The Phenomenon of Money Laundering in Iraq (Causes and Solutions)

Abstract

Economists around the world have unanimously agreed that the phenomenon of money laundering is a crime that affects the national security of the state, through its negative effects on the political, economic and social sectors, as this crime is based on obtaining money through a group of illegal activities such as drug trafficking, bribery, and exploiting administrative positions for personal benefits. Kidnappings, antiquities smuggling, and other activities, as this illegally obtained money is smuggled abroad to carry out laundering operations to give it legitimacy, by depositing it in foreign banks in unknown fictitious accounts and then converting it into in-kind assets such as real estate or valuable collectibles. And then re-inject it locally as legitimate money In addition, there are many other measures that contribute to reducing the crime of money laundering, including Iraq's efforts to rid itself of the remnants of occupation by eliminating the parasitic groups that infiltrate the Iraqi economy, which can be done by placing the right person in the right position. Furthermore, it is necessary to prevent politicians from engaging in financial trade outside the scope of their roles. This issue is not considered a restriction on freedom of work, as many democratic countries follow this system. Additionally, it is necessary to eliminate bureaucracy in transactions in order to achieve employee transparency and prevent bribery from penetrating state institutions. Moreover, there is a need to strengthen social upbringing that counters money laundering at all stages and through all means of socialization.