Iraqi premier: banking guidelines show fraudulent dollar dea...| MENAFN.COM

Saturday, 25 March 2023 07:08 GMT

Iraqi premier: banking guidelines show fraudulent dollar dealings

(MENAFN) Iraq’s prime minister stated on Tuesday that additional banking guidelines had showed fraudulent dollar deals made from his nation, as the new controls coincide with a fall in the regional currency’s worth.

Iraq has in latest months been making attempts to guarantee its banking system is compliant with the global electronic transfer system recognized as SWIFT.

Talking about the additional controls, Premier Mohammed Shia Al-Sudani praised “a real reform of the banking system,” but criticized “falsified invoices, money going out fraudulently,” especially as foreign currency payments for imports.

“That is a reality,” he stated in a meeting on state television.

The adoption of the SWIFT system was supposed to permit for higher transparency, tackle money laundering and support to strengthen global restriction, including those in contradiction of Iran and Russia.

An adviser to Sudani had stated that since mid-November, Iraqi banks anticipating to access dollar reserves stored in the United States need to make transfers utilizing the electronic system.


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