Big Fines for Dinar Auction Fraud

By John Lee.

Iraq's Commission of Integrity has revealed that it has concluded cases resulting in fines of more than 245 billion dinars ($206 million) on private banks, due to violations relating to customs licences and foreign currency auction instructions for 2012.

The CoI mentioned that one of these corruption cases related to a private bank smuggling foreign currency abroad by process of purchasing foreign currency to companies’ interests under the pretext of importing goods. The Office noted that upon investigation, it was found that the companies did not import goods to Iraq since 2004.

The Office clarified that the issues included some governmental and private banks when they committed fraud and entered the auction of selling currency in the names of companies and private account holders without their knowledge, and submitted invoices and forged import manifests. They also violated the instructions of the Central Bank when entering the auction pursuant to provisions of article (3) of money laundering law no. (93/2004).

(Source: Commission of Integrity)

2 Responses to Big Fines for Dinar Auction Fraud

  1. Brad Adams 16th December 2019 at 01:55 #

    Will you be listed the banks and institutions involved?

  2. Mike Harden 2nd February 2020 at 02:43 #

    What does this mean. I know of an investment group that purchased some of the currency. Are the currency worth ANY value