Forex Trading"... A Gateway To Money Laundering And Corruption Or Smuggling Of Green Currencies?
May 16 Information / private.. In light of the lack of financial oversight and excessive openness in many files,
Forex trade is entering forcefully, with frightening numbers of digital money transfers reaching billions of dollars annually, according to actual economic reports and studies, amid warnings of its deterioration to greater proportions that contribute to the smuggling of hard currency abroad.
According to observers, this trade was not limited only to those with huge capital, but also reached middle-income people and employees, and
it could be exploited for money laundering and corruption given the lack of clear legislation and legal materials for it.
*Money Laundering!
Speaking about this file, Ali Al-Zubaidi, a member of the Al-Fateh Alliance, calls for the
need for the government and the central bank to control the currency selling platform and not other countries, while he stressed that the
high rates of remittances through Forex trading represent the other side of money laundering.
Al-Zubaidi said in an interview with the Maalouma Agency,
“The continued entry and exit of money without oversight or accountability affects political and societal stability,” noting that “tightening control over transfers to banks will end many financial violations.”
He continues, "We do not know if there are legal provisions that allow making external transfers through Forex trading,"
calling on "the government to impose its control over the border crossings and prevent the smuggling operations that occur there."
Al-Zubaidi continues his speech:
“Most of the illegal and criminal transactions are carried out through the Forex transfer system,” pointing out that
“the high rates of transfers through Forex represent the other side of money laundering.”
*Dollar Smuggling
In addition, economic expert Nabil Al-Marsoumi stresses the
necessity of adopting legal legislation to regulate the worsening Forex trade in Iraq, adding that it could be used to smuggle hard currency abroad.
Al-Marsawi said in an interview with the Maalouma Agency,
“There are many segments of society that have begun to use it after opening public Forex trading offices,” noting that
“leaving things loose in this way will make them exploited in the file of money laundering and corruption.” He continues,
"The operation is large and has included trade in gold, oil, and the dollar, and
there are no accurate statistics for it yet," pointing out that
"the matter is not limited to large capitals, but even employees and people with middle income."
He added,
"The escalation of such operations will contribute to the depletion of the country's financial and economic situation," pointing out that
"it is possible that this trade will be used to smuggle hard currency abroad."
A report confirms, according to studies conducted, that Forex trade in Iraq amounts to more than $100 billion annually with money far from state control, marred by fraud, money laundering, and illegal operations that link young people to illusory dreams of quick and easy wealth. Ended 25/Y
