Iraqi Banks Taking Important Steps to Reduce Money Laundering

Iraqi Dinar 123 News:- On Wednesday, a member of the Iraqi Parliamentary Finance Committee Jabbar Abdul Khaliq issued a statement that the banks are involved in smuggling and they are transferring hard currencies outside the Iraqi border. These hard currencies were labeled as merchandise and goods. Abdul Khaliq further said in his press statement that after checking these amounts, we have found a lack of true and clear record regarding the delivery of bonds. These bonds shown as goods in their record and we think it is the way of doubt and presence of money laundering.

Jabbar further said that the security committee is looking to take decision in the light of this issue for roofing the foreign currency and it should not be thrown away by specific banks. He pointed out that some banks are dealing in this regard and gaining tax on such kinds of goods. He said implementing new strategies will reduce money laundering because a large amount of money is being used for money laundering. He also confirmed that it is still not confirmed about the involvement of politicians behind this money laundering issue.

The Iraqi Parliamentary Finance Committee also confirmed that the sale of U.S dollars will be done for private bank twice in a month. This will be helpful to reduce the money laundering problems. A Finance Committee member Masood Haider said that the Finance Committee hosted the CBI Governor and Directors of the Iraqi Central Bank to discuss the money laundering issue and the issue of high price of U.S dollar in the Iraqi local markets. He indicated that the bank managers confirmed that they will take necessary steps to reduce the money laundering problems.

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