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United Bank investment stop dealing with a number of his customers and closing their accounts
Editor: HL | AA
Thursday 14 February 2013 05: 30 GMT
Alsumaria news/Baghdad
The
Iraqi Central Bank, disclosed Thursday, shutting down United Bank for
investment deal with a number of his clients and close their accounts,
the Bloc's due to suspicions of money laundering.
The Bank said
in a statement received "alsumaria news", "United Bank investment
stopped dealing with a number of his clients and close their accounts,"
the Bloc's due to suspicions on money laundering ".
The Bank said that "the Bank amounted to the money laundering reporting Office at the Central Bank of Iraq of this resolution".
Money
laundering is the process of recycling of funds from illegal actions in
the areas of investment channels to hide the real source and look as if
they had been generated from a legitimate source. Examples of such
unlawful acts of funds from drug trafficking, slave, prostitution,
weapons, robbery and theft.
Economic observers underlines the
growing phenomenon of money laundering in Iraq encouraged by political
and security conditions in the country and in recent years.
The
number of private banks in Iraq reached more than 30 banks, but did not
play a central role in the economic development process in Iraq because
of a lack of capital, and that most government departments not dealing
with private banks due to a lack of confidence in the private sector
generally and the private banks in particular.
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Editor: HL | AA
Thursday 14 February 2013 05: 30 GMT
Alsumaria news/Baghdad
The
Iraqi Central Bank, disclosed Thursday, shutting down United Bank for
investment deal with a number of his clients and close their accounts,
the Bloc's due to suspicions of money laundering.
The Bank said
in a statement received "alsumaria news", "United Bank investment
stopped dealing with a number of his clients and close their accounts,"
the Bloc's due to suspicions on money laundering ".
The Bank said that "the Bank amounted to the money laundering reporting Office at the Central Bank of Iraq of this resolution".
Money
laundering is the process of recycling of funds from illegal actions in
the areas of investment channels to hide the real source and look as if
they had been generated from a legitimate source. Examples of such
unlawful acts of funds from drug trafficking, slave, prostitution,
weapons, robbery and theft.
Economic observers underlines the
growing phenomenon of money laundering in Iraq encouraged by political
and security conditions in the country and in recent years.
The
number of private banks in Iraq reached more than 30 banks, but did not
play a central role in the economic development process in Iraq because
of a lack of capital, and that most government departments not dealing
with private banks due to a lack of confidence in the private sector
generally and the private banks in particular.
[You must be registered and logged in to see this link.]
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