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[size=36]The Central Bank is developing a joint plan to monitor money laundering operations[/size]
Economy| 01:28 - 04/16/2023
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Baghdad - Mawazine News
Today, Sunday, the Central Bank of Iraq clarified its procedures regarding its recent decisions to monitor money laundering operations, while indicating the development of a joint plan with the Ministry of Justice to be implemented in stages to prevent affecting the real estate market.
The Director General of the Bank’s Investments Department, Muhammad Yunus, told the official news agency, “The Anti-Money Laundering and Terrorism Financing Council indicated that the real estate sector is the most dangerous in Iraq, because of this sector’s attractive features for money laundering, and as a result, the Central Bank took measures commensurate with With these risks, which made this sector an unsafe haven for the proceeds of crime.
Younes indicated, "Developing treatments in cooperation with the Ministry of Justice and the Office of Combating Money Laundering and Terrorism Financing in the Iraqi Bank and Center, within an integrated plan, implemented in successive stages, to prevent affecting supply and demand for those real estate, and paid using banking services and enhancing financial inclusion in Iraq." It guarantees the rights of both parties to receive and deliver money.
And he continued by saying: “To monitor these procedures, the real estate registration staff and the relevant authorities have been trained through workshops, to monitor money laundering and terrorist financing, and these procedures include, as an initial stage, that the real estate be specified at 500 million dinars, the purpose of which is for the bank to take the necessary measures.” At this ceiling, after which it will come down gradually, to ensure that it does not affect the real estate market, and we believe that these measures are a catalyst for reducing money laundering operations. Ended 29/N33
Today, Sunday, the Central Bank of Iraq clarified its procedures regarding its recent decisions to monitor money laundering operations, while indicating the development of a joint plan with the Ministry of Justice to be implemented in stages to prevent affecting the real estate market.
The Director General of the Bank’s Investments Department, Muhammad Yunus, told the official news agency, “The Anti-Money Laundering and Terrorism Financing Council indicated that the real estate sector is the most dangerous in Iraq, because of this sector’s attractive features for money laundering, and as a result, the Central Bank took measures commensurate with With these risks, which made this sector an unsafe haven for the proceeds of crime.
Younes indicated, "Developing treatments in cooperation with the Ministry of Justice and the Office of Combating Money Laundering and Terrorism Financing in the Iraqi Bank and Center, within an integrated plan, implemented in successive stages, to prevent affecting supply and demand for those real estate, and paid using banking services and enhancing financial inclusion in Iraq." It guarantees the rights of both parties to receive and deliver money.
And he continued by saying: “To monitor these procedures, the real estate registration staff and the relevant authorities have been trained through workshops, to monitor money laundering and terrorist financing, and these procedures include, as an initial stage, that the real estate be specified at 500 million dinars, the purpose of which is for the bank to take the necessary measures.” At this ceiling, after which it will come down gradually, to ensure that it does not affect the real estate market, and we believe that these measures are a catalyst for reducing money laundering operations. Ended 29/N33
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