Parliamentary Finance emphasizes the new legislation regulating the work of private banksMarch 27, 2015
March 27, 2015
Iraqi Dinar News
Said the parliamentary finance committee member Ahmed Sarhan Thursday the House of Representatives prepared a study bill regulates illegal work of banks provided presented by the Council of Ministers or the Republic.
Sarhan In a press statement followed the news agency Buratha said that the House wait so laws by the Council of Ministers and the Republic because many banks, especially the civil them operate their own and away from the political and financial government or banking laws, stressing the need for new legislation regulating private banks work follow-up work.
He added that the new legislation supports the Iraqi government and private banks, two branches will contribute to the investment process and the reconstruction of the country the fact that the banking system in Iraq, too late for the modern and sophisticated systems in the world.
It is worth mentioning that the report of the Organization of Global Financial Integrity last little figures that Iraq has lost nearly six trillion dollars over the past ten years as a result of poor planning and the work of private banks as well as political corruption.
The report said that the money is legitimate in Iraq suspicious transactions to a number of politicians source and senior staff in addition to the embezzlement of public money being pumped out again bleach across deposited in Iraqi banks experiencing weakness and lack of laws regulating them.
The international reports have indicated that Iraq has lost 6 trillion dollars over  years, because of crime, corruption and tax evasion, as well as money laundering.