A famous legal expert Tariq Herb said that Iraqi Central Bank sold more than 80 percent foreign currency cash reserves in order to stop currency smuggling from Iraq.
He said that Central Bank should review its policy on money laundering and currency smuggling. These issues need implementation of various laws to fight these critical problems that have disturbed Iraqi economy very badly. He stressed that Iraq should focus on the Iraqi Dinar Investment to support the Iraqi financial institutions. The first law is law No. 21 for the year 2013 regarding the sale and rental of state funds, especially article No. 29 to sell state funds.
He also said that Iraq is much needed the deposit real Iraqi dinar currency by not only securities but it needs special measures for the banking sector. The CBI said that there is a much satisfactory condition to avoid currency smuggling and money laundering as it has closed all the doors to smuggle the currency abroad, but they should eliminate all the concerning elements that were involved in those criminal processes. The Iraqi Central Bank has implemented new law No. 39 of 2015 in order to combat with smuggling and money laundering. The anti-money laundering law requires a handsome cooperation from the Ministries of Commerce and Industry and Securities Commission. Some economic and financial expert believe that perfect implementation of anti-money laundering law would provide a better way for Iraqi Dinar Revaluation and to stabilize the Iraqi economy.