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Preparing a draft law to combat money laundering
Ali Abdullah - 09/28/2012 - 11:23 AM
Detection office money laundering of the Central Bank of Iraq, Friday, for the preparation of a new draft law to money laundering, according to the actual need for the requirements phase and challenges, noting that the project will be submitted soon to the House of Representatives.
said Director of the Office money laundering Khaled Cltag in a press statement that his office "under the guidance of the Board Joint Anti-Corruption in the General Secretariat of the Council of Ministers in 2009 prepared a draft of a new law to combat money laundering and raising to the Council of Ministers. "
and explained that "the project has been discussed and is currently subject to scrutiny in preparation for transmission to the House of Representatives," pointing out that "the law currently in force is the law No. 93 for the year 2004. "
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and added that "the Republic of Iraq joined the United Nations Convention against Corruption thus became anti-money laundering and corruption a national project and has the support of presidencies in the country,
according to the need in light of the problems and challenges become a duty to prepare a new law." and punishes the law against money laundering force fine no more than 40 million Iraqi dinars, or twice the value of money used in the deal, whichever is greater, or imprisonment for not more than 4 years, or both for each of the runs or trying to manage financial transaction employs revenues somehow illegal activity clairvoyant that money used is revenue somehow illegal activity or both transmits or sends or transmitting means cash or exaggerated revenues account for some way to illegal activity knowing that this means cash or money representing the proceeds in some way for illegal activity.
also punishable by 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 or place or source or ownership of the money, knowing or intending, that this money is used to create for the purpose of or implementation of a breach of the law or configuration for the purpose of 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. http://www.burathanews.com/news_article_171016.html
[Shredd] i just commented on this a few seconds ago in the forum "according to the actual need" is key imo fits into the current timeline AML, or Anti-Money Laundering is huge for banking not just a "nice to have"
Banker: replacement of a currency is appropriate at this time 24/9/2012 12: 00 am
Caution risk of recurrence of past mistakes Baghdad-Hussein thghb Al-Tamimi
Control and inspection Director of Rafidain Bank Al-mundhiri abdolhossein from falling in with errors which occurred during the Exchange after system crash.
This talk at the time the Central Bank tends to adopt a plan to replace the current national currency after deleting three zeros.
Banking expert, said Abdel Hussein Al-mundhiri in an exclusive interview for (morning): the controversy over Exchange still chain for many reasons this action promised is not appropriate at this time because it does not help to tackle inflation.
He noted that prices in the Iraqi market is currently stable and acceptable, especially prices of imported goods from neighboring countries to take advantage of China's philosophy of survival currency low against other currencies.
He said the Iraqi market with counterfeit currency that are printed mostly in printing press outside Iraq where sneaks these currencies (fake) easily to our markets across more than a border port open, non-controlled in order to promote such currencies in markets and banks so they can be removed later by banks and money transfer companies.
He added: the Central Bank of Iraq should take the initiative to activate its role and intensify its intervention in monetary authority and begin to exercise pressure on dollar balloon again especially as capable of it whenever he wishes and that he wanted to put away corrupt currents infiltrating inside it surreptitiously on the one hand and on the other hand contribute to return to normal size or at least prevent the perpetuation of this phenomenon
more taking into account that the Iraqi dinar is now covered with more than 60 billion dollars is to increaseDay after day, which ultimately will lead to the disappearance of zeros automatically one after the other and let us get back to this topic again after several years of seeing positive returns generated by wise policies and legislation.
Al-mundhiri said benefits delete zeros banking is that it reduces the size of the money supply in circulation and this helps banks reduce the number of Trustees limits (75) percent which reduces the salaries of mutation of one yen.
To delete zeros helps revaluation computationally which helps banks use ATMs through ATM cards pull the sheets would be less and less trading volume edition and dedicated money in banks vaults and damage and theft sometimes Bank also assists in the implementation of the programme of the global system of the company implemented its project is 12 digits only while our bank balances trillions with bankruptcy means 15 digits and this impedes system.
Al-mundhiri revealed that problems that accompanied the replacement process, many of the previous Central Bank reported not receiving the numbered Edition 192 class 10,000 after 15 days from start switch currency receipt section of this edition which fund officer incurred hundreds of millions of fines and some of them still suffering from weight and had been imprisoned and was fined and still pay premiums to 50 percent of the monthly salary.
As well as money stolen by banks to the Central Bank of the burn sites of Central Bank and Red inks clearance operations which I have the receipts and was pumped to banks again reported fraudulent amounts discovered loose stamps Trustees lbilat banks this madia know the name of the Bank and the name of the Treasurer unless it detects the amount of confusion caused the Central Bank to create the potential for a replacement.
Al-mundhiri said has been switching $ trillion one hundred and twenty-six billion dollars in Bank alrfedin fraudulent amounts arose within 28 billion represents 1/4 percent from counterfeit to amounts amounts and manners are few and the 28 lbilat and seals the names of Trustees and back $ 16 billion dinars and stamps does not carry the names of Trustees, represent a percent of the detected amount ratio to total replacement amounts these ratios is 5 percent if we take this rate and consistent theme with total Other banks received amounts of false detections will not represent more than 5 percent and the Central Bank had to be borne by and smother her but he refused it and get it to banks and Trustees
[Shredd] This talk at the time the Central Bank tends to adopt a plan to replace the current national currency after deleting three zeros.
[Shredd] which ultimately will lead to the disappearance of zeros automatically one after the other and let us get back to this topic again after several years of seeing positive returns generated by wise policies and legislation.
[Shredd] automatically one after the other that part is the golden nugget ] this implies the 000 dinar is going to trickle in one afte the other so, from the streets, right? And what will the peeps need to be marching in and turning in their 000 notes an incentive like?
[lightingcslt] new currency right, and revalue
[Shredd] one which has a strong value right also
[Shredd] imo the word "automatically" ] implies order a process a system in place, if you will
[lightingcslt] Shredd yes
[Shredd] the CBI has been pumping the news to the peeps about the 000 plan sayin don't worry, you wont lose out 1 to 1 denomination-wise so they know about it on the big screens there in the news
[Shredd] so, what is so cool is when the CBI activates this plan they will all know what to do one by one exchange them heck, they've done it before
DDF] Shredd if they take in the 25,000 and they are saying it is only worth around 21.00 is that what they will get? Iyo is that the 1 to 1
[Shredd] DDF no ] that is the exchange now
[DDF] oh okay good
[Shredd] if they did an even exchange now, assuming lower denoms released they'd run out of supply really quick even with the smart cards
[Shredd] we've seen in a past article that at exchange the cash limit will be limited so they know the peeps will prefer tangible currency in hand i mean, the banks and smart cards have to earn trust in the minds of the peeps imo heck, back in the 30s, my grandpa hid his money at home instead of in the banks
[Shredd] now we have FDIC so the iraqi peeps will have to learn to trust the banks anyways, to your question, no, that is todays exchange one thing we cant forget is the CBI's plan to dedollarize gotta get the over 20 plane loads of cash outta there so, we got a few fact the current 000 dinar
[DDF] Shredd thats alot of cash
[Shredd] the lower denoms and two coins and the USD and later, the NID, New Iraqi Dinar lower denoms are the first to go next year's budget will not have the 000s enter the LDs and coins they have a purpose in this plan always have so they will carry the country, with a stronger value obviously till the NID comes out which was supposed to start printing this month but we have not seen any confirmation of that yet then, the USD will no longer have its place Shredd -- out