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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Iraq: Marriage dowry for money laundering

    Rocky
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    • Post n°1

    Iraq: Marriage dowry for money laundering Empty Iraq: Marriage dowry for money laundering

    Post by Rocky Sun 14 May 2023, 10:36 am

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    Baghdad

    Ahmed Eid


    May 12, 2023
     
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    Fears of developing new fraud methods for money laundering (Mortada Al-Sudani / Anatolia)
     
     
    [You must be registered and logged in to see this link.] crimes have increased through various means and methods that the authorities are trying to control, especially after its significant negative effects on citizens, especially in the [You must be registered and logged in to see this link.] sector , whose prices have increased several times over the past two years, due to real estate purchases with the aim of laundering that money that is usually be from illegal sources.
    Financial deposits and investments in real estate and land, the purchase of gold and valuables, and the establishment of companies are the most prominent aspects and methods of money laundering operations. Dollars, and this is a new trick used by brokers and owners of illegally acquired funds.

    Innovative laundering operations
    There were many cases of recording high dowries for spouses and documenting this in contracts in large amounts in an attempt to facilitate money transfers in accordance with formal, formal contracts. Specialists considered them new frauds aimed at money laundering.
    The specialist in combating money laundering, Qusai Al-Jamal, confirmed that the use of the high dowry as a justification and a source of funds with the banks is done through the permanent or temporary agreement to marry in exchange for a certain amount, after which the separation takes place for the purpose of paying the deferred amount in the Sharia courts by the husband (cash), and then the wife gets the amount for Through a bank check issued by the court, and here the source of funds is justified.
     
    Al-Jammal added, speaking to Al-Araby Al-Jadeed, that there are funds that are transferred to bank accounts in other countries, or converted into digital currencies, such as bitcoin, ethereum, and others, and sold on digital currency exchanges.
    He pointed out that money laundering operations are used in multiple ways, including the use of companies registered in countries with flexible legislation as a means of transferring funds illegally, and the use of paper currencies to buy commodities such as gold and precious stones, and then sell them later.
    Al-Gammal explained that there are suspicious and illegal money laundering activities that are being followed in most of the surrounding countries, related to the financing of illegal businesses, such as gambling, smuggling of drugs, weapons, etc., and the transfer of the resulting funds into clean money.

    Dowry and marriage
    In light of the many means used in money laundering operations in Iraq, the most prominent and widespread of which are exchange companies, residential complexes, hospitals, private universities, banks, as well as restaurants and entertainment venues, the marriage dowry trick, which began to spread, came to be considered the latest innovation in money laundering fashion.
    For his part, economic researcher Omar al-Halbousi believes that fraud and money laundering have multiple means to reach the marriage dowry and the use of other people to register villas and cars in their names, as well as hidden investment through a verbal agreement between the two parties.
    Al-Halbousi explained, in an interview with Al-Araby Al-Jadeed, that the marriage dowry method is one of the methods currently used in money laundering operations, which have been recorded several times since the end of last year, and have taken an upward trend to be a new method used by thieves to launder the money they obtained illegally. .
    Regarding the method used in the method of dowry and marriage, Al-Halbousi said that an agreement is made between the owner of the illegal money to be laundered, and whoever wants to pair up in exchange for a presenter and a deferred person with large sums of money or a house. Money to a specific destination after taking the percentage agreed upon between the two parties, or she buys real estate or opens a specific project that is on paper in her name.
     
    Al-Halbousi confirmed the occurrence of several cases in this aspect in separate regions of Iraq, according to which large funds were transferred abroad, including what was invested internally, and that the graph of this case is escalating.

    Trends in the exit of money
    The former head of the Integrity Commission in Iraq, Musa Faraj, said that the illegal exit of money from Iraq takes place in two directions, the first is money laundering, and the second trend, which is common, is the smuggling of money that is collected illegally from Iraq to other countries.
    Faraj added, speaking to Al-Araby Al-Jadeed, that the official and unofficial border crossings facilitate the smuggling of currency abroad, specifically to Iran and Lebanon, and other countries that facilitate the procedures for receiving and investing these funds.
    He explained that the introduction of new fraud methods in money laundering operations has already taken place in Iraq, as there are influential people who recently got married and paid high marriage dowries that were transferred abroad through legitimate legal means.
    The former head of the Integrity Commission in Iraq, Musa Faraj, said that the illegal exit of funds from Iraq takes place in two directions.

    Faraj emphasized that the Iraqi law did not specify a specific ceiling for dowry and marriage procedures, and there are no upper limits for financial transfers related to this aspect, which makes this method easy and available for those who have money and want to transfer it easily abroad.
    Jurist Azhar Bilal said that Article 36 of the Anti-Money Laundering and Terrorist Financing Law of 2015 sets the penalty for money laundering crimes in Iraq.
    And Bilal stated, during his interview with Al-Araby Al-Jadeed, that the punishment includes imprisonment for a period not exceeding 15 years and a fine of no less than the value of the money in the same crime that occurred, and no more than 5 times the money for which the crime was committed.
    Bilal explained that the crime of money laundering is common in Iraq, and its perpetrators are highly influential in the state, including those with great influence in all institutions, and this law cannot be applied against any of them.
    And he indicated that the investigation into money laundering operations is very weak, and there are no actual bodies that can work to pursue money or follow up cases of marriage and high dowries and investigate the extent of their legitimacy, despite the increase in these cases in recent years.
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