10325
Lenders Warned of Money Laundering Scams
Economy, Business And Markets

Lenders Warned of Money Laundering Scams

The spokesman of the parliament’s economics committee on Sunday warned commercial banks against any involvement in money laundering scams.
“Commercial lenders must think beyond merely attracting deposits and conduct research before starting business with customers,” said Rahim Zare, as cited by ICANA, the parliament’s news agency.
“Boosting economic development is of the top priorities in Iran. An effective solution that would ultimately result in economic development is putting a stop to money laundering,” he added.
Fair distribution of financial resources is also a pressing issue that will not come about so long as money laundering persists, the lawmaker said.
“Banks and credit institutions are widely involved in money laundering process,” but it is of uttermost importance to prevent this, ICANA quoted him as saying.  
As Iran is geographically positioned in route of smuggled goods and drugs, smugglers widely launder money made from illegal trades through the banking system.
“Noticeable efforts have been made to fight money laundering,” the MP noted, adding that a multilateral approach is needed to properly address the issue. “The judiciary system, police force, financial institutions, and other related organizations must solidly come together in battling the crime.”
Money laundering refers to the process by which the proceeds of criminal activity (like drug trafficking and smuggling) are laundered to give the impression that it is originated from a legitimate source.
By criminalizing money laundering and adoption of an Act and Implementing Regulations, Iran has tried to combat this phenomenon for years, according to the Central Bank of Iran, which is in charge to supervise their compliance with the regulations regarding money laundering prevention.

Short URL : http://goo.gl/9pDD0P

You can also read ...

Tehran, Seoul Sign MoUs for Technology Transfer
Iranian and South Korean private companies signed 22...
Bank Maskan Ready to  Issue MBS Worth $240m
Iran’s agent bank of the housing sector has notified the...
With a 37-kilometer coastline alongside the Persian Gulf, Bushehr accounts for about half of Iran’s maritime trade.
A total of 25.5 million tons of non-oil goods, including gas...
Tax Revenues at $19 Billion
As much as 1,000 trillion rials ($23.8 billion) had been...
Metal Exports Earn $2.5b in 7 Months
Iran exported 5.78 million tons of metallurgical products...
8-Month Auto Output
The automotive industry is the second most active industrial...
Nissan Prepares for Public Tests of Driverless Taxi
Nissan Motor Co and Japanese gaming software maker DeNA Co say...
Mohammad Mehdi Behkish, secretary-general of the Iranian National Committee of the International Chamber of Commerce, addresses TCCIM’s annual anti-corruption event on Dec. 11.
Ahead of the publication of the Global Corruption Report by...

Trending

Googleplus