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Al-Allaq announces the success of the electronic transfer platform in combating money laundering

 

5/16/2024

Baghdad
 

On Thursday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the success of using the electronic external transfer platform to combat money laundering.

This came during Al-Allaq’s participation in the Arab Forum for Anti-Corruption Bodies and Financial Investigation Units in the Kingdom of Saudi Arabia, according to a statement issued by the Central Bank media. 

Al-Alaq delivered a speech about the efforts of the Central Bank of Iraq to spread financial transparency and collect information about the true beneficiary and exchange it at the international level, stressing the recent measures taken by the Central Bank of Iraq represented by the use of the electronic external transfer platform, which effectively contributed to determining the identity of the true beneficiary and prevented the use of external transfers. As a means of money laundering operations.

He pointed out that the use of the cash sales platform contributed to the arrival of foreign currency to the real beneficiaries who are travelers or students outside Iraq, as well as other cases that need foreign currency according to the law.

The head of the Integrity Commission, Haider Hanoun, also participated in the same forum, and Iraq's measures to combat corruption and their role in achieving development and economic growth will be presented.

Hanoun pointed out that international reports spoke of growth in the Iraqi economy represented by an increase in domestic product, an increase in non-oil revenues, and a decline in inflation.

The head of the authority warned that corruption causes a decline in investment rates and a general budget deficit.

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