Republic of Iraq Federal Board of Supreme audit. ASOSAI 10 TH Research Project Audit to detect fraud and corruption “evaluation of the fight against corruption and money laundering”. Preface.
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ASOSAI 10TH Research Project
Audit to detect fraud and corruption
“evaluation of the fight against corruption and money laundering”
The financial and administrative corruption and money laundering are organized crimes that have a negative effect on the community’s, economic, social and security aspects. In addition to being one of the cross-border crime and international terrorism that threatens the stability of societies and their security. this not easy to control without unifying the international efforts and cooperation to make the combating effective. Therefore, Iraq has start to face these crimes seriously through:
Through studying and analyzing the answers of questionnaire, we have reached number of conclusions:
1- The process of money laundering have a serious impact on the country’s economic, social political aspects, which effect and influenced by those factors as big it was, but the general impression that money laundering increasing the more technology evolved, increased of business volume and economic openness.
2- Financials and banking sectors are the most vulnerable to money laundering, taking into consideration that’s other business patterns are also exposed to money laundering but to a lower extent. Moreover the most prevalence types of money laundering are remittances, which intended to give laundered money legitimacy.
3- There are a number of reasons to commit money laundering, mainly the following:
These reasons continue to increase and the importance of those reasons varies depending on technology developments and the evolution of business.
These consequences are very important and have a negative impact on society, therefore we needs to develop solutions to avoid it by using (risk management) or minimize their effects if they occur (Crisis Management). On the other hand, that money may be used to finance terrorist activities which will affect the national security.
Through interpretative analysis of the answers, we have reached the following conclusions: