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Money in one of the private banks "BSA" Iraqi accuses the insurance company to "violate" the law a

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rocky
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Money in one of the private banks "BSA" Iraqi accuses the insurance company to "violate" the law a

Post by rocky on Mon 02 Dec 2013, 3:30 pm

Money in one of the private banks "BSA" Iraqi accuses the insurance company to "violate" the law and "failure" to disclose money laundering

02/12/2013 22:47







Long-Presse / Baghdad

Detection of Supreme Audit Federal, on Monday, for the continuation of the various government agencies to "violation" of laws, regulations and directives, including those governing the implementation of the budget and management of state funds, projects and contracts, accusing the insurance company of the Iraqi committing a "pack irregularities" legal, and "failure" to disclose money laundering , and called on them to abide by the provisions of the law, and to take the necessary measures to increase its capital investments and feasibility study and the search for other sources of money to recruit and maximize resources.

The Board of Supreme Audit, in his second quarterly, which covers the period from April to the end of June of the year 2013 the current, which was obtained by the newspaper (range) a copy of it, and began publishing on the rings, if the insurance company of the Iraqi "broke the law by not putting in place policy to prevent money laundering operations and detection. "

The Court, in his report, that "the work the company does not allow detection convert any amounts derived from illegal acts or replaced, use or employ any means to make them legitimate, without specifying the real source of her owner, or in the case of giving incorrect information about, and to report to the Office of Insurance, "returned that" it violates the provisions of the second paragraph of Article 35 of the law regulating the business of insurance issued pursuant to Order No. (10) of 2005, which requires the company's commitment to those provisions. "

He explained Dwan control in his report, that "the capital of the company was a billion dinars, in (the first of December 2012 the past), contrary to the instructions of the Office of Insurance numbered (15) for the year 2012, which set the minimum capital due to the insured stipulated in article (28 ) of the law regulating the insurance business, issued Order No. (10) for the year 2005 five billion dinars, "and urged the need to" take the necessary legal measures to increase the company's capital and comply with the provisions of law. "

He called BSA's report, the insurance company Iraqi to "study the feasibility of investments and the search for other sources to employ their money and maximize their resources," pointing out that "the sum of the company's investments amounted to 21 billion and 653 million dinars, (31 December 2012 the past, while the Realized investment returns for the year / 2012 billion and 714 million dinars. "

Point Diwan in his report, "The presence of investments for the company did not prove in the records, and did not appear in the list of its financial position," he continued that "it was clearly evident to auditors Court by differences in the number of shares, the endorsements received and records the investment department, when matching endorsements company's contribution to private and mixed sectors. "

The Office of Financial Supervision, which was founded in 1927, on behalf of the Department of auditing public accounts, then known then as the Office of the Comptroller General, aims to keep the public money and boost the economy, in addition to monitoring and auditing the accounts of entities subject to the control and verification of the integrity of the application of laws, regulations and financial instructions .

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