With "Corruption And Fraud" Operations... The Secrets Of Smuggling The Dollar And Withdrawing It From Dubai Via Electronic Cards
Source: Alsumaria News 3,394 views Alsumaria News – Economy Today, Wednesday, August 14, 2024, political analyst Rafid Al-Atwani criticized the banks in Iraq, especially the private ones, as a result of the indicators of corruption and the operations of dollar smuggling abroad that are taking place around them, while he stressed that the Iraqi banks are “unsound” and trade in dollars and do not provide services to the Iraqi citizen.
Al-Atwani said in an interview with Al-Sumaria News that the bank’s general reputation in Iraq, especially the civil society, is “very bad” and it is accused of corruption.
Indeed, there are indications of the existence of real corruption, as evidenced by the sanctions imposed on more than 15 banks.
The evidence for this is that when the government of Muhammad Shiaa al-Sudani was formed, the two sides (the Federal and Iraqi Central Bank) agreed that the process of exporting or purchasing goods (most of them) would be Money laundering) via the SWIFT platform, which all countries operate on, and
it is a solid and sound organization that monitors the movement of the dollar and prevents the money laundering process that harms global trade,
but after more than a year it became clear that these banks do not practice these procedures and intend to launder money in agreement with merchants and also smuggle currency. Via the direct dollar selling window.
He points out that 90% of the dollar that leaves the Central Bank of Iraq goes to the export process ,
but the amount of import does not equal more than 30% actually inside the market, meaning that there is more than 60% of this money being smuggled or returned by money laundering.
On the contrary, we did not control the exchange of the dollar against the Iraqi dinar, indicating that it is more than a bank affiliated with political figures or those on their behalf..
The political analyst explains that this scene gives an indication that Iraqi banks are unsound and trade in dollars, and there are no banks that provide services to the Iraqi citizen such as advances and commercial loans.
There is also nepotism in dealing with loans and favoritism for influential political figures, and
the biggest victim is the Iraqi people, the value of the Iraqi dinar, and also Iraq’s foreign reputation.
He added that, according to a statement by a member of the Finance Committee, the profit of Jordanian banks as a result of this corruption from the process of recycling the dollar is more than a million dollars per day.
The Alsumaria News article you’ve referenced highlights concerns about corruption and fraud in the banking sector in Iraq, particularly focusing on dollar smuggling and manipulation. Here’s a summary of the key points:
Corruption in Iraqi Banks: Political analyst Rafid Al-Atwani criticizes Iraqi banks, especially private ones, for corruption and inefficiency. He argues that these banks are involved in dollar smuggling and fail to provide adequate services to Iraqi citizens.
Dollar Manipulation and Smuggling: There are allegations that a significant portion of the dollars issued by the Central Bank of Iraq is being diverted for smuggling rather than legitimate import transactions. It is claimed that 90% of the dollars leaving the Central Bank are supposed to be for export, but only about 30% actually returns to the market as imports, suggesting that more than 60% of the money is being smuggled or laundered.
Involvement of Jordanian and Qatari Banks: The article suggests that Jordanian and Qatari banks play a significant role in the handling and manipulation of Iraqi dollars. Despite agreements intended to prevent money laundering, these banks are accused of not following proper procedures.
Electronic Card Fraud: One specific method of fraud mentioned involves withdrawing dollars via electronic devices at the official exchange rate in Dubai, and then selling these dollars at a higher rate in the Iraqi market. This practice exacerbates the disparity between the official and parallel exchange rates.
Economic Impact and Nepotism: The corruption and mismanagement are said to have detrimental effects on the Iraqi economy, including the depreciation of the Iraqi dinar. Additionally, favoritism and nepotism in loan distribution are criticized, with political figures and their associates benefiting disproportionately.
Profit from Corruption: An estimate is given that Jordanian banks might be making over a million dollars per day through these corrupt practices.
The article underscores serious issues within the banking system in Iraq and highlights how these practices harm both the Iraqi economy and the broader financial system.
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