Laundering Corruption Money Raises Baghdad Real Estate... Questions About The Source Of Purchasing Power, 26 JUNE

 Laundering Corruption Money Raises Baghdad Real Estate... Questions About The Source Of Purchasing Power

 
Baghdad today – Baghdad  Economic affairs researcher Mustafa Akram Hantoush confirmed today, Sunday (June 23, 2024), that
 
the rise in real estate prices in some areas of the capital, Baghdad, is due to money laundering, considering that the Baghdad Municipality’s approval of the area to be 200 meters or less is considered a violation, and also caused an increase in prices. Real estate. Hantoush told “Baghdad Today” that
 
“the real estate file in Iraq has become a very complex file and contains clear errors, and
 
there are also government decisions that have contributed to the rise in real estate prices, including the Baghdad Municipality approving an area of ​​200 square meters for the house as a basic design and there is a separate bond, especially
 
This square has become unavailable in most areas of Baghdad, except in some upscale areas.” He stated,
 
"The Central Bank of Iraq recently took a correct decision, that any house valued at more than 250 million before the tax must deposit the amounts in a bank until it is known where the source of that money comes from.
 
This is one of the ways to combat and limit money laundering through purchasing real estate.". He added,
 
"In areas that are witnessing a crazy rise in real estate prices, with the square meter reaching approximately 12 million or more, real estate there must be monitored, as
 
this rise may be caused by money laundering, especially since there is no such purchasing power in areas that are originally residential and not commercial." The researcher in the economic affairs continued,
 
“Working to register one or two houses in the name of one person is considered a reactionary law.
 
There is no harm in anyone owning dozens of houses if the source of his money is known.
 
We do not expect that such decisions, if there is a trend towards them, will not limit the rise in Prices at all, but may even have negative consequences.” 
 
https://baghdadtoday.news/252066-غسيل-أموال-الفساد-يرفع-عقارات-بغداد.-تساؤلات-عن-مصدر-القوة-الشرائية.html