The central bank required to apply anti-currency smuggling and money laundering laws

The central bank required to apply anti-currency smuggling and money laundering laws

Writings

Saturday , January 30, 2016

Legal expert Tareq Harb CBI called for the application of anti-currency smuggling and money laundering laws.

He said the war in a press statement that "the invitation of the Prime Minister on 01.29.2016 the Iraqi Central Bank to review its policy on currency smuggling and money laundering requires the central bank applied several laws to combat this serious issue and the first of these laws law No. (21) of the 2013 law on the sale and lease of state property and in particular articles 29 et seq. of the Act relating to the establishment of the state departments sell movable state. "

He said the war that" the central bank's department of state departments foreign currency in which it sells at the auction is from state funds and what that currency is one of the movable law and the lack of provision in this law excludes the central bank of its provisions so it is the central bank of applying the provisions of this law, especially with regard to the payment of insurance of 20% of the appraised value of the coin foreign before signing auctions and the need to pay 80% of the value of the ability of foreign currency, which was sold before the currency delivered or launched for the benefit of the buyer of any operation under this law requires deposit bonus of actually Iraqi money and no papers only with the consequent especially for banking clearing procedures and so close the door to money laundering and smuggling of currency to some extent does not say eliminate it. ".

He explained that" the central bank applying the provisions of anti-money new funds Law No. (39) for the year 2015, especially with regard to the regulatory approaching that oversee and ensure that anti-money laundering requirements namely the ministries of trade, industry and the Securities Commission and the Office of insurance as well as the central bank itself as well as the application and implementation of the provisions of Article V of the law which established the Council of the fight against money laundering from the relevant authorities in this process, interior, finance, justice and Commerce and the General Secretariat of the Council of Ministers and national intelligence and national security and the Securities Commission such as ministries and a counter-terrorism and a representative of the Supreme Judicial Council, not withstanding the provisions of articles (40, 41) of the Central Bank Law No. (56) for the year 2004, which awarded the bank alone the authority to take measures to regulate the work of banks and supervision and request information about the bank and its clients and its branches, as well as articles (2 and 3 ) of the banking Act No. 94 of 2004 which gave the central bank the executive legal force to all the banks and the authority to examine the accounts and the books and records of any bank. ".

He said the war to be" anti-money laundering delicate and complex and difficult process and requires all sides to cooperate with the the central bank to achieve this goal. "