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Iraq moves internationally from the "gray" to the "white" area
The first 2023/02/08
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Muhannad Abdel Wahhab
Economic experts expressed their support and optimism for the procedures of the competent authorities in the areas of combating money laundering and preventing the financing of terrorism, describing these measures as "good" and in line with international conditions, considering that on the basis of that, the name of Iraq was removed from the "most dangerous countries" area and moved from the gray area to white.
The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, said in an interview with "Al-Sabah": "Iraq has come a long way in combating the financing of terrorism and money laundering," noting that "in the past year, the European Union raised the name of Iraq from the most dangerous countries and moved it from the list." gray to whitelist.
He added, "The measures practiced by Iraq in combating money laundering are good, despite the fact that the conditions of trade in Iraq in the last 20 years took place through irregular financing in most of its paragraphs, and this raised the ire of international prospects, especially the prospects for compliance with the conditions of global institutions."
And he indicated that "most of the foreign transfers made by Iraqi banks are supposed to be transparent, and on this basis (the central bank platform) was formed, which rejected thousands of money transfers because they do not use the correct mechanisms."
Salih pointed out, "The central bank has an important lever that it launched to facilitate freedom of external transfer through the international banking system and financial institutions that are subject to compliance, and there is cooperation between Iraq and those agencies, especially the Financial Action Organization, so Iraq is complying with these rules and needs some time to change some things." He explained that "international Iraqi cooperation continues and will reflect positively on the price of the Iraqi dinar."
For his part, the economist, Dr. Qusai Safwan, stated that "the process of combating money laundering falls within the responsibility of the Central Bank of Iraq in detecting the army of money that enters the banking system in the country." He added, in an interview with "Al-Sabah", that there are a set of conditions, and the owner of the Iraqi dinar is supposed to be asked (from where did you get this dinar?) for the purpose of entering the Iraqi electronic platform, "explaining that" the banking procedures were accompanied by many violations due to the system of dividing the coefficient into More than one customer and the process of moving accounts between customers, as well as the difficulty of knowing whether commercial companies are real or fake?”, Noting that “the problem is: Where does the Iraqi dinar come from?”.
Safwan pointed out that "Those who trade in money laundering today have turned to the real estate market, gold, and the cash dollar that is outside the banking system, and certainly the Council of Ministers is required to open an office inside the real estate market, and open the files of foreign real estate transfers that took place in recent years to find out (where it came from). Iraqi dinar) through which many properties were purchased in neighboring countries and countries of the world with Iraqi money.
He pointed out that "the sooner the terms of the US Treasury are complied with in a quick manner and we encourage Iraqi banks to obtain documentary credits, we reconsider the issue of customs and taxes that are imposed on merchants for the purpose of import - especially in previous years because they are afraid to enter the auction for selling the currency for fear that they will incur previous debts and a discount." Taxes and customs - all of this will contribute to lowering the price of the dollar."
Edited by: Muhammad Al-Ansari
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