Major Currency Smuggling Network Dismantled in Baghdad
Federal security forces in Baghdad have arrested a network of 11 suspects reportedly involved in smuggling US currency outside the country, and have seized more than $14 million in their possession as part of a nationwide crackdown on money laundering.
"The National Security Service (NSS) conducted an extensive campaign to pursue smugglers after intensifying intelligence efforts and field monitoring, leading to the apprehension of major smuggling networks comprising individuals engaged in suspicious financial and banking activities," Iraqi media reported, citing a statement from the NSS.
A series of raids were conducted in various areas of Baghdad under the supervision of the Third Karkh Investigative Court, resulting in the arrest of 11 suspects who disclosed the main locations of money storage in the capital, Baghdad. During the operation, over 14 million dollars and 5 billion dinars were seized, along with several different types of weapons."
The statement noted that the individuals who were apprehended in the operation "confessed to establishing fake companies to engage in commercial activities as a cover for smuggling currency out of Baghdad."
The NSS added that it had also arrested 12 other suspects in Basra, Diyala and Muthana provinces. Recently, the US prohibited transactions with 14 Iraqi banks for allegedly breaking its regulations, leading to a further decline in the value of the Iraqi currency. Iraq has recently faced challenges in controlling the outflow of dollars to countries sanctioned by the US, with suspicions of currency smuggling across the Iraqi border.
