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Money laundering in Iraq took its way into industrial and commercial fraud

Date: Saturday, 14-04-2012 05: 33 pm
Citizen-special-Sana albediry

The scourge of money laundering and age or crimes in Iraq

The reader might see that as this exaggerated but we can say are among the most serious crimes affecting society because direct repercussions on the Iraqi economy and political and direct contribution to stability and imbalance which are the essential foundation for achieving a well-off society and development and evolution.

And Iraq has not previously familiar with this disaster and found they are individual cases cannot be viewed and dealt with on the basis of concrete and known phenomenon, but at the end of the 1990s and beginning of the third millennium started talking about this phenomenon if something limited by weak capacity of the productive sectors to provide goods and services resulting in so-called black market and smuggle oil and commodities from Iraq because of the economic blockade.

After the 2003 occupation and in Iraq from lack of government institutions and the legacy of occupation, destruction of infrastructure and the Iraqi market to be Iraq a favorable environment for crime and money laundering.

With the conditions experienced by Iraq fertile ground for growth and proliferation in the light of the continuing weakness of the prestige of the State and the rule of law and chaos in economic and financial management and the presence of terrorist organizations and organized crime

The importance of this subject and resultant negative impact economic, political, social and developmental value in Iraqi society was our choice for this topic

All remittances under the supervision of the Central Bank

Advisor Central Bank Governor Mohammad Saleh appearance: spoke
"At first you must publicize money-laundering can be defined as the processes from running the drug trade and organized crime gangs and other organized and terrorist organizations, including on the operations of the recycling of funds resulting from unlawful acts, and entered in the areas of investment channels for concealment of the true source of the funds.

The Iraqi Central Bank committees competent to combat money-laundering and crime and financing of terrorism funds, and otherwise is considered legitimate and the anti-money laundering Act of 2004 due to regulatory procedures, notably banking institutions.

Saleh said "money transfer process, by citizens abroad, through remittances is to finance the Iraqi private sector trade, not reserves in foreign banks, the lack of interest by Iraqi banks compared to foreign banks."

And Advisor to the Governor of the Central Bank said that "the Central Bank of Iraq is only in Iraq, which Iraqi private sector financing operations and foreign exchange traders, through its daily auction."

Called by the Central Bank of Iraq to "develop the law compels banks, which deals with determining the amounts financial transformation, for the employment of funds and transfers under the control and supervision of the Central Bank of Iraq and the Government has worried about the increase in demand for the dollar, which reached its height between 400 and 450 million per day, more than double the normal figure and in private sector banks, including more than legal need, so beyond this procedure to the level of crime, and there are people in the Iraq working on debt settlement on behalf of their clients in Iran and Syria ”.

New legislation will compel each commercial buyers of the dollar at the Central Bank to work something like the daily auction to provide their tax valid, must submit papers proving they're allowed to import goods where they use the money to recall the purchase and trade allowed

Alshorgh rife with washer money!!!!

Mohammad Reza saeedi, one of the merchants and financiers of foodstuffs in alshorgh said:

"We can say that alshorgh market packed with washer funds we know them knowledge and know well iz sources of money and especially those years which have seen steal banks and homes after 2003

In the capital's Karrada district, where the currency change offices distributed among juices and clothing shops where vendors among themselves on whether the dollar goes to Iran and Syria, but gather that buyers of u.s. currency always find ways to overcome the crisis.

Mohammad Reza says he saw Pam sample 6 different documents demonstrate that the value of these transactions is less than 50,000 shops $ required to deal in Central Bank, three of which only required as identification papers and the rest for sale to tourists, especially as those who come to buy medicines, in addition to some tourism comes from countries with high income.

It is clear that commercial banks are the safety valve for those operations thanks to its deposit facilities, because exploiting the loopholes in the banking laws and weak human resources efficiency or lack the level of laxity or rehabilitation and training, also contributes to poor awareness of the humanitarian and ethical banking and in the rapid spread of such operations, and most of these factors are available in Iraq now, expect to find ghaslwa money environment suitable for the exercise of their criminal activity in addition to financial and administrative corruption and related crimes of bribery Embezzlement and damage to public funds as there can be no denying that globalization and the accompanying expansion in scope of international capital movement and growth funds, the effectiveness of the international financial markets, and the enormous boom in economic activity that had a major impact in accelerating the practice of criminal activities, the expansion of crime, carrying it with the growing movement of circulation of funds of criminal organizations at the local and international levels, which make the world seem like living under the roof of a criminal economic system nor can Conceal that there are more manipulation of export bills and fraud in import letters of credit, customs declarations to hide some transfers across borders, such as earnings and drug trade.

Get rid of liquidity to purchase real estate, apartments, hotels and jewellery and precious antiques and expensive paintings or barter assets stolen from cars and effects and legal commodities precious metals

There are billions of laundered annually

Economic expert and researcher, saying detrimental Menem occur to me

Prepare each operation multiple and overlapping laundering dirty single photos updated criminal dimension not stop economic limits State but laurels to many States and then it lagharabh this situation is regarded as an offence of money laundering all operations from international economic crimes but are the most serious of these offences together and this because of their close contact with illegal economic activities, which fall under what is known as the hidden economy and close contact with the movement of international trade and international investment and connectivity Close to the cultural role of financial institutions recently also saw global attention to the phenomenon of money laundering because they pose serious danger to the international community, especially with regard to both economic and social, which prompted many States to enact national legislation and international agreements among themselves to confront that phenomenon and global estimates that public revenue for the drug trade internationally around khmsaeh billion dollars annually, plus other output cannot be assessed other crimes including money Legitimacy derived from images of corruption and graft and hence, there are billions of laundered annually in different countries in order to legalize them to reuse part of the drug trade and other criminal acts either on the way in which it uses the laundering some banks and investment banking companies in States that allow economic and political climate for this type of financial transactions and may be most such transactions under secret bank accounts, numbered accounts and companies with limited stock

Economic impacts of money laundering

Could be summarized, inter alia, the negative effects on the national economy, including:-

1. contribute to the high rates of inflation and a sharp rise in prices which increase the poverty of the poorest and the rich of this phenomenon and tell us.

2. working to weaken national income which is marked up welfare society through depletion of national economy and non-targeting of those funds to local investments that would increase production capacity.

3. weak productive sectors due to poor savings and investment and thus control of foreign States products for local markets.

4. flight of funds abroad and this will increase the imbalance between saving and consumption.

5. contribute to the instability of the monetary and financial markets, thus weakening local currency, thus buying foreign currency or savings in banks outside the State.

6. tax evasion means low financial resources of the State and this leads to increased imbalance between income and expenditure.

Social researcher Mohammad Samir Sadiq told, saying:

Internal environment of Iraq created the atmosphere after the 2003 occupation and the absence of full State organs and institutions to the birth of this phenomenon and with the wind fresh absence of State law and regulatory policy of dumping and black market and exposure to global markets Iraqi market, including new commodities and poor as well as the opening of the Iraqi border with the world unconditionally supports that the ease with which money transfer abroad, weak productive sectors to provide goods and services and stops many economic activities either due to vandalism or destruction or raw materials or Interruption of the electric current in addition to political and economic instability and the breakdown of security and lack of stable economic policies and well-defined and prevalence of contraband trade and goods not subject to oversight and increasing rates of crime of all kinds.

I've interacted with the internal components of the environment components of the external environment

To create an environment filled ئمه for the birth and growth of the phenomenon of money laundering in Iraq

As the policies of openness to the world economy after the Iraqi market exposure has led to the formation of fertile land of this phenomenon and that the world is experiencing a significant development in this phenomenon is Iraq safe haven for crime or money laundering by global mafia

As for sources of illicit funds in Iraq.

There are many sources that feed into the pot of illicit funds

In Iraq, of which the most important are as follows:-

-Robberies of banks and banks after the occupation of Iraq which might represent a high proportion in the composition of the pot money laundering in Iraq.

-Funds derived from theft and smuggling precious Antiquities and sold in world markets

-Smuggling of machines and machinery, equipment and factories abroad.

-Smuggling of oil and oil products.

-Industrial and commercial fraud after exposure the Iraqi market and absence of doraldolh and its institutions.

. Gangs robberies and kidnappings.

-The funds allocated for reconstruction which tend towards a fake projects and services

-Drug trafficking

-Bribery and corruption, and profiting from public service

-Money was owed by financial officials in some State institutions during the last war.

-Fictitious companies.

II. socio-economic impacts of money laundering in Iraq

A.: the social impacts:

The phenomenon of money laundering has resulted in Iraq to brozgmelh adverse effects

At the level of the consumer and of Iraqi society, including:

1. destruction of the system of social relations in which was referred to them in Iraq, pointing to sabotage the moral fabric

2. the appearance of cases of kidnappings and assassinations, even after the financial payments

3. imbalance of social structure and the growing problem of poverty and low levels of living for the majority of the Iraqi people, the son of aladami

4. contributed to the proliferation of corruption and social crimes and administrative corruption and bribery and other

5. contributed to reducing the level of living of citizens through the provision of counterfeit goods and services sold at prices close to income levels but short-lived which becomes a burden on the same almsthek

6. destruction of the society through the drug trade, which Iraq before 2003 is a drug-free country and indication to the contrary

7. increasing rates of crime in Iraq and their diversity and complexity (political economic security 0 000 for terrorist and other)

8. contributed to the political, economic and social chaos

We therefore believe that the term laundering intended void and that does not mean the legitimate right and duty scrubbing but the crime of crimes does the washing onion but on dirt clear so the Government and seize such funds and they scold owners including deserve punishment, and thus renews referenced is that money laundering in the world across financial institutions, banks and banks and shares, but striking that money laundering operation in Iraq had their way in the process of industrial and commercial fraud.

This makes their first double signifies a particular crime and second washing process carried out through industrial and commercial fraud and counterfeit goods from entering the market in turn lost profit the first offender twice during the second offence and profits arising from the process of washing through counterfeit goods and imported at very low priced and sold at high prices.

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