Currency speculators make confessions via INA

Investigations and reports
  • 16-02-2024, 13:17
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    INA-  Baghdad

    The Directorate of Combating Organized Crime of the Federal Intelligence and Investigation Agency at the Ministry of Interior detained individuals who were involved in dollar speculating, bank card smuggling, and gambling. The confessions of these individuals are published by the Iraqi News Agency (INA).

    During his confession of engaging in dollar price speculation, one of the accused stated, "What we are doing is withdrawing the dollar from the market, and when its prices rise, it is resold again." 
    "Some offices of currency exchange businesses or Qi companies operate in buying and selling dollars and making transfers without official permission," he said.

    Trafficking in bank cards
    "We load the card in Iraq at the official exchange rate, then withdraw money in the UAE through an ATM, and then transfer it to Iraq at the parallel market price," stated a second person charged with bank card trafficking.  
    He declared: "I obtained 34 cards through illicit means. I obtained citizens' documents by using them to issue cards while posing as a seller of electrical devices that I planned to sell in installments.

    Gambling through (Forex) 
    Although "the Forex site is speculating in global currencies, whether the dollar against the euro or the euro against the yen and enters the gambling field," another accused who engaged in gambling on the website acknowledged this. 
    "The Central Bank and the Iraq Securities Commission have not granted a license to the company we work for," he said, adding that "the mechanism of work in Forex includes the introduction of citizen courses through targeting them on Instagram or Facebook, where the citizen enters a course in this work and we educate him in this field." 
    "Not to be drawn into these things because they are illegal," he urged the people.

    In an interview with the Iraqi News Agency (INA), Colonel Ahmed Mohammed, the Director of media for the Federal Intelligence and Investigation Agency, reaffirmed that the arrests of those responsible for these acts are being carried out in compliance with the law under Article No. (2) of the Anti-Money Laundering and Terrorism Financing Law No. (39) of 2015.