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Iraqi government regulates foreign currency transactions

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Iraqi government regulates foreign currency transactions

Post  Shilo on Tue May 18, 2010 12:49 pm

May 18, 2010 ·

Baghdad, May 18 (AKnews) – The outgoing Iraqi government developed new regulations to reduce the smuggling of foreign currency to neighboring countries”.

“The Iraqi government developed new regulations for foreign hard currency transactions between Iraq and some countries, and calculating the encrypted accounting system,” the government adviser Salam al-Quraishi said.

“Many problems faced the Iraqi government in facilitating the dealing with hard and huge sums of money, the thing that could help the growing corruption in the country, especially in state institutions.”

“There are certain procedures that will be followed by the financial agencies supervising the subject to reduce the smuggling of money abroad, especially by some senior officials in the state,” al-Quraishi added.

“This proposal was made by the Integrity commission to adjust the amount of money smuggled out of Iraq, and the Iraqi government will develop a law that defines how to deal with hard currency and how to bring large amounts of money out from Iraq to the outside.”

“Such a topic would contribute effectively to preserve state funds and excluding the spoilers.”

It is noteworthy that a number of senior officials accused of corruption have fled after converting their money into hard currency and the last one of those was an employee at the Municipality of Baghdad, who fled last February and was arrested at Lebanon airport by Lebanese police, in cooperation with the Public Integrity commission.
Rn/gs AKnews

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