CBI Taking Major Steps to Eliminate Money Laundering Issue

CBI Taking Major Steps to Eliminate Money Laundering Issue

After analyzing Iraqi current economic situation, the Iraqi financial institutions issued strict warnings on the results of the continuous operation of smuggling and money laundering abroad. The Iraqi Parliament has planned to invite economic expert in order to fight against financial crimes. The Iraqi Parliament has decided to set up a legal force to capture the lawbreakers and take them for the justice. A financial expert Saadeq Mahmood issued a statement and warned about adding in the list of money laundering countries. He said that Iraq should work hard in order to stop money laundering and to adopt mechanisms for anti-money laundering.

He also added that the Central Bank of Iraq is working very hard since 2004, and adopting various methods in the fight against money laundering. The Central Bank of Iraq announced several times that they are making a forceful law and this law will be forwarded to the House of Representatives for its approval and to implement in order to stop financial crimes and money laundering, but it didn’t happened. Two months ago, the Iraqi Council of Representatives formed a multilateral committee to manage the evidences of smuggling and money laundering to eliminate these issues. A member of the Parliamentary Finance Committee Hamadoun said that the Iraqi dinar currency showed a downfall against the U.S dollar. This was the main reason in order to form this committee to find out the reasons of smuggling hard currency and money laundering operations.

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