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Economists call for tightening money laundering laws and port controls
Economical 04/25/2024
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Economic affairs specialists urged tightening the laws related to combating money laundering and controlling border crossings in general and the Kurdistan region in particular, as they are among the basic points to address the negative situation in the local economy.
The specialist in economic affairs, Dr. Abdul Karim Al-Issawi, said during his talk to “Al-Sabah” that there is a synonymy between the existence of the formal economy, which is subject to the actual supervision of the various government agencies, and the informal one, which is called the black or hidden economy, and it is a sector that establishments do not need, while carrying out their activities, to Official statement.
He added that those who follow the local economic cycle have not found, over the past six decades, the components of a formal economy that lives in conditions of peace in a way that leads to achieving balanced growth among its economic sectors. To address this negative situation, laws must be activated to combat money laundering crimes and control border crossings. It is necessary to pay close attention to the opinions of experts in many disciplines on the reality of the growth of the black economy.
He explained that the most important solutions in this situation are to reform monetary and financial policy and reduce the general budget deficit, the provisions of which are supposed to be characterized by transparency in public spending and limit extravagance and squandering of state resources.
Al-Issawi stated that it is necessary for the government to control the border crossings in general and in the Kurdistan region in particular, reduce the number of crossings and close the unofficial ones, while activating government and popular intelligence efforts to monitor illegal actions and through the establishment of warning sensors and making this matter a national duty and accelerating the establishment of electronic government. To monitor the real income of the citizen and what its sources are in order to subject them to tax.
In turn, the specialist in economic affairs, Dr. Amr Hisham, said: All economic and commercial activities that are not subject to the laws are mainly concerned with tax evasion and are an integral part of the black economy or the so-called shadow economy, and these illegal practices aim for illegal profit.
He continued that money laundering and the acquisition of illegal funds is a form of the black economy, just as oil smuggling operations out of the country represent one of the doors of the black economy, so deterrent laws must be activated in this area, and the lesson is in application and not tolerance.
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