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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 crime of money laundering and ways to combat it.. Treatment

    rocky
    rocky
    rocky
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    Posts : 241547
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    • Post n°1

    The crime of money laundering and ways to combat it.. Treatment Empty The crime of money laundering and ways to combat it.. Treatment

    Post by rocky Sun 29 Jan 2023, 3:06 pm

    [size=38]The crime of money laundering and ways to combat it.. Treatment[/size]


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    January 29, 2023[You must be registered and logged in to see this link.]
    Baghdad/Obelisk:
    Razzaq Hamad Al-Awadi
    The concept of money laundering crime?
    It is one of the economic crimes associated with organized crime... Examples of which are drug crimes....terrorism, human trafficking...counterfeiting currency bribery...embezzlement, financial and administrative corruption....etc....
    Money laundering has bad effects, including devaluation of the currency in the country in which this process is practiced, which leads to an increase in inflation and exposes money markets to collapse. (1) Important political positions and control over decision-making positions.... It also leads to capital owners infiltrating important authorities in the state and influencing the enactment of laws in proportion to their illegitimate interests.
    First: the legal framework for combating money laundering and terrorist financing.
    Several decisions were issued regarding combating money laundering, including the dissolved Revolutionary Command Council Resolution No. 10 in 1997, which included the confiscation of movable and immovable funds that belonged to a person illegally, and he transferred ownership to others with the intention of evading…..and imposing penalties and fines in cases of failure to inform.
    Secondly...... In 2004 the Civil Governor issued an amendment that included an amendment in the case of terrorism and its transfer to money laundering in response to the global requirements in issuing legislation.... in addition to setting up the supervisory procedures required for banking institutions in the light of Law 93 of 2004 and among them.
    1- The supervision of the Central Bank of Iraq on banking institutions, and it included several items, including supervisory and procedural, and giving it an effective role in combating money laundering.
    B- Monitoring financial institutions over their transactions and dealings by implementing their obligations through know your customer and verifying the identity of customers and real beneficiaries.
    C- Building administrative units with different administrative organization to combat money laundering.
    D- The law imposes obligations to detect crime, end notifications of suspicious transactions, and inform the money laundering office, as we referred to the mechanism … and impose penalties on financial institutions in accordance with Article 39 of the law when not opening records and documents to record the financial transactions they conduct … or accepting deposits or opening accounts Anonymous sources or fictitious names … as well as imposing penalties in the event of refraining from submitting a report on suspicious transactions (2).
    Thirdly, the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015 was issued….which was legislated as a result of the magnitude of the damages resulting from terrorist operations and combating the crime of money laundering. The law consists of twelve chapters….and the most important thing that concerns us from analyzing the texts of the law is what is mentioned!
    In Chapter Four, Article (8), the Anti-Money Laundering and Terrorist Financing Office, and the obligations received from the reporting authorities in accordance with Article Nine…..and analyzing these reports or information in accordance with Article 9, including, for example, receiving news, reports, or information that includes original proceeds of crime, money laundering, or Terrorist financing...with stopping the implementation of the financial operation or operations for a period not exceeding 7 days.
    Chapter Five also included (the obligations of financial institutions and non-financial professions mentioned in Article 10...which is the obligation of financial institutions, business owners, and non-financial professions to the obligations contained in Article 10 referred to above in detail, as stated in Articles (11...)..(12.) … (13) As for Article 14 of the law, it obligated the introduction of an administrative formation in financial institutions for combating money laundering and terrorist financing, which would follow up on the implementation of the provisions of this law and the instructions issued according to it (3).
    Fourth - From the analysis of the anti-money laundering methodology in accordance with the Money Laundering and Terrorist Financing Law No. 39 of 2015, the following was noted.
    1- The policy of the Iraqi legislator to prevent the use of the banking system and financial institutions in money laundering is based on two axes.
    The first axis is organizational
    It is based on the establishment of the Money Laundering Council and the Money Laundering Office in the Central Bank of Iraq. Its terms of reference are mentioned in the body of the law, which we referred to in accordance with its terms of reference as the house of expertise in this field because it opened clear channels between financial institutions and other related professions to obtain data and information related to suspected operations. In that it includes money laundering….and the legislator granted it the right to carry out examination and investigation work on suspicious financial transactions and to receive reports on the obligations that the legislator placed on the shoulders of financial and banking institutions and other professions in order to have a role in combating money laundering.
    The second topic is thematic
    It is represented in the obligations that the legislator has placed on the shoulders of financial and banking institutions, foremost among which is (know your customer), verifying his identity and legal status, and the obligation to notify the money laundering office in the Central Bank of Iraq … and the obligation to keep records and documents to record customer identification data.
    Fifth, the methodology of Money Laundering Law No. 39 of 2015
    1…… The law and international agreements on money laundering, amounting to 13 agreements ratified by Iraq and published in the Iraqi Gazette, became part of the internal law in accordance with Article of Publication Law No. 87 of 1977 and provided legal frameworks for combating money laundering as it is necessary for the country’s economy and obligations towards the international community
    B……..the law included the building of a control apparatus, starting with the establishment of the Anti-Money Laundering Council, consisting of 11 members, headed by the Governor of the Central Bank, and defined its powers and tasks in accordance with Article 7 of the law, and there is no room for writing them down.
    A……..the law also included the establishment of a money laundering office in the Central Bank at the level of a public department with a legal personality, and its tasks were determined in accordance with Article 9, some of which we referred to at the beginning of the research.
    Dr……. The law imposes obligations on financial institutions and non-financial businesses and professions in accordance with Article 10 of the law and Articles 11…..12…..13…which we referred to at the beginning of the research, namely:
    1.. The commitment of financial institutions...to verify the identity of the customer and the beneficiary through documents, data or information from reliable sources.
    B ….. identifying the identity of any person acting on behalf of the client and making sure that this person has the authority to act
    C…..to know the structure of ownership in relation to legal persons… and to exercise due diligence during the opening of current accounts or documentary credits and under the surety’s letter
    D….. The law obligates financial institutions to form a special administration in combating money laundering, which is responsible for following up the implementation of the provisions of this law and the instructions issued according to it in accordance with Article 14
    Sixth: Treatments and measures to prevent money laundering crimes, as stated in the law and international applications in this regard, and the recommendations of the Financial Action Group for the Middle East and North Africa (FATF).
    1... Most of the strict legislation has been established in an effort to avoid the criminal use of the banking and non-banking system in the field of money laundering and has imposed strict conditions, including (4)
    Commitment to exercise vigilance and apply extremely accurate policies that require verification of the identity of customers and financial operations, and this must include a set of controls and preventive measures that financial institutions must adhere to in accordance with Recommendation No. 12 of the Forty Recommendations (FATF), whether natural persons or legal persons ….. (.5)
    2……Verifying his identity and obligating him to submit the original and valid official documents to ensure proof of his identity and address…It is also necessary to investigate the identity of the legal person and obligated to present the company, the certificate of incorporation and the license issued by the Companies Registration Department, i.e. the documents that prove the legal quality and it can be said that the obligation on the institutions Financial verification of the identity of customers represents one of the basic provisions in the various international systems
    3…..monitoring the movement of money, and this is what I referred to as the mechanism of the most basic international documents in the field of combating money laundering and controlling it by setting strict controls, including, for example, determining the value of cash payments ……
    4……Subjecting some financial operations to special control in accordance with Article III of the United Nations Model Legislation
    5…… The commitment of the owners of financial professions and activities, especially the exchange profession, in the areas of foreign transfers of funds obtained illegally and a huge amount, the need to report them, whether they are natural persons or legal persons, and to verify their identities and the necessary documents, which we referred to in detail
    6…..and the importance of detecting money laundering crimes and taking the necessary measures, it is necessary to report them immediately, and this is indicated by the mechanism of the Anti-Money Laundering Law, which we have explained in detail
    7... The smuggling of goods and money or their entry without specific controls and procedures through the border crossings requires control of those crossings to reduce the phenomenon of money laundering
    Finally, we say that Iraq is a great country with resources and is characterized by all human ingredients, but at the same time it was and still is a target for financial and administrative corruption and many seek its mechanism to dominate, destroy and plunder its resources, distort its value, dismantle its division, sow crime and all social and economic diseases and epidemics under various names ….. Therefore, the phenomenon of washing has spread Money, looting and looting.
    The Bar Association, under the direction and support of the respected Mrs. Ahlam Al-Amy, and the Council of the Bar, will continue, based on the legal mission and the sacred right to defend rights as a constitutional principle, and provide research and legal studies, whether in the international or regional field or the internal legal environment and in all fields based on its constitutional and legal responsibilities And professionalism and its glorious history and concern for public money being sacred and everyone must preserve it and this is what the foundations of human and professional justice require for messengers of justice in the courts of justice.
    We hope that everyone will rise up to fight and combat these crimes in accordance with the legal frameworks that we referred to... and the recommendations of the Financial Action Task Force (FATF) and the international agreements ratified by Iraq regarding money laundering and terrorist financing.
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