10/30/2012  IG report: Iraqi auditors point to huge money laundering Stars and Stripes

“Iraqi auditors believe as much as $800 million in U.S. dollars is being sent out of the country illegally each week, draining it of hard currency, according to a report by American inspectors released Tuesday.

The findings point to widespread money laundering and could focus further attention on oversight at Iraq’s central bank, which is at the heart of a probe into alleged financial wrongdoing involving its former governor and other top officials.

The U.S. Special Inspector General for Iraq Reconstruction said in a report that auditors in Baghdad fear up to 80 percent of an estimated $1 billion leaving the country weekly lacks proper documentation.