May 31, 2012
The ECB establishes controls to combat money-laundering operations
Karbala, The Iraqi Central Bank revealed that offices specialized in monitoring and controlling the movement of money inside Iraq to counter money laundering cases that occur. Director of research and statistics at the Bank told the correspondent today, "the Central Bank of Iraq emphasized through controls and restrictions established by the law (930) on combating money-laundering and smuggling of currency in the country."
He added, "there is coordination between the Iraqi banks and laundering offices on the Ministry of the Interior on the other hand". Director Walid Eid Abdel Nabi, the Central Bank closely monitors the continued movement of cash inside Iraq, along with control of volume of exports and imports of foreign currencies in various border crossings.
The Director of the statistical research in the Central Bank, "the movement of funds are all smoothly unimpeded". He stressed, "there is no serious fears of currency smuggling operations that Iraq possesses substantial cash resources after heading towards open economy."
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