Money smuggling threatens the stability of the Iraqi economy and entrenches the corruption crisis

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[size=52]Money smuggling threatens the stability of the Iraqi economy and entrenches the corruption crisis[/size]

[size=45]The phenomenon of money smuggling outside Iraq is one of the most prominent threats facing the national economy, as it leads to a reduction in local liquidity, a reduction in government revenues, and the promotion of corruption.[/size]
[size=45]It also contributes to the weakening of confidence in the financial system and negatively affects the stability of the national currency, which calls for urgent measures to combat this problem to ensure economic stability and achieve sustainable development.[/size]
[size=45]Economic expert Wissam Al-Dulaimi said, “Money smuggling could lead to a significant shortage of liquidity within the country, which would weaken the national economy and affect the ability to implement development projects.”[/size]
[size=45]He added, “The smuggled money is often not subject to taxes, which reduces the revenues that could be used to finance public services and infrastructure.”[/size]
[size=45]He added, "Money smuggling may be an indication of widespread corruption in the financial system, which undermines investor confidence and leads to economic instability."[/size]
[size=45]Al-Dulaimi continued, “When there is money smuggling, the financial system can lose its credibility, leading to a decrease in domestic and foreign investments.”[/size]
[size=45]The economic expert explained that “money smuggling leads to pressure on the exchange rate and affects the stability of the national currency,” noting that “these dangers make combating money smuggling necessary to ensure the stability of the economy and the financial system in Iraq.”[/size]
[size=45]The Federal Intelligence and Investigation Agency of the Ministry of Interior announced today, Monday, the arrest of a network for transferring money outside Iraq illegally in the Karkh side of Baghdad.[/size]
[size=45]The agency said in a statement that "its detachments specialized in combating organized crime in Baghdad/Karkh monitored information indicating the existence of an illegal network that transfers money outside Iraq via electronic payment cards."[/size]
[size=45]He added, "Immediately, an intelligence team was formed to determine the locations of the accused, raid the place, and arrest the accused, numbering (6), who had (500) electronic payment cards in their possession, which they used to transfer money outside Iraq illegally."[/size]
[size=45]The statement continued, "A light weapon (two pistols and two rifles) and other materials used in transferring money were seized," indicating that "this operation came after obtaining the necessary judicial approvals, while the accused were referred to the competent investigative authorities to receive their just punishment."[/size]
[size=45]Experts believe that any means to limit the smuggling of currency out of Iraq will not be entirely successful, because those who control the financial market and most private banks are influential parties that know very well how to maintain their influence and financial power through smuggling operations.[/size]
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