An Empirical Analysis of Marine Cargo Insurance – A Study on Customer's Perspective

The study hereunder was developed to explore the indirect economic and social harms of money laundering, with a special emphasis on how banks are abused during this laundering process. The study assumes that money laundering has an adverse impact on banking performance. To meet research requirements and to test the hypothesis, a structured questionnaire was framed to tackle the research problem. The population included all managers and accountants in the existing banks in the city of Sulaymaniyah, where a random sample of banks was selected. In this study, descriptive-analytical method was applied, and using the version 23.0 of SPSS statistical package, the data were processed and analyzed. Eighty completed questionnaires were collected.The results that were obtained from the analysis of the answers of the respondents, showed, that a reduction of the financial performance of banks, as well as a declining trust to banking institutions is caused by money laundering activities. As such, the study suggests that the Kurdistan Parliament develop sectorial legislation to combat money laundering in the Kurdistan Region of Iraq, in light of statutory frameworks in Iraq and the rest of the neighbouring countries. In addition, the study highlights the importance of improving the monitoring system by financial institutions to combat and prevent money laundering in the area.