Iraq judicial council calls for prosecuting those who harm the economy

The President of the Supreme Judicial Council of Iraq, judge Faiq Zaidan, yesterday issued a directive to all investigative courts in the country to take legal measures against anyone who causes harm to the economy.

Zaidan called on the courts to take legal measures against anyone who harms the national economy, including foreign currency dealers, traders who monopolise food commodities and/ or essential goods.

He also called on the Ministry of Interior to instruct the competent police directorates to conduct inspection visits to wholesale stores and places that sell foreign currency and arrest anyone who violates the law.

Iraqi courts concerned with combating money laundering have recently started an investigation into the possible auctioning of foreign currency in the Central Bank of Iraq and other violations by some banks.

Authorities recently devalued the country’s currency. In a statement, the Central Bank set the new rate for the dinar, which is pegged to the US dollar, at 1,450 IQD causing an unprecedented rise in the price of basic commodities.

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