On Tuesday, the Iraqi Parliamentary Finance Committee has issued a statement that some Iraqi private banks are still smuggling hard currency out of the country. The statement pointed out that Finance Committee will support Iraqi Central Bank in the implementation of perfect mechanism to stop smuggling and money laundering operations. A member of finance committee Masood Haider said in a press interview that some Iraqi private banks are working as “windows” to get hard currency from Iraqi Central Bank and is being smuggled abroad. He also added that the Central Bank of Iraq is continuously working to prevent smuggling and money laundering operations, but these private banks are still working on smuggling hard currency and found involved in money laundering operations. He said that Iraqi Central Bank had taken a number of steps to overcome the problem, but these measures are still unable to stop the operations of smuggling and money laundering.
Most of the financial experts believe that powerful control on the outlets to sell the currency is the most essential factor and Iraqi Central Bank should monitor entire currency operations. Haider also confirmed that the finance committee will provide full support to stop currency smuggling in order to overcome the financial & economic crisis in the country. It is important that Iraqi Central Bank announced on Monday that there is a large amount of fake Iraqi dinar currency floating in the country. The counterfeit Iraqi currency has been considered one of the critical problems and it raised financial and economic problems in the country. The director of cabinets Abdul Abbas Khalaf Sultan said that at least 10 billion fake Iraqi dinars in each category are being circulating in the country. He added that currency fraud exists in most countries in the world and there is not possibility to entirely prevent the involvement of fake currency circulation.