By John Lee.
An unlicensed currency exchange and money transfer network has been dismantled in Baghdad, with five suspects arrested and $240,000 seized. According to Iraq's Ministry of Interior, the operation was carried out by units of the Federal Intelligence and Investigations Agency (FIIA).
The suspects were operating in several districts on the Rusafa side of Baghdad, conducting exchange and remittance activities without a licence and using social media groups to manage transactions and speculate in foreign currency outside legal frameworks.
Following judicial authorisation and the formation of a joint intelligence and technical team, the suspects were caught in the act and arrested. A number of mobile phones used in the operation were also seized.
The suspects have been referred to the relevant authorities under Article 57 of the Banking Law to complete investigations.
The Iraqi Dinar has recently weakened to more than 1,600 IQD per USD, a gap of more than 20 percent from the official rate, with Central Bank of Iraq (CBI) assuring the markets that its foreign reserves are sufficient to meet all demand.
(Sources: Iraqi Ministry of Interior; local media)
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