Latest Document showing Money Laundering at CBI Auctions

A new form of related process of money laundering and smuggling was started after April 2003 due to U.S occupation in Iraq and it was the time when foreign currency auction process started at CBI. It also increased the economic corruption and reflected negative impact on Iraqi economy. The Research & Strategic Studies Centre has collected a new document regarding the foreign currency auction at the Iraqi Central Bank. The document was issued by the Federal Office of control about “circle activity auditing financing & distribution”. The document has been forwarded to the General Secretariat of the Council of Ministers. The Council has announced a committee to check the audits transaction results regarding the foreign currency auction took place in the year 2010. The document has pointed out the corruption and fraud methods through observations such as buying and selling of the U.S dollars that were took place in the foreign currency auction at the Central Bank of Iraq.

Latest Document showing Money Laundering at CBI AuctionsThe document indicated that the process of buying & selling of U.S dollars using purchase orders for foreign currency auction sessions were not original documents because a number of participants had submitted photocopies at CBI. It was also observed that some funds transferring companies and banks purchased U.S dollars for more than once at the same currency auction session. The document indicated that the Executive Committee of sale & purchase approved transferring of funds to provide benefits for some banks. It is amazing that most of the corrupt elements looted the money of Iraqi people are connected with public affairs of Iraq and saying that they are Sincere with Iraqi people. They really don’t concern with Iraqi citizens and their problems. They know that they are an integral part of the tragedies happened with Iraqi people as most of the Iraqi people have been experiencing financial problems, but their financial assets have become stronger due to administrative corruption in the country.

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