Federal Intelligence Agency Busts Dollar Smuggling, Money Laundering Ring in Najaf

The Federal Agency for Intelligence and Investigations announced on Saturday the dismantling of a network specializing in dollar smuggling and money laundering in Najaf Governorate, seizing over half a million US dollars. The agency stated that its specialized intelligence detachments, through intensified efforts and continuous monitoring of dollar smuggling, currency speculation, and money laundering operations, managed to thwart this network's activities. It operated under the guise of fictitious exchange companies in the governorate. The security operation began after precise intelligence indicated the presence of clandestine companies operating with a licensed outlet. These entities collected US dollars from exchange shop owners, citizens, and merchants. They also conducted illegal financial transfers, violating official regulations, both domestically (to the Kurdistan Region and other governorates) and internationally. Following verification of information, judicial approvals were secured, and a specialized task force was formed under direct supervision. A meticulously planned ambush coincided with the monitoring of a major financial operation by these bogus companies. This qualitative security operation led to raids on two companies and the arrest of several suspects involved in these illicit activities. The operation resulted in the seizure of a large sum, estimated at 550,000 US dollars (55 bundles). Additionally, quantities of gold and silver jewelry were confiscated, along with computers and other electronic devices used in their unlawful operations. The agency affirmed that the suspects, during interrogation, frankly confessed to the attributed activities, and legal measures were duly taken under the direct supervision of the competent judicial authority.