The Impact Of Money Laundering On The Operations Of Banks In Iraq
Muhieddin Hussein Abdullah
Assistant Professor Dr, Department of Business Administration, Al-Nisour University, Iraq.
Download PDF
http://doi.org/10.37648/ijps.v19i01.016
Abstract
Money laundering is classified as a punishable crime under Iraqi law due to its negative impact on the national economy. Therefore, this study aimed to define the role of the Central Bank of Iraq (CBI), as the primary monetary authority charged with combating money laundering. To achieve this goal, a descriptive and analytical approach was used. The study concluded that the crime of money laundering has long been deeply rooted in the Iraqi economy, and that the CBI contributed to its consolidation after the issuance of Law No. (39) of 2015 on Combating Money Laundering and the Financing of Terrorism. This was due to its role in mitigating the negative effects of this phenomenon, which included distortions in spending and consumption patterns, an increase in the balance of payments deficit, a liquidity crisis, and a collapse in stock markets. Ongoing studies have recommended strengthening international cooperation, investigations, and prosecutions related to money laundering, the extradition and prosecution of those wanted in money laundering cases through Interpol, and the conclusion of security agreements with countries, particularly regional and international ones. It is also recommended to adopt a policy of periodic reporting on banking activity, analyzing its results, and taking immediate action if any project or issue is reported to the relevant regulatory authorities.
Keywords:
Money Laundering; Banks; Iraq
References
- Abdul Qader, S. (2009/2010). Supervision of commercial banks (Master’s thesis). University of Boumerdes, Faculty of Law and Political Science, Department of Law, Business Law Branch.
- Abdul-Mawla, S. S. (1999, October). Money laundering operations and their impact on economic and social changes. Arab Journal of Security Studies and Training, (28), Riyadh.
- Ahmed, K. (2013/2014). Supervision of commercial banks (Master’s thesis). Arab Ben M’hidi University, Oum El Bouaghi, Faculty of Law and Political Science, Department of Law, Business Law Specialization.
- Al-Abd, H. (2003). Combating money laundering in banks and financial institutions. Institute of Banking Studies, Amman.
- Al-Zoubi, F. F. (2004). The crime of money laundering in light of international agreements and some Arab legislations, especially Jordanian and Egyptian: A comparative study. Yarmouk Research Journal, (1023).
- Awad, M. M. (1997). Money laundering operations and methods of combating them. Third Cultural Season, Naif Arab Academy for Security Sciences, Riyadh.
- Barhoum, M. (2020). Banking supervision (Master’s thesis). University of Mohamed Khider, Biskra, Faculty of Law and Political Science, Department of Law.
- Bilal, A., et al. (2018/2019). The role of financial performance in supervising commercial banks (Case study: BAN) (Master’s thesis). University of Martyr Hamma Lakhdar, El Oued, Department of Economics, Monetary and Banking Economics.
- Bouachrine, S. (2013/2014). The role of banking supervision in supporting the competitiveness of commercial banks: A case study of the Bank of Agriculture and Rural Development – M’sila Agency (Master’s thesis). University of M'sila, Faculty of Economics, Business, and Management Sciences, Department of Business Sciences, Banking Specialization.
- Dahman, F. Z., & Jaafar, I. (2016/2017). The effectiveness of banking supervision on the performance of commercial banks (A case study of a bank in M'sila) (Master’s thesis). University of Mohamed Boudiaf, M'sila, Faculty of Economics, Business, and Management Sciences, Department of Business Sciences.
- Farida, K. (2017/2018). Banking supervision (PhD thesis). University of Hilali Lilanes, Sidi Bel Abbès, Faculty of Law and Political Science, Legal Sciences, Banking Law Branch.
- Fath al-Rahman, A. A. al-S. (2001). International efforts to combat money laundering. Journal of Security and Life, 20(228).
- Imam, S. D. M. A., & al-Shammari, S. R. (2011). Activating and developing banking supervision systems in accordance with international standards. Journal of Administration and Economics, 34(90), Baghdad, Iraq.
- Khababa, A. (2013). The implications of money laundering on development financing in developing countries. Algeria.
- Mahdi, D. (2005). Postgraduate diploma in private law and criminal confrontation with money laundering (1st ed.).
- al-Maghribi, A. H. A. F. (2008). Criminal confrontation with the crime of money laundering: A comparative study (1st ed.).
- al-Zahrani, A.-R. H. (2003, February). Money laundering crimes from the perspective of bank officials. Security Research Journal, 11(23), 34. King Fahd Security College.
- Saeed, S., & Al-Ajlouni, M. M. (2010). Money, banks, and central banks. Al-Yazouri Scientific Publishing and Distribution House, Amman, Jordan.
- Saeed, S. N. al-H., & al-Sayed, S. J. (2007). The economic and social consequences of the crime of money laundering in light of globalization transformations. com.minshaw.com.
- Taher, M. (2004). Legislative confrontation with the phenomenon of money laundering proceeds from drug crimes. Cairo: Technical Equipment and Printing.
- Yassin, M. Y. (2007). Egyptian and monetary law (1st ed.). Al-Halabi Legal Publications, Beirut, Lebanon.
- Zayed Center for Coordination and Follow-up. (2002, March). Money laundering. League of Arab States, Abu Dhabi.
