Economist: E-dealings of money without being submitted to concerned departments not transparent

Tuesday, April 13th 2010 11:18 AM


Baghdad, April 13 (AKnews) - Electronic dealings with money without being submitted to the concerned departments is not transparent and needs to be controlled especially the large amounts of money that enter Iraq," an Iraqi economist said today.

"Allowing large amounts of money to enter Iraq is a double-edged sword, because it could revive the Iraqi economy on one hand and may support the suspicious groups that carry out criminal acts in Iraq on the other," Ali Kaji told the Independent National News Agency of Kurdistan (AKnews).

"The Finance and Foreign Affairs Ministries and the Central Bank must develop a unified electronic system to know everything about these amounts of money, its destination and the reason of its entry or exit from Iraq," he said.

Kaji said "there are fake financial companies that take large amounts of money outside Iraq to support anti-democratic change in Iraq, and another large amounts enter Iraq but the government and its security forces do not know their destination."

"It is very necessary to follow up this file through international legal and technical methods... All the countries in the world regulate the inflow of money according to legal frameworks, but Iraq is suffering from this problem since the money dealings take place without any regulation by the Finance Ministry and the parties that demand re-examining the money that enter Iraq."

http://www.aknews.com/en/aknews/2/134795