“Banks profit 1.5 million dollars a day.” A deputy identifies 3 reasons that allow the exit of large amounts of money from Iraq

A member of the Parliamentary Economic Committee, MP Ali Al-Lami, identified, on Wednesday (October 21, 2020), 3 main reasons for the exit of huge sums of money from Iraq, while he revealed banks that profit one million and 500 thousand dollars a day, according to his saying.

Al-Lami said in an interview with (Baghdad Today), A lot of money is coming out every day from Iraq for three main reasons. The frequency of purchasing all needs, which takes place through hard currency.

He added, "The hard currency auction represents one of the most important gates of corruption in Iraq," pointing out that "the profits of some banks reach one million and 500 thousand dollars per day and those funds are being transferred through false invoices, in addition to the rampant corruption in ministries and institutions that pays a lot of Investors, including the Iraqis, to transfer their money abroad to invest in other countries, "noting that" the transfer of these large funds has negative repercussions on the economy and leads to weak movement and thus the growth of acute unemployment rates. "

Al-Lami pointed out that the most important solution to prevent the depletion of hard currencies and throwing them out of the country is the existence of political will and national solidarity from the blocs, the government and parliament to support the revival of the industrial and agricultural sectors because the cost of production is lower and thus we maintain the presence of hard currencies in support of national production, in addition to providing a safe environment. For investors, especially Iraqis, and pushing them to invest internally and to reconsider the currency auction file because it represents a gateway to corruption, as well as addressing the file of corruption in the ministries because it is protected by political cover.

Today, Wednesday (10/21-2020), the head of the Change Bloc in the House of Representatives, Youssef Muhammad confirmed, that Iraq possesses important judicial and banking documents related to smuggling Iraqi money abroad through spoilers.

Representative Yusef Muhammad said in a statement received (Baghdad Today), that "it is necessary for the authorities to take strict measures against the corrupt, and to stop the bleeding of Iraqi funds, through corruption, in parallel with implementing what is found in the white economic reform paper." 

"The financial situation in the country requires difficult and bitter decisions in restructuring the economy in the country," he added, stressing that "these reforms have no value without there being decisive measures to combat corruption."

The head of the Change Bloc in the House of Representatives called for "giving great importance to the file of recovering Iraqi money smuggled abroad after 2003 during the next stage, and for the political class in the country to assume its responsibility towards the economic crisis, and to help return those money through the information it has about it."

Muhammad affirmed, The presence of important documents in this file through which the existence of these funds and their value can be inferred, in cooperation with European expertise that the government can use in order to uncover them, in addition to the presence of appropriate grounds in some European countries and the United States of America to help other countries return Smuggled money obtained through corruption.

He suggested that "the value of the smuggled money amounts to tens of billions of dollars."

https://iraqakhbar.com/2716076