruption, which provides a way for the expansion of the phenomenon of smuggling and money laundering."

The developing and underdeveloped countries and a suitable environment for money laundering operations to these countries is characterized by weakness in the laws and the fragility of the legal control and a clear decline in the level of statistical and mathematical operations.

From: Haider Ibrahim. Manufacturing of: Peace Joseph. Open: Abdullah Sabri http://www.aknews.com/ar/aknews/2/283067/