CBI accused of money laundering

CBI accused of money laundering

Friday, August 10, 2012


Baghdad - Arab Sky News - Younis Omaima


Temporary Parliamentary Committee called to follow up the decisions and recommendations of the independent bodies in Iraq, which accuses the authorities of the Central Bank of smuggling of Iraqi funds abroad to support terrorist operations to present their evidence in this regard, while a coalition of state law, denied any direct charges to the bank.

The Parliamentary Temporary Commission warned earlier in the attempt to prejudice the independence of the Central Bank, considering it a violation of articles 106 and following of the Constitution.

The Committee considered in a statement that "the targeting of this type (the bank) would damage both the Iraqi economy or the country's international reputation."

For his part, denied the Member State of Law coalition led by Prime Minister Nuri al-Maliki, Heetm Jubouri, that his remarks "have included the indictment of the Iraqi Central Bank of smuggling money abroad to support terrorism."

However, he said the "Sky News Arab": "We have information and evidence to confirm the presence of authority figures in the Central Bank take advantage of an auction sale of the dollar on a daily basis, by dealing with some specific banks and companies but not others."

"The bank, which sells in the auction about 280 million dollars a day to 14 companies include some well-known banks."

Jubouri was confirmed in a press statement earlier that "the Finance Committee in the House of Representatives that it has received information confirming section including the existence of mafias of traders within the Central Bank of Iraq controlled the work of the bank."

"The volume of daily sales of the dollar is not commensurate with the volume of goods entering Iraq, on the grounds that what goes into no more than a $ 20 million dollars."

He asked Jubouri "Why do not we deal with other than those parties," considering what is going on "Gusala of funds, especially since the bank is selling the dollar rate, to those agencies, and the latter you are selling a large margin, which achieves profit margin on $ 9 million, distributed to those of powerful personalities, "he says.

And the reasons that prevent the disclosure of the identity of those powerful personalities, Jubouri said that "revealed the names do not hurt the interests of the country, but we have demanded the formation of an investigative committee is considering all the evidence and documents in our possession that indicate the presence of the heads of the mafia, both within the central bank or outside."

The head of the Iraqi Council of Representatives, Osama Najafi announced the formation of a parliamentary committee, consisting mainly of the committees of Finance and Economic and Chairman of Supreme Audit to verify the measures the central bank and identify bugs, stressing that the House of Representatives is responsible for follow-up to the Central Bank.

For his part, the economic expert, Abdul Rahman al-Mashhadani, the net items imported Iraq equivalent of financial transfers by the central bank, noting the "Sky News Arab" that "the items imported Iraq equivalent of financial transfers by the bank in question, which amounts to about $ 60 billion annually, compared to a sale of dollars by a bank of up to $ 65 billion a year. "

He said al-Mashhadani, that "the pressure exerted on the central bank recently, prompting the latter to give the role of some private banks buying and selling of the dollar," but he pointed out "the possibility that there will be laundering money, but not necessarily through the decisions of the Central Bank."

He stressed that "the process of money laundering is usually carried out through approved non-banking offices, which are based money transfers through the so-called set-off."

And those who monitor the work of those offices, said the economist, "is supposed to follow by the Central Bank and national security, especially since the proliferation of unlicensed offices it is taken through the Space Malova sale of gold or other commodities."

For his part, was considered a member of the Committee of Economy and investment representative, Qusay, Friday, that "the recent escalation towards the Central Bank of Iraq is not free from the pressure exerted on the latter by the executive branch."

He told, "Sky News" Arab "There is pressure exerted on the old Central Bank by the executive branch, which demanded earlier that Aaúdath to the government, not Parliament, which oversees the work of independent bodies."

It is noteworthy that al-Maliki for months locked in a battle with his opponents aimed to take over independent bodies, most notably the Central Bank of Iraq

This is definitely not the route to go to get out from under Chapter VII. Plus it could affect the IMF and World Bank's loans to Iraq.

Iraqi foreign exchange offices implicated in money laundering and smuggling

By Khayoun Saleh

Azzaman, August 8, 2012

Foreign exchange offices have become conduits for the smuggling and laundering of hard cash in the country, said Central Bank Governor Mudher Saleh.

Saleh said high-level government and party officials were involved in illegal money exchange operations primarily aimed at smuggling dollars abroad.

“Most of these offices are run by people with influence in the state and senior politicians via their families and relatives,” said Saleh.

Saleh mentioned no names but his statement is a damning accusation that the government is either directly or indirectly involved in attempts which he said aimed at emptying the country of its hard cash.

These offices, he added, “are using forged documents claiming that the money transferred outside the country is for trade purposes.”

“There are massive operations of corruption and the government is required to investigate them,” the governor said.

Saleh made the comments following reports that many Iraqis had started losing confidence in the local currency by exchanging their savings into dollars.

The dinar is losing ground to the greenback once again after a short period of prosperity.

Saleh said more than $4 billion were leaving Iraq every month, a massive amount which he said did not correspond to the volume of commodities entering the country.

The government, he said, should will put an end to the illegal flow of dollars outside the country “in order to prevent the economy from collapsing.”

Iraqi hard cash reserves amount to more than $60 billion but the governor said it would be difficult for the Central Bank to meet the rising demand for dollars.

The bank auctions millions of dollars every day as part of attempts to withdraw liquidity and safeguard local currency’s value.

The way to solve this is to make the dinar worth at least as much as the dollar and stop the use of dollars in the country. If citizens cannot exchange the dinar for dollars there would not be a problem.

That would be too easy Wind, and not sensible therefore to the GOI

windreader1 wrote:This is definitely not the route to go to get out from under Chapter VII. Plus it could affect the IMF and World Bank's loans to Iraq.

Wonder what they had to say about Maliki's actions toward the CBI?


Al-Maliki: Iraq possessed great wealth and needs to experience Bank
Monday 13 August 2012

Iraqi Prime Minister Nuri al-Maliki during a meeting the delegation of World Bank and IMF

Prime Minister Nouri al-Maliki, Monday, that Iraq is rich and has great wealth and needs to experience Bank for the development of financial and economic institutions, as the representative of the World Bank is prepared to continue to work for the implementation of projects financed by the Bank in the areas of energy.

Nouri al-Maliki said in a statement released today, on the sidelines of the meeting the delegation of World Bank and International Monetary Fund headed by Mary Helen brikenl representative of the World Bank, that “Iraq appreciates the cooperation of the World Bank with Iraq and seeking to implement the understandings between the two sides.”

Al-Maliki said that “Iraq is a rich country possesses great wealth and efforts focused on investing these riches to bring him the best returns and higher levels of performance and economic prosperity,” he said, adding that “Iraq stresses the need for the World Bank experience and possible support for Iraq to develop financial and economic institutions”.

For its part the representative Bank Helen brikenl that “the World Bank and IMF are determined to continue to work for the implementation of projects financed by the World Bank in the areas of energy and other” sign “the advisory role of the Bank will work to support Iraq.

Brikenl added that “our presence for seven years in Iraq have uncommon good experience we want to benefit from the next stage through our support for various projects in Iraq”.

Iraq adopts a basis on oil exports which have stockpiles of oil and gas is about 11% of the total global stockpile, with the country’s infrastructure needs for rehabilitation after decades of war and economic sanctions and investments are necessary in all sectors.

The World Bank is one of the United Nations specialized agencies dealing with development and based in Washington, and focuses its efforts on achieving development goals aimed at achieving a sustainable reduction of the severity of poverty, the Bank has five organizations are the International Bank for reconstruction and development and the Foundation for international development and the International Finance Corporation and the multilateral investment guarantee agency and the International Centre for the settlement of disputes.