23/01/2011
Iraq and the phenomenon of money laundering
There is an issue of money laundering of great importance to the global economic scene during the recent period, aware of the international community for its negative effects on economic stability, especially at the local investment climate and international levels, therefore increasing attention and ways of response by many countries and international organizations and major financial centers, where threatening This phenomenon of the world economy especially the economies of the developing world, including the Arab economies.
The phenomenon of money laundering is a crime subsequent to the activities of criminal achieved financial returns are illegal and known as the recycling of funds resulting from illegal actions in the areas and channels of investment legitimacy to hide the real source of this money and seem as if it had been generated from a legitimate source, and examples of such unlawful acts (funds generated by the drug trade - slave - prostitution - weapons) as defined by some laws as the commission of any act or attempted means of concealing or disguising the true origin of acquired contrary to the initiated or the system and make it look like a legitimate source.
And holds such an action many of the effects, which include the following:
• deductions from income and bleeding of the national economy for the benefit of overseas economies.
• increase domestic liquidity is not commensurate with the increase in the production of goods and services.
• the expansion of financial corruption phenomena in society lead to a weak entity of the State and the pervading threat of organized crime groups.
I have such a significant shift in the reality of Iraq after 2003 and the abrupt opening and large for the Iraqi economy without having the most basic ingredients that prevent falling into the trap of gangs, money laundering, it was a good opportunity for the gangs, money laundering and Mavyatea which tried to shift without the authority of the coalition earlier, through the law anti-money laundering under the Order No. 93 of 2004 Act, which like many of the points of disagreement in the interpretation of materials and technical and administrative procedures associated with it.
The opening of Iraq to foreign investment and the size of the project at hand for him, which vary the cosponsors of the different puzzles called the Iraqi ministries and bodies of the investment the provinces and the National Investment Commission and the provincial councils and their lack in many cases, to the knowledge required dangers of money laundering and distinguish them from the investment of the project, all this leads us to ring the bells of danger of how much money you will enter Iraq in the next phase and we call today to pilot projects One of the most prominent of the draft million housing units and announced by the National Commission for Investment in addition to a wide range of projects of investment strategy and the need to make sure sources of capital involved in such projects.
It is unfortunate that the Iraqi ministries are the laws that operate within its framework that enjoys full immunity from the authority of the rest of the laws in force in Iraq, including anti-money laundering and supervised by Central Bank of Iraq, so do not be inviting us all to the Almighty for minor things and upgrading to be aware of the dangers of this scourge on the overall development process in Iraq.
Iraq and the phenomenon of money laundering
There is an issue of money laundering of great importance to the global economic scene during the recent period, aware of the international community for its negative effects on economic stability, especially at the local investment climate and international levels, therefore increasing attention and ways of response by many countries and international organizations and major financial centers, where threatening This phenomenon of the world economy especially the economies of the developing world, including the Arab economies.
The phenomenon of money laundering is a crime subsequent to the activities of criminal achieved financial returns are illegal and known as the recycling of funds resulting from illegal actions in the areas and channels of investment legitimacy to hide the real source of this money and seem as if it had been generated from a legitimate source, and examples of such unlawful acts (funds generated by the drug trade - slave - prostitution - weapons) as defined by some laws as the commission of any act or attempted means of concealing or disguising the true origin of acquired contrary to the initiated or the system and make it look like a legitimate source.
And holds such an action many of the effects, which include the following:
• deductions from income and bleeding of the national economy for the benefit of overseas economies.
• increase domestic liquidity is not commensurate with the increase in the production of goods and services.
• the expansion of financial corruption phenomena in society lead to a weak entity of the State and the pervading threat of organized crime groups.
I have such a significant shift in the reality of Iraq after 2003 and the abrupt opening and large for the Iraqi economy without having the most basic ingredients that prevent falling into the trap of gangs, money laundering, it was a good opportunity for the gangs, money laundering and Mavyatea which tried to shift without the authority of the coalition earlier, through the law anti-money laundering under the Order No. 93 of 2004 Act, which like many of the points of disagreement in the interpretation of materials and technical and administrative procedures associated with it.
The opening of Iraq to foreign investment and the size of the project at hand for him, which vary the cosponsors of the different puzzles called the Iraqi ministries and bodies of the investment the provinces and the National Investment Commission and the provincial councils and their lack in many cases, to the knowledge required dangers of money laundering and distinguish them from the investment of the project, all this leads us to ring the bells of danger of how much money you will enter Iraq in the next phase and we call today to pilot projects One of the most prominent of the draft million housing units and announced by the National Commission for Investment in addition to a wide range of projects of investment strategy and the need to make sure sources of capital involved in such projects.
It is unfortunate that the Iraqi ministries are the laws that operate within its framework that enjoys full immunity from the authority of the rest of the laws in force in Iraq, including anti-money laundering and supervised by Central Bank of Iraq, so do not be inviting us all to the Almighty for minor things and upgrading to be aware of the dangers of this scourge on the overall development process in Iraq.
related articles ~
Economic adviser to U.S.: Iraq on the verge of an attractive investment environment ...
Iraqi economists are calling for activating the law against money laundering
Iraq Economic: the Counterfeiting of Currency and Economic Terrorism
The Iraqi government develop new regulations for finance transactions in hard currency ...
