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Central Bank: Five-fold penalty for unauthorized transfers
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Baghdad - Conscious
The central bank said Wednesday that the sanctions committee would punish offices that make unauthorized transfers by withdrawing their licenses, but if a bank was fined five times the amount transferred.
Mahmoud Dagher, director general of the Department of Financial Operations and Debt Management at the Central Bank, said in a statement to the Iraqi News Agency (AA) that "the financial transfer of banks is fully monitored because it passes through an encrypted system and is subject to the supervision of the Central Bank and the control of the Federal Reserve Bank down to the owner of "Financial transfers from accounting and financial terms are followed up through a global company within the Central Bank, which is auditing and monitoring, as well as having financial control that fully monitors transfers," he said.
He added, "Any complaint or doubt is followed up by the Anti-Money Laundering Office, an independent office run by an administration linked to the intelligence, national security, judiciary and ministry of commerce, represented by the Anti-Money Laundering Board, which is concerned with the follow-up of violations where, there is cooperation with all entities to ensure Conversion".
"If the transfer of money from a bank is detected without a permit, the penalty will be five times the amount," Dagher said. Transferred by the Sanctions Committee."
"The problem in Iraq is not the smuggling of money, but the exit of a lot of money, because of the lack of the required service in Iraq, such as import transfers, study, hospitalization and tourism," Dagher said, stressing that "Iraq is one of the few countries where the crime of money smuggling occurs. People for their money, the law established after 2004 does not place restrictions on the transfer of money, as long as it belongs to the people."
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
Baghdad - Conscious
The central bank said Wednesday that the sanctions committee would punish offices that make unauthorized transfers by withdrawing their licenses, but if a bank was fined five times the amount transferred.
Mahmoud Dagher, director general of the Department of Financial Operations and Debt Management at the Central Bank, said in a statement to the Iraqi News Agency (AA) that "the financial transfer of banks is fully monitored because it passes through an encrypted system and is subject to the supervision of the Central Bank and the control of the Federal Reserve Bank down to the owner of "Financial transfers from accounting and financial terms are followed up through a global company within the Central Bank, which is auditing and monitoring, as well as having financial control that fully monitors transfers," he said.
He added, "Any complaint or doubt is followed up by the Anti-Money Laundering Office, an independent office run by an administration linked to the intelligence, national security, judiciary and ministry of commerce, represented by the Anti-Money Laundering Board, which is concerned with the follow-up of violations where, there is cooperation with all entities to ensure Conversion".
"If the transfer of money from a bank is detected without a permit, the penalty will be five times the amount," Dagher said. Transferred by the Sanctions Committee."
"The problem in Iraq is not the smuggling of money, but the exit of a lot of money, because of the lack of the required service in Iraq, such as import transfers, study, hospitalization and tourism," Dagher said, stressing that "Iraq is one of the few countries where the crime of money smuggling occurs. People for their money, the law established after 2004 does not place restrictions on the transfer of money, as long as it belongs to the people."
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