Financial Information

Financial Information

 
Money laundering is the illegal process of concealing the source of funds generated by illicit activities (such as drug trafficking, corruption, or economic crimes) and converting them into funds that appear legitimate. This process takes place in three main stages:

 

  • In this stage, the illegal funds are introduced into the financial system.
  • This stage includes converting cash into bank deposits or purchasing assets such as real estate and cars.

- Camouflage

  • The goal of This stage involves the complexity of tracing the source of funds.
  • This is done by transferring funds between multiple accounts, conducting fictitious business transactions, or investing in countries with strict banking laws.

. Integration

  • Funds are returned to the formal economy to appear legitimate.
  • Funds are used for investment projects or the purchase of legal assets.

Why Money Laundering Is Dangerous:

  • Economically: It weakens the national economy by reducing the effectiveness of economic policies and increasing inflation.
  • Socially: It finances organized crimes, such as terrorism and human trafficking.
  • Politically: It threatens the stability of countries by manipulating markets and institutions.

Combating Money Laundering:

  • Creating shell companies to hide illicit funds.
  • Purchasing real estate under false names.
  • Using casinos to launder money through betting.

 

Contact us via email.
==== Money Laundering ======
Email: aml@altahani.com.iq

 
 
Compliance is adherence to the laws, regulations, standards, and policies applicable to a particular organization or sector. Compliance aims to ensure that activities and business are conducted legally, ethically, and in compliance with regulatory rules.

Types of Compliance:

Legal Compliance:
  • Compliance with national or international laws and regulations, such as tax and labor laws.
Regulatory Compliance:
  • Compliance with rules imposed by industry regulatory bodies, such as banks or insurance companies.
Internal Compliance:
  • Compliance with the company's internal policies and procedures.

Compliance Goals:

  • Protecting the company from legal and financial penalties.
  • Enhancing the company's reputation and building trust with customers and partners.
  • Supporting an ethical and responsible work environment.
  • Mitigating risks such as corruption, money laundering, or data breaches.

Examples of compliance in various fields:

  • Banking: Implementing anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.
  • Healthcare: Adhering to privacy standards, such as the Health Information Protection Act (HIPAA).
  • Environmental: Adhering to environmental laws such as reducing emissions.

Elements of effective compliance:

  1. Clear Policies: Establish written regulations and policies that outline compliance rules.
  2. Training and Awareness: Train employees to understand and implement compliance policies.
  3. Monitoring and Control: Monitor compliance through monitoring and analysis systems.
  4. Reporting Violations: Provide confidential channels for reporting violations.
  5. Penalties: Implement disciplinary measures against violators.

The Role of Compliance in Organizations:

  • Promoting Transparency: Contributes to building a work environment based on integrity.
  • Risk Management: Helps identify challenges before they become problems. Large.
  • Achieving Sustainability: Ensures business continuity in a legal and responsible manner.

Contact us via email

====== Compliance =========== Email: cd@altahani.com.iq
Financial oversight is the process of managing and reviewing financial resources to ensure they are used effectively, legally, and in accordance with established objectives. It aims to promote transparency, reduce waste, and combat corruption by ensuring compliance with financial policies and laws.

Objectives of Financial Control:

  1. Ensuring Economic Efficiency:
    • Ensuring Maximum Utilization of Available Resources.
  2. Enhancing Transparency:
    • Detecting Any Suspicious or Illegal Financial Activities.
  3. Ensuring Compliance:
    • Ensuring Institutions' Compliance with Financial Laws and Legislation.
  4. Maintaining Financial Stability:
    • Reducing Financial Risks and Achieving Budget Balance.

Types Financial Control:
  1. Internal Control:
    • Practiced within the organization through mechanisms and procedures such as periodic reviews.
  2. External Control:
    • Performed by independent or governmental regulatory bodies, such as national audit bodies.
  3. Ex-ante Control:
    • Focuses on examining financial activities before they are implemented to ensure their legality.
  4. Ex-ante Control:
    • Involves reviewing and evaluating financial transactions after they have occurred.

Financial Control Mechanisms:

  1. Financial Reports:
    • Preparing periodic reports on expenses and revenues.
  2. Internal Audit:
    • Internally examining financial operations to ensure their accuracy and compliance.
  3. External Audit:
    • Auditing accounts and financial statements by independent parties.
  4. Risk Management Systems:
    • Identifying and analyzing financial risks and developing strategies to address them.

Importance of Financial Control:

  • Combating Corruption:
    • Detecting and stopping illegal financial activities.
  • Enhancing Trust:
    • Building trust between institutions and stakeholders (such as investors and citizens).
  • Improving Financial Performance:
    • Reducing costs and improving the efficiency of financial management.
Practical Examples:
  1. Monitoring government spending to ensure funds are directed to designated projects.
  2. Verifying compliance with tax laws in companies.
  3. Reviewing budgets and accounting processes to ensure their accuracy.

Contact Us via Email

===== Financial Control ===== Email: fcd@altahani.com.iq