The Role of Banks in Reducing the Smuggling of Foreign Currencies

Abstract

Many individuals and institutions deceive to smuggle foreign currencies by using several means, including smuggling currency through import and export, as it is considered one of the most common ways to escape the difference from hard currency to foreign banks or to keep the rest of the value abroad, and also by depositing money that arises from legally prohibited actions In foreign banks, depositing cash amounts from the value of foreign debts borrowed from abroad, forming branches of fictitious foreign companies to transfer money abroad, and depositing some money arising from the savings of workers abroad in foreign banks...etc. from innovative smuggling methods. In this context, it was necessary to organize control operations from By banks to address this phenomenon, by monitoring the movement of foreign currency entering and leaving the country.

Keywords: smuggling - currency – censorship

DOI: 10.7176/RJFA/14-9-05

Publication date:May 31^st 2023