Don961: Iraq seeks to recover its money smuggled in Morocco and Dubai
Monday 06 September 2021 Baghdad: Omar Abdul Latif
The judge of the Rusafa Court specialized in cases of integrity, money laundering and economic crime, Iyad Mohsen Damad, revealed that efforts are being made to recover the smuggled funds in the Kingdom of Morocco and the Emirate of Dubai in the United Arab Emirates.
Damad said, in an interview with “Al-Sabah”: “By virtue of the cases considered by the Rusafa Investigation Court, which specializes in issues of integrity and money laundering, dozens of cases related to (key card) outlets and exchange companies that operate and transfer funds outside Iraq without permission are presented.” He pointed out that “such an act is tainted by many suspicions of currency smuggling and money laundering.”
He added that “the instructions of the Central Bank of Iraq impose severe and strict restrictions on the registration of exchange companies, and the bank exercises strict and high control in cooperation with the Organized Crime Directorate on these offices, however, many individuals work outside the leave they obtain from official institutions,” stressing that “The procedures require the closure of the outlet or the exchange, and the case is referred to the competent investigative judge, and legal measures are taken against the banker. against violators.
Damad indicated that “the judiciary considers the cases referred to it by the competent investigative authorities, such as the Integrity Commission and the joint investigative committee between it and the Ministry of Interior, as the percentage of cases presented does not exceed the percentage of ordinary cases that the courts consider under normal circumstances, but it achieved good success stories in them after issuing Many prison sentences and imprisonment for heads of bodies, general managers, and ministers, as well as for influential people who have a large presence in the private sector,” he said, expecting “other sentences to be issued in the future.”
The judge of the Rusafa Court warned that “there are efforts being made to recover a lot of funds outside Iraq, specifically in the Kingdom of Morocco and the Emirate of Dubai in the United Arab Emirates,” stressing that “when the authorities can enforce the law in cooperation with the judiciary to recover funds related to the crime, the judicial institution will go a great deal.” in this subject”.
And regarding the recovery of Iraq’s money smuggled abroad, he explained that “there is an office in the Central Bank to combat money laundering that has high coordination and joint cooperation agreements with the equivalent offices that exercise the same jurisdiction in the countries to which the funds have smuggled, so that they are required to place a seizure sign and examine the state’s records and accounts.
To find out how many of the accused have balances, he warned, “the discovery of many of the accused have balances in some neighboring countries, which necessitated placing a sign of seizure, and he is going to refer the call to confiscate these funds.” LINK