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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The judiciary warns of “digital money” and reveals methods of money laundering in Iraq

    rocky
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    • Post n°1

    The judiciary warns of “digital money” and reveals methods of money laundering in Iraq Empty The judiciary warns of “digital money” and reveals methods of money laundering in Iraq

    Post by rocky Wed 31 Aug 2022, 9:19 am

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    2022.08.31
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    [size=18]Baghdad - people  [/size]
    [size=18]The Rusafa Investigation Court, which is specialized in issues of integrity, money laundering and economic crime, confirmed the ability of the regulatory and judicial authorities to reduce the crime of combating money laundering, warning of “ a new phenomenon that has occurred in the financial sector in Iraq, which is the phenomenon of virtual money or virtual money that has no real existence, and its entry without Any legal or official control that may be a conduit for the money laundering process.  [/size]
      
    Regarding the extent of the control level over the funds and the mechanism for their follow-up, Judge Munjid Ghazi Faisal said in a statement to the newspaper “ Al- Qada ”, which was followed by “Nass”, (August 31, 2022), that “ transfers carried out by all financial institutions, both internally and externally, are subject to the ( National Divider ) system. ) , which was established by the Central Bank as a component of the infrastructure of the retail payment system in Iraq, and one of its objectives was to create a ( database ) for these transfers , as well as the information obtained from the Real-Time Gross Settlement System (RTGS) , which provides a mechanism through which to obtain Both the processing and settlement of high-value payment orders and any information thereon .  
      
    Judge Ghazi also points out that the Anti-Money Laundering Law, in Article 14, stipulates that all governmental and private financial institutions, whether those related to banks or automated payment companies, must create an anti-money laundering department in order to activate the governance procedures in these institutions, but that “ the work of this section Observations at the practical level, specifically with regard to private financial institutions, are tainted in that he does not have the independence necessary to exercise his supervisory work, since the wages owed to its employees are paid through the institution itself , " which needs more precise regulation by the Central Bank .  
      
    On the other hand, Ghazi touched on " a new phenomenon that has begun to occur in the financial sector in Iraq, which is the phenomenon of virtual money or digital money , which does not have a real existence and is traded only through mathematical algorithms on the Internet and works without any legal or official control, " warning of the consequences of That “ it is a conducive pathway for the process of money laundering and tax evasion , ” noting that “ this money differs from electronic money, which is a substitute for automated payment systems, and it is legitimate money that refers to real cash , ” calling on the legislator to address this phenomenon by issuing legislation It is appropriate to deal with it, especially with what we have witnessed recently of a historical collapse in its value, and the money laundering crime is considered one of the most serious crimes.  
      
    And he indicated that " the reasons for the danger lie in its very negative impact on the national economy and also that it is a transnational organized crime, in addition to the fact that the money obtained from it is often used to finance other serious crimes such as terrorism and drugs , " noting that " the seriousness of this crime also comes from the criminals' use of high means. The technology that intelligently and thoughtfully tries to circumvent the national and international legal texts that criminalize it , ” stressing that “ these reasons prompted the world to seek to confront them, whether at the level of international cooperation or through national legislation undertaken by individual countries .”  
      
    Al- Qadi added that " one of the most prominent forms of international cooperation to confront this crime is the establishment of the FATF (Financial Action Task Force) , an international organization established in Paris and working to enact international standards for combating money laundering and terrorist financing. It also conducts permanent evaluations to assess The extent to which countries adhere to these legal and regulatory standards, and this group has developed a series of recommendations that have become international standards to combat this crime and is also working to identify weaknesses at the international level with the aim of protecting the international financial system .  
      
    He added : " As a result of important judicial efforts undertaken by the Supreme Judicial Council through its various circulars and the efforts of the competent courts, including the Court for Integrity, Money Laundering and Economic Crime, in addition to other bodies such as the Central Bank of Iraq and the Directorate for Combating Organized Crime and others, whose basis was to work on implementing the recommendations of the Financial Action Group, All this recently resulted in the European Union issuing a decision to remove the name of Iraq from the list of high-risk countries, which increased the factor of reassurance in the Iraqi banking system towards the world and encouraged the opening of branches of foreign banks inside the country .  
      
    He stressed , " Iraq's relentless endeavor to join these institutions as the ( Egmont ) group , which is an informal network of financial information units that aims to enhance international cooperation and exchange information, and this group provides a base for financial information units in the member states, and the Supreme Judicial Council is aware of the importance and seriousness of this crime. He issued a set of circulars emphasizing the ( parallel financial investigation ) procedure , which is mainly concerned with the pursuit of the financial proceeds of the crime , noting that “ the crime of money laundering is an accessory crime that arises after the occurrence of an original crime from which illegal funds are realized. Courts are now pursuing illegal funds in any A place even if it moved through several people and through a system of independent procedures .”  
      
    Al- Qadi continued, " As for the national level, Iraq is continuing to complete the legislative structure to combat this crime, as well as a set of legislation and regulations issued so far, as the Anti-Money Laundering Law No. 39 of 2015 required financial institutions to undertake a set of procedures related to due diligence to verify the sources of funds and the extent Their legitimacy, the identities of clients, knowing the nature of the work, as well as monitoring financial transfers, maintaining the necessary records to restrict these financial operations, and not opening accounts for unidentified persons .”  
      
    He called for " the obligation to immediately inform the Anti-Money Laundering Office of any operation suspected of involving money laundering or terrorist financing, which in turn studies and analyzes all these reports and prepares suspicious reports sent to it, noting that this office is in constant contact with other parties to complete the system of procedures such as the Prevention Department." In the Integrity Commission if the suspect is an employee or the proceeds of the crime are related to public money .  
      
    To strengthen these procedures, the judge also pointed out that “ the exchange offices, as one of the financial institutions covered by the anti-money laundering law, are subject to the continuous procedures of the Court of Integrity and the fight against economic crime and money laundering permanently to reduce the phenomenon of unauthorized exchanges, as well as to ensure the extent to which the authorized exchanges comply with the instructions and controls of the bank. The Central Bank, where legal measures are taken against violators and referred to the competent courts in accordance with Articles (57 of the Banking Law No. 94 of 2004) as well as Articles (36 , 39 , 40 , 41 and other Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015).  
      
    And he talked about " cases related to sums of money transferred by citizens legitimately, but sometimes some exchanges seize them and not transfer them to the destination to which they are sent , " noting that " the court takes legal measures in accordance with Article 453 of the penal code in force ) against the owners of those exchanges . He stressed that, " Not every transfer of money abroad through exchange offices is a crime. Sometimes a sum of money is transferred through exchange offices whose source is legitimate, but this transfer is marred by violations related to the legal validity of the exchange in the foreign transfer, so the legal description differs, as for the money that is smuggled outside Iraq." Being one of the proceeds of the crime, this is what the description of the money laundering crime applies to .”  
      
    Ghazi identifies the most important obstacles facing the work of the court and other regulatory bodies in combating this crime, foremost among which is the “ weak international cooperation and the lack of answers from counterpart units of anti-money laundering offices in other countries, especially those that are safe havens for smuggled money, in addition to the lack of full implementation of automation systems.” In some important departments, such as the Real Estate Registration Department , " explaining that "Most of the perpetrators of money laundering crimes buy real estate in huge amounts to hide these funds or camouflage their sources of income, as well as to legitimize those funds by selling these properties later and transferring those funds abroad to give the illusion that they come from legitimate sources or use them to finance projects and investments at home because of the difficulty of transferring them due to the following procedures oversight or because of what the regional environment is witnessing of economic deterioration and a decline in the value of the currency for those countries, which has contributed to a significant increase in real estate prices in Iraq .”  
      
    The existence of an electronic database that classifies real estate by names, not just by real estate numbers, allows the supervisory authorities to know the total real estate owned by each person accused of money laundering. For everything that is imported, and this would, if achieved, reduce the fictitious purchases of the dollar in the currency auction .” 
      
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