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[size=38]Real Estate Market: A Haven for Money Laundering and Projects Targeting Wealthy Elites[/size]
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October 13, 2024[You must be registered and logged in to see this link.]
Baghdad/Al-Masala: Real estate prices in Iraq are witnessing a significant increase, as the price of one square meter in some areas of Baghdad has reached $20,000, while in other areas prices range between $3,500 and $14,000.
This astonishing rise in prices is not only the result of natural demand, but is closely linked to the phenomenon of money laundering, which produces an unstable real estate market.
Judge of the Integrity and Money Laundering Investigation Court, Iyad Mohsen Damd, explained in previous statements that the real estate sector is one of the sectors most targeted by money laundering crimes.
He explained that the reason is due to the strict control imposed on the movement of money through financial systems at the local and international levels, which prompts perpetrators of crimes to look for ways to circumvent this control.
To overcome these obstacles, they resort to purchasing real estate in order to legitimize the illegal funds, which allows them to sever the money’s connection to the original crime and make it appear as the result of legal projects.
In addition, the Central Bank of Iraq announced new measures to curb money laundering operations linked to real estate.
The bank stated that any real estate sale deal exceeding 500 million Iraqi dinars in value will be conditional on depositing the funds in banks and obtaining a notification from the Real Estate Registration Department before starting the ownership transfer transaction.
Such a step aims to monitor the movement of large amounts of money and prevent its circulation outside official frameworks, which limits the possibility of exploiting the real estate market for money laundering.
But the biggest challenge facing the real estate market in Iraq is not only the high prices or its exploitation by informal traders, such as drug dealers or tax evaders, but also the wide gap between supply and demand, especially in light of the presence of about 25 million Iraqis who do not own housing units.
The situation reflects the authorities’ failure to meet the needs of vulnerable groups in society, as the process of building housing units has become a clear class discrimination. Luxury housing units have been allocated to the high-income group, while other groups have been ignored, which has deepened the social gap.
In addition, many properties purchased as part of money laundering operations are not used or remain unused, exacerbating the housing crisis and leading to an accumulation of social and economic crises.
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