Information/Exclusive.
Ali Al-Zubaidi, a member of the Al-Fateh Alliance, called today, Thursday, 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 continued, “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 concluded his speech by saying, “Most of the illegal and criminal transactions take place through the Forex transfer system,” pointing out that “the high rates of transfers through Forex represent the other side of money laundering.”
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.
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