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- MONDAY, 26-04-2021, PM 2:35
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Written by: Majid Ahmed Al-Zamili
Misuse of the financial system can damage the reputation of financial institutions, have negative effects on investor confidence and thus increase the vulnerability and confusion of the financial system. The economic damage arises not only from acts of direct economic and financial crime, but also from the mere perception that these acts are occurring, thus affecting the reputation of financial systems and the return of foreign investment. In many countries, too, widespread public suspicion that the elite is committing economic and financial crimes in the public and private sectors undermines the legitimacy of the ruling. Therefore, the effective fight against economic and financial crime is crucial to sustainable development and institution building.
Economic crime means: economic harmful acts that the law determines to protect the country's economic interests .. There are provisions concerned with protecting the economic system in the field of various activities, the most important of which is protecting public and private funds from tampering or possessing them secretly, ruse or forcefully, and achieving illegal profits, or under directives. State policy to achieve self-interest, and among those crimes harmful to the public interest is the exploitation of the public office to achieve personal ends through bribery, profiteering, and the exploitation of influence to achieve personal interests, benefits and privileges.
Whereas criminal law is concerned with protecting the basic interests of the human community, one of the most important of these interests is to protect money from crimes of assault, whether the money is public or private. By extrapolating the texts of economic legislation, the legislator’s policy is clear towards protecting public money from tampering as a grave offense, and in implementation of this, the comparative legislator has stipulated the crimes of embezzlement of public money, aggression against it, treachery and appropriation in any other way, among them also the charging of commissions for deals or other acts, Heavy penalties have been imposed to prevent tampering with money, and one of the most important economic crimes is corruption crimes. Political systems differed in the matter of holding political officials and VIPs accountable in the event that they deviate from the responsibilities entrusted to them and corrupt their liabilities .. Some regimes tend to be satisfied with purification or administrative punishment and dismissal in the case of accusations of deviation and corruption. ..
The Bretton Woods Agreement came in a new international atmosphere in which the United States emerged as a superpower, and in which international capitalism was rearranged. Markets were not liberal at that time in the current form, as there were Keynesian policies that came as a leftover from the great crisis in the United States in 1929, which established the belief that the state should have a hand in the process of supporting demand in the national economy by raising wages. So, the main asset of the Bretton Woods institutions and their sponsors is control. There are two types of control: place control through the actual executive authority, and time control. This is an ideological control imposed by the dictates of financial institutions that press for intensifying work in fewer hours and intensifying life in less time. There was also an understanding of the state’s sovereignty over its currency and the independence of its monetary policy, as there was not yet open currency speculation that creates changes in the exchange rate in a way that affects commercial exchanges. The capacity of fixed exchange is necessary to create confidence that the currency will not collapse, thus facilitating commercial exchange. Monetary policy was independent at the time because the capital account was closed, meaning you could not simply transfer your money abroad. It is not in the IMF’s interest to pay off the debt, but rather to serve it at high rates. Therefore, profitability is a factor in the sustainability of indebtedness, but the most important thing is that this debt is a process related to social production in the region. Production has been re-understood as merely a transformative process that requires inputs to produce goods. But production is a social relationship, which includes workers, landlords, states and others, and debt changes the social relations involved in this production process. Debt servicing comes from primary public spending. Therefore, profitability is a factor in the sustainability of indebtedness, but the most important thing is that this debt is a process related to social production in the region. Production has been re-understood as merely a transformative process that requires inputs to produce goods. But production is a social relationship, which includes workers, landlords, states and others, and debt changes the social relations involved in this production process. Debt servicing comes from primary public spending. Therefore, profitability is a factor in the sustainability of indebtedness, but the most important thing is that this debt is a process related to social production in the region. Production has been re-understood as merely a transformative process that requires inputs to produce goods. But production is a social relationship, which includes workers, landlords, states and others, and debt changes the social relations involved in this production process. Debt servicing comes from primary public spending.
And since the dollar became the master of currencies, Washington succeeded in achieving its control through investments and the purchase of existing projects in most countries, in return for promises to pay in dollars, and in return for giving creditors certificates with those promises, so it was the giant "reconstruction programs" that made Europe and Japan, with its factories, companies and markets, Subsidiary countries whose benefits and profits are shared by American monopolists. However, the American allocations were not sufficient for the reconstruction. Rather, they were really the smaller part of the costs. As for the largest part, it fell on the shoulders of the people in Europe and Japan, and even the small American part did not come from the coffers of the American monopolists, but rather from the savings of American depositors and small shareholders. From the taxpayers, and from some American banks, they generally did not use from their pockets what deserves to be mentioned, and reaped the huge benefits and huge profits that strengthened their positions in the international economic system.
The economies of countries, especially capitalism, suffer from the problem of narrow markets and the difficulty of disposing of their products, so they resort to integration to make their markets wider, including all member states, and this results in increasing the production of projects to meet the increase in demand for their products, and thus operating idle and untapped energies, as well as achieving the availability of large volumes. In its 1995 World Economic Outlook, the International Monetary Fund defined "economic globalization as the increase in economic interdependence among the countries of the world, by increasing the volume and diversity of cross-border transactions of goods and services and international capital flows as well as the speed and extent of technology spread."
Economic globalization includes three main systems, which are the international monetary system, the international financial system and the international trading system. Three international economic organizations are based on the management of these systems, namely the International Monetary Fund, the World Bank and the World Trade Organization, all of these play a pioneering role in consolidating this globalization. Production, the globalization of financial and investment interactions in particular, and the fall of economic autonomy in general are all factors that help to spread the global phenomenon whose first victim is the fall of the concept of economic sovereignty, meaning that the previous borders fall before the giant companies that can transfer the places of manufacturing their products to the countries of cheap labor and return Sell them in the rest of the world at competitive prices.
As for the economic blockade, it is from the thought of the Israeli lobby that has become the one with the greatest influence over the American president, Trump and top Israeli sources boasted that their details were drawn up by Benjamin Netanyahu, the prime minister, and were supported by Jared Kushner, his student and son-in-law of the American president and his most prominent advisor, as confirmed by Ben Caspit, the Israeli writer. One of the security sources in an article he published in the “Al-Masdar” center, which specializes in Middle East affairs. There was research conducted by the US Department of Defense that lasted for ten years and directed attention strongly towards modern technology warfare, as it is an essential tool in the mechanisms of fourth generation warfare, by using all methods of psychological warfare to gain access to the mind of the target society, whether by questioning itself and its capabilities, or by creating Internal divisions and conflicts, the disintegration of society, and bringing the collective will of society to a state that undermines the survival instinct of man.
So the strategy is to shuffle the cards, even by bypassing international laws, and then reforming according to US interests. But the laws of the universe are current, and it will not benefit anything with this year, and here is China rising despite all America's attempts. America is in danger, and the evidence is what America is doing through Trump, and a country cannot feel strong and act as Trump does. Trump is a moron who wants to destroy the world, but there is an emerging global power like China - Russia - France - Britain - and a regional power like Turkey - Iran.
The recent international blockade imposed on Sudan (for example) has left negative effects on the Sudanese banking sector, including: stopping financing and bank guarantees, obstructing bank transfers, complicating deposit procedures, stopping credits and other things, and the measures required to overcome the negative effects of sanctions are: To become a union Arab banks are the leader who moves all the counterpart institutions on the global, Arab and country level, in order to compensate Sudan, the Arab and African world for what it has lost in terms of interests and rights, especially regarding how to enable Sudan to benefit from rights in global, regional and specialized organizations, and to facilitate the flow of financing and the flow of financial aid, guarantees and all facilities Financial.
And the Iraqi economy, for example, after the occupation in 2003, after the collapse of the political, economic, financial, administrative and security systems, the occupier tried to rebuild these systems, and he issued several legislations that formed the basis on which the post-2003 systems were built, and the occupier relied on building laws that he issued and his own law, such as the State Administration Law and the Law Financial management, ignoring the legacy of the Iraqi state for eight decades, which created disparities between groups of society, groups were marginalized, equality was absent, religious, sectarian and ethnic tendencies were raised, and the concept of homeland was absent.
The implementation of United Nations resolutions and placing Iraq under Chapter Seven with all its articles that include many aspects, including the formation of alliances against Iraq as a threat to global peace and severing economic relations, including the cessation of economic links, iron, sea, air, postal, telegraphic, wireless and other means of transportation. Partially or completely and severing diplomatic relations and other aspects, but what should be focused on are the economic, financial and monetary aspects, which were caused by the decision to disrupt the Iraqi payments system with the outside world, which resulted in Iraq being isolated from the international system of payments, which disrupted foreign, financial and international trade and international investment. And disrupted the activities that fall under these activities, and throughout the period 1990 to 2017 Iraq worked in isolation from the world, and one of its features was the growth of an informal and illegal international system to sell Iraq part of its oil through smuggling operations.Through a series of network-like parties led by individuals to provide materials, especially food, and the establishment of private banks inside Iraq and through various family covers and internal joint-stock companies, have contributed to building informal systems with a number of Arab banks, the increase in dealing in cash and the start of Iraq monetary printing of the currency (the Iraqi dinar). ) And the continuous decline in its value.
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