Controlling 80% of currency smuggling in Iraq.. 6 qualitative strikes "paid off" and efforts continue
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Baghdad Today - Baghdad
The Parliamentary Security and Defense Committee revealed, today, Sunday (August 18, 2024), the secrets of 6 qualitative strikes against what it called hard currency smuggling mafias in Iraq.
Committee member MP Yasser Iskandar Watout said in an interview with Baghdad Today, "Smuggling hard currency in all its forms is a drain on the country's economic capabilities and leads to pressure on the markets by raising exchange rates, which leads to an increase in prices."
"There are efforts being made, some of which are exceptional, through the reports we receive that reflect the continuation of implementing a series of strategies to reduce the smuggling of hard currency, which has been controlled by up to 80% in recent months through the efforts of the Ministry of Interior and its formations with the Central Bank, which has achieved positive results in this regard," added Watout.
He pointed out that "6 operations took place in the past months, representing qualitative strikes against the hard currency smuggling mafias in Iraq, which bore fruit, explaining, "But has smuggling ended completely? The answer is no, and efforts are continuing to end these illegal acts, which are taking place with complications that require intensive and doubled work by the competent authorities."
Financial and economic expert Nawar Al-Saadi revealed on Friday (August 16, 2024) the importance of the benefits of “digitizing” financial transactions for Iraqi banks, while pointing out that digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services.
Al-Saadi told Baghdad Today that “digitizing financial transactions in Iraqi banks can provide significant benefits, especially in terms of reducing currency smuggling,” indicating that “by adopting digital systems, banks can track all financial transfers with greater accuracy and transparency. This means that each transaction is automatically recorded and saved in a central database that can be reviewed at any time. This allows the relevant authorities to monitor and quickly detect suspicious financial activities, making it difficult for smugglers to exploit the financial system to smuggle currencies.”
“Digitizing the banking system contributes to reducing money laundering cases, as these operations usually depend on exploiting loopholes in traditional systems, but with an advanced digital system, these operations become more complex. Digitization also allows the use of advanced technologies such as artificial intelligence to analyze patterns in banking data and identify any abnormal or suspicious transactions,” he added, stressing that “this helps prevent money laundering by early identification of unusual activities and reporting them to the competent authorities.”
Al-Saadi explained that “to implement this digital transformation in Iraq, there is a need for investments in technological infrastructure and developing the institutional capabilities of banks,” noting that “this requires providing modern technology, training employees to use it effectively, in addition to developing legislation and laws that protect users and encourage digital transactions. It is also important to enhance customer awareness of the benefits of digital transactions and build their confidence in the new systems.”
He stressed that “digitization in banks contributes to achieving more transparency and credibility in the financial system, as each transaction can be easily tracked and reviewed. It also improves the operational efficiency of banks by completing transactions faster and at a lower cost. In terms of security, digitization provides higher levels of protection against fraud and theft through advanced encryption technologies.”
The financial and economic expert concluded by saying, “Digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services. Digitizing financial transactions in Iraqi banks also has great potential to enhance economic stability and reduce the risks associated with money laundering and currency smuggling, leading to a safer and more efficient financial system.”
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