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Private banks are the epicenter of corruption and money laundering

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Private banks are the epicenter of corruption and money laundering Empty Private banks are the epicenter of corruption and money laundering

Post by GirlBye Tue Oct 20, 2020 9:59 am

Since the establishment of the Iraqi state, Iraq has not witnessed a destructive role for its national economy, lawful plundering of its financial wealth, as happened after the American occupation of Iraq in 2003, and it is still continuing by corrupt facades and shops unfairly called (banks and private banks). All this is done by exploiting legal loopholes to plunder good things Iraq, which comes from selling it to the only commodity it owns, which is oil, so instead of using these revenues to build a national economy and real development, the revenues revived the pockets of the corrupt and looters of Iraq's resources, and turned Iraq into a poor country without legal, moral or religious pride.

About a decade ago, the phenomenon of private banks spread in Iraq, and if the government was trying, by allowing these banks to revive economic activities, liberalize the movement of economy and trade, and not obtain a monopoly of the dollar on the one hand, and buy the Iraqi dinar to cover the budget and prevent inflation on the other hand, and it was a tool to control the exchange rate, However, the difference in value between cash sales and transfers formed a profit margin for private banks

Which later turned into interfaces for political parties for daily looting of the Iraqi economy through the portal (currency auction), thus the auction became a conduit for profit instead of real banking and the exit of hard currency with forged import bills and the purchased goods were not audited in exchange for these transfers, which formed a conduit for the corrupt to get their money out Iraq in a legal way and not adopting the documents followed in the world to cover commercial transactions. 

The private banks are still until now and the banking companies share the spoils by transferring the currency abroad without an import need and at various addresses, which led to the loss of tens of billions annually of smuggled hard currency, which is about selling The currency auction is a hole in the treasury of the Iraqi state with the knowledge of the higher authorities, who did not move a finger or were unwilling In dealing with a dangerous file that depletes the country's currencies through the currency auction, which is dominated by influential decision-makers and involved in money laundering operations, through the auction that annually sells nearly $ 50 billion.  

According to experts and specialists, the profits obtained by these banks from the currency auction makes these banks, some of which were established without scrutiny by the supervisory authorities or the central bank.

 Approximately 15% of the central bank's sales go as money laundering, despite the Financial and Economic Committee The Iraqi Parliament had warned him and all government agencies were unable to stop the auction and it continued to drain hard currency due to its association with large political figures. It should be noted that the actual import rate for the private sector is $ 35 billion, but what the bank sells annually through the currency auction window is 50 billion Dollars, which made corruption evident even among the supervisory authorities. 

However, the power and influence of influential people in banking institutions is greater than accounting and it is still going on.  The MP for the Wisdom Movement says (that the money that was wasted in the currency auction over the past years is equivalent to the budgets of countries and is sufficient to operate a large number of stalled factories and eliminate the largest percentage of unemployment in the country) indicating that there are some political parties that dominate the decision and have control over some The media prohibits shedding light on this dangerous file.


The Financial Committee in the Iraqi Parliament and international reports indicate that an amount of 312 billion dollars has been wasted and looted over the past years, which are the oil revenues that were pumped by the  Central Bank to the markets, and most of them were transferred abroad, as this number is considered very large in a country suffering from a stifling financial crisis She came to borrow from the International Monetary Fund to cover her expenses.


In light of this, the current government is required to stop the waste of public money, hold the corrupt accountable, close the private banks that have become a front for parties to smuggle currency and stop the currency auction, which has become  one of the gates of corruption.



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GirlBye
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