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Iraq is losing $ 3 billion in two months because of money laundering

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Iraq is losing $ 3 billion in two months because of money laundering

Unread postby Stillw8n » Fri Jun 28, 2013 10:54 am

Iraq is losing $ 3 billion in two months because of money laundering

6.28.13
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A report issued by the International Center for Development Studies and status of the British capital London to Iraq, which reached its budget to nearly $ 119 billion for this year does not have them, but what converts the International Monetary Fund from the sale of oil revenues into the Development Fund for Iraq.

The report pointed out that the Iraqi economy has been suffering a period of sharp fluctuations in the exchange rate of the dinar is clearly reflected on the economic situation of the Iraqi citizen, as reported by “Twilight News” yesterday.

The report attributed this to the money laundering operations and financial and administrative corruption in the joints of the Iraqi state, which led to the loss of Iraq nearly three billion dollars in just two months in the past year 2012.

And that the Iraqi Central Bank announced in August of last year that its hard currency reserves amounted to U.S. $ 67 billion while the Iraqi government announces that the preventive balances in the Development Fund for Iraq amounted to $ 18 billion.

The Central Bank’s reserves of gold has fallen by 20%, in less than a year of nearly 39 tonnes in 2011 to 31 tons in 2012, while some accuse the central bank’s current presidency is responsible for the disappearance of ten tons of gold reserves, Iraq needs to These reserves to enhance the value of the Iraqi dinar balances in money markets abroad.

Global Center for Development Studies pointed out that “some quarters in force in the Iraqi government is seeking to take advantage of the surplus oil revenues to exploit the reserves built by Iraq during the past ten years to maximize their assets abroad.

The central bank reduced reserve a serious matter for the Iraqi economy, being economical a depends on the cash revenues from oil sales which means that Iraq’s lack of margin of flexibility to cope with fluctuations in international oil prices and maintain the economic balance is required.

The U.S. Treasury has indicated its willingness, in February, to combat money laundering in Iraq, through the transfer of international expertise on control procedures and control the movement of money.

But the secretary-general of the Council of Ministers said that “the reform steps taken by Iraq on the fight against money laundering, including the amendment of the law against money laundering and activating the role of the relevant office in the Central Bank of Drug Control and other measures.

Punishable by the law against money laundering force a fine not exceeding 40 million Iraqi dinars, or twice the value of the money used in the deal, whichever is greater, or imprisonment for a period not exceeding 4 years, or both for each of the runs, or trying to manage deal Mali employs revenues somehow illegal activity Legal fortune teller that the money used is somehow returns to illegal activity or both transmits or sends or transmitting means cash or amounts represent the proceeds somehow illegal activity knowing that this means cash or money somehow represents the proceeds of illegal activity.

The law punishes also impose a fine of not less than 20 million Iraqi dinars, or imprisoned for not more than two years, or both for each of the offers money or conceal or gloss over the nature, location, source, or ownership of the money, knowing or intending, that this money is used to create for the purpose or the implementation of a breach of the law or for the purpose of configuration or implementation to cover up the escape from the commission of any breach in the financing of crime or attempts or conspires to such activity.


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