“Auction of foreign currency”… the new look of corruption in Iraq

“Auction of foreign currency”… the new look of corruption in Iraq

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The corruption , as defined by Dr. Daoud Khairallah , based on the Latin original  and  the Arabic dictionaries, is the  decay , drift and deteriorate or evil and contrary to the literary law , but is all that can be considered against the righteousness according to  the scholar and historian  Boutros  al-Bustani  in his book “Muhit al-Muhit” the diameter of the ocean. In this context, Khairallah saw that the corruption is a disease eating   the social fabric of its  cultural, political and economic aspects, and  the international Transparency organization  considers it as    the biggest challenges facing our modern world, it undermines good governance and distorts the public policy and hurts the private sector and hurting the poor , while the academic Charbel Nahas saw  that corruption is either an emergency odd behavior of exception to the rules of the general regularity  or is the result of  social, political and economic  system that is stable and recognized . In all cases, it is the evil that must be eradicated by insisting on  establishing bases  of public regularity  by educating people and pressure on the judiciary to do its duty, and the educated has to undertake  the responsibility  to put the  System institutions in front of public opinion  .
Researchers found that the corruption has  a huge  impact   in increasing the violence, where opinion polls confirmed that corruption is on the  top of  complaints of  citizens in countries that suffered from  armed conflicts. According to  the International Transparency Organization  and its indications  that eleven countries  out of the twenty  , the most suffering from the  corruption, have suffered from armed conflict, and that five of these countries are members of the Arab League. It was observed through the evolution of corruption indicators in the Arab countries between 2008 and 2013 ,  that the countries which  are known with what was called by  Arab Spring ,Yemen, Egypt, Tunisia, Libya, Morocco  had  seen a rise in the indicators of corruption .
However, there is no indication at all that there is awareness among officials or the intellectual elite of the risks and  damage caused by   the corruption   to society  , and the threat of  obstruction in the ways of growth and development. In this context, the Lebanese journalist Fadl Chalak drew a bleak picture of the Arab nation: «nation wants to engage in the world in the nineteenth century, but  the Sykes – Picot was to divide  it, and the Balfour Declaration to defeat it . Nation clouded  by the sense of shame in its daily life  and shame in its  relationship with the Creator (the God) .  it was   Betrayed by fundamentalist «Muslim Brotherhood» and the nationalism of  Baath and assumed rationalism  of  liberalism and communism. The nation that its bases  has been undermined by the  tyranny, that is no longer believes in itself, and this is the basis of making it to miss the safe . ” This is the bleak picture  that almost abbreviate   the visions of researchers  of the reality of the nation and the state of corruption in the Arab world.

 

The auction of  “foreign currency ” is  considered , which was created after the US occupation of Iraq in April / May 2003, specifically in the year 2004 by the Central Bank of Iraq ,  to represent a new form of the economic corruption  forms  associated to the process of money laundering in Iraq , as  the rawabet center for Research and Strategic Studies  was able to obtain an official document issued by the Central Bank of Iraq and sent to the presidency of the public prosecutor stating that “Huda bank” managed by ” the auction of foreign currency” and  during the period   between 02.02.2014 till 06.20.2014 AD, to transfer  of  “billion and  eight hundred and two million US dollars “out of Iraq for spending on imports , and that  it did not happen. Ti is worth noting that the auction of  currency in Iraq has become a way to smuggle money out of Iraq, and this is what was referred to by  the recent economic article of the rawabet center  in  where it indicated by the text “According to the  inquiry  of the committees of the House of Representatives of Iraq and international reports , it has been wasted and looted the amount of 312 billion dollars over the past years, which they were  the revenues  of oil pumped by  Central Bank of Iraq to the market, most of which had been transferred abroad. ” This number is very large in a country suffering severe economic crisis noting that the case in the state of  “wealth”  arrived to borrow from the IMF to cover its expenses!

 

Despite the document’s central bank dated on  04/07/2015 of which refers to the referral of  “Huda Bank” to the Presidency of the public prosecutor, but that the bank until the day taking part in the ” auction of foreign currency ” instead of closing the bank and is being investigated with its owners and if they have been convicted , they should be placed in prison, but what is happening in Iraq is  contrary  to  the world legal proceedings followed  in all countries, and this is proof that the  economic corruption  which is  closely linked to the political corruption in Iraq has been rooted deeply during the thirteen previous years, and it seems that economic corruption has become a healthy situation in Iraq, so we see that the  corrupt is rewarded for his corruption by allowing him to transfer the Iraqi people’s money abroad  to enter to what is  so-called by the  process of “money laundering” that contribute to the support of terrorist networks and this    risk  is  not only confined  to Iraq but includes  all countries in the region.

 

Magda Tamimi, member of  Finance Committee in the Iraqi Council of Representatives made it clear  on the television interview   in the program, “from the last” and which was broadcast on the satellite channel of the Dejlah,  showing the mechanism of action of private banks in Iraq and the mechanism for the purchase of foreign currency from the Iraqi central  bank  and gave an illustrative example as follows: “all  private bank has fifteen banking office, one day  we sent a staff member of the Finance Committee to this private  Bank, which is  a banner  in a rented building  of closed doors   to  open  when the bell rings   in which there are only some of the tables  , written on some of it the word  ” remittances, “and there are other” sections “so these are the  kind of banks that buy  foreign currency with the official  price from the central bank .” Dr. adds that “this bank when buying from the central bank as the value of ten million dollars , it is required to buy goods  equal to its value but exactly the opposite is happening noting that  the bank buys worth of  two or three million dollars and the rest are employed in the other business .”

Dr. says that “Iraq is the only country in the region to sell the dollar through a public auction, and this has a negative impact on the economy, because most of the oil revenue goes abroad via  delusional imports ,” adding that “the currency auction sold in the year 2015 more than $ 38 billion, while the income from Iraq’s oil revenues last year of $ 44 billion. ” She emphasized that the “survival of the state of the currency auction is  unhealthy and harmful to the country’s economy and  a particular class  takes advantage of it  seeking to increase its money on the expense of Iraq,” calling for “the abolition of the auction of foreign currency .” From this it is clear that Iraq’s money was stolen through an auction of  currency in accordance with the fake  contracts .

 

Dr. Magda Tamimi wonders  in that program, why  the Iraqi Central Bank sells foreign currency to certain persons not to sell based on documentary credits to transfer money, which does not have any manipulation. “? This is  a kind of selling  “the auction” open the floodgates on another type of corruption linked to the price of the Iraqi dinar exchange in US dollars, and the question that arises here is how does it happen?

 

One hundred dollar price today in  banking offices ” is 131000″ thousand Iraqi dinars noting that it was purchased by “118000” thousand Iraqi dinars from the Central Bank of Iraq  noting that means the difference is  “13000” per one hundred thousand dollars from the central bank. With this simple calculation, “the daily theft” from the central bank, ranging from 16-17milir Iraqi dinars a month, “510” billion Iraqi dinars per month and all this financial corruption borne by the Iraqi people who  suffers  by the daily crises and here  some ask : Where is  the Governor of the Central Bank, the Office of the Inspector General, financial control and the integrity Commission, and  the Prime Minister of this corruption

 

It is well known that the performance of the Supervision offices  for its duties  such as the Integrity Commission and the Office of Financial Supervision and the offices of general inspectors , require to provide  the   political support for them, and this is what has not been achieved in Iraq, because the political, executive, legislative and judicial leaders, most of them involved in corruption in one form or another, and if this is  as such, it is impossible for  Supervision offices to accomplish something that is  noteworthy in the face of corruption, especially if we know that these parties are only a number of independent professionals who do their jobs away from politics and partisan control.

 

And concerning  the corruption that is going on in “A currency auction” and smuggled out of Iraq and stimulating the process of “money laundering” , Haitham al – Jubouri , a member of the Finance Committee in the Iraqi Council ofRepresentatives, pointed out  the corruption that  occurred  in the auction currency, saying  that ” the central bank issued a facility in the sale of currency , where  any  known businessman can  buy the dollar, by providing a purchase invoice for import of goods from a particular country, then these funds are transferred to a banking company, “he said , adding the presence of one of the people in Baghdad , doing  the industry invoice and stamped it with seals of foreign companies, and the value  per invoice amount to four dollars “. and adds “The businessman who owns a bank or banking company will transfer the funds to several countries to sell the dollar and take advantage of it , ” adding that ” the Central Bank confirms to the competent authorities  that the checking of  invoices  is not  of his competence, but from the jurisdiction of the economic crime department of the Interior Ministry . ” .
the central bank  acknowledged  of  the financial  irregularities  of the  institutions  participating  in the auction of  of the currency, and has taken several measures to reduce it , but look weak by observers.
the Central Bank refused  to make any talk about this file, only issued a statement, saying: “we have issued  during the period 2012-2015  many proceedings at the competent Iraqi courts against banks and companies contrary to the instructions of “selling foreign currency “, in addition to those relating to issues of  anti – money laundering , and the number of such cases was nearly 97 suit  related  to banks and other financial institutions and dealers  of  it  from the customers,  and many  judiciary sentences have been issued in this regard. ”
he added that” it was the imposition of financial penalties and  the limits of its values  reached to 400 billion dinars (333 million dollars) , included 40 banks. ” And the bank refused to restrict the   process of selling    the currency  because it violates the principles of the International Monetary Fund  that agreed to by Iraq, and intersects with the article 28 of the law, in addition to creating a large deviation in the official exchange rate and the market which will reflect negatively on the prices.

 

The question in this context what  is the impact of money laundering on a n exhausted  economy such as the  Iraqi economy? At first the anti-money laundering process is found in the first place to limit the spread of crime and prevent such groups from getting money and thus expand its operations in violation of the law, but that there is a negative economic impacts hit the Iraqi economy  in which  the money laundering is made   and  the most important of it are  the deterioration in the purchasing power of the local currency  resulting from  the increase of the   liquidity  and therefore the demand is increased , which works to increase the rate of inflation and thus raise prices.

 

Surprisingly, of those , the  corrupt  who are looting the capabilities of the Iraqi people, noting that they are themselves  on the forefront of public affairs of Iraq and speak “sincerely” for the concerns of the Iraqi people and the aspirations of his youth and  problems and propose necessary  solutions  to solve it , they are well aware that they are an integral part of the tragedies of the Iraqi people, these financial parasites were not to become   financial empires in Iraq unless there is  fertile environment for the financial and administrative corruption in Iraq after the ninth of April / May 2003. Since the founding of modern Iraq, starting with the monarchy “King Faisal I and King Ghazi, the King Faisal II,” which lasted until 1958, and through the republican system, “President Abdul Karim Kassem, President Abdul Salam Arif and his brother Abdul Rahman Arif, President Ahmed Hassan al-Bakr, and President Saddam Hussein” Iraq has not seen the phenomenon of corrupt financial empires, as seen in Iraq after the US occupation of it.

 

This financial corruption is only part of the rampant corruption in the various joints of Iraq, which it  is  difficult to deny it, and determining its size  due to  its tangled strings .That’s not surprising  the  exit of thousands of Iraqis demanding reform and accountability of the corrupt.  the administrative apparatus  is classified as  one of the most important reservoirs of corruption in Iraq, since its structure undergo  to the considerations of sectarian quotas, as the state continued to develop top jobs to fulfill their promises to certain  party in terms of satisfying its  parties , until it became  a factor of waste factors  of resources  and confuse the executive working  due to the  conflict of powers. As well as economic corruption and corruption associated with the General Secretariat of the Council of Ministers and judicial corruption. Add to that the corruption of essence  of the political process that led to the  of sectarian and nationalist governments  hit by corruption, as well as the failure to take decisive action regarding the trial of influential  corrupt .

 

In the light of  all this , it was not surprising that Iraq is classified for two consecutive years at the top of the most corrupt countries in the international community as  ranked  in the latest reports of  InternationalTransparency  organization   by the rank of  170  before  the Sudan, Somalia, North Korea and South Sudan. The figures of the corruption   in Iraq after the 2003  are surprising , for example, the financial waste in the era of former Iraqi Prime Minister Nuri al-Maliki’s reached to  US $ 109 billion, while Iraq’s financial losses according to a report to the Iraqi parliament in the era of Prime Minister between 2006 -2014, approximately US $ 360 billion. The  Economic adviser to Iraqi Prime Minister spoke about the existence of seven thousand project in 2014, but has  been implemented, only  400 projects of it , noting that the  percentage of completion  was only between 2 to 10 percent. Vice Chairman of the Finance Committee in the Iraqi Parliament Magda Tamimi also spoke about the presence of six thousand imaginary project worth 228 billion US dollars in 2014.Where the successive Iraqi governments wasted  on  illusive  productive projects more than $ 250 billion.

 

the former head of Iraqi  Commission of  Public Integrity, Moussa Faraj, said that corruption leaders are seniors of the politicians and  the government , and  this corruption was at the forefront of the reasons that led to the fall of one-third of Iraq  to the hands of  Daesh, though politicians have reduced the Iraqi people with the components  , and the component with the parties, the Party  with those  who are the closest to them , and the closest to the cortege . Iraq of  today can not be rescued  by reforms, even if they exist, because the basis of any real reforms must begin  the trial of whales  of corruption and recover Iraqi stolen funds  that made this corrupt heads wealthy. No hope of saving the rest of Iraq, but  a purge of these  corrupt  heads.

 

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Rawabet Center for  Research and Strategic Studies