Parliamentary Finance to amend the budget law

[yota691]

 

28/03/2015 09:32

Parliamentary Finance to amend the budget law

 

 

 

Possession Commission data and documents related to the process of money laundering and smuggling of foreign currency abroad contributed to a ceiling sell the currency auction of US $ 75 million a day.

BAGHDAD / Obelisk: Parliamentary Finance Committee described, stabbed in parts of the private central bank of the General Budget Law as "unreasonable," saying the constitutional right to ownership transfers between the sections and the budget reduced.

Central Bank made an appeal to the Federal Court to paragraph 50 of the budget bill for the current year 2015, which obliged not to sell more than 75 million dollars a day auction currency, which promise Governor of the Central Bank on the Keywords "stranger danger" being subject to the Central Bank of the directives of the government, and expected to resolve This is for the benefit of the Central Bank prosecuted.

Member of the Finance Committee MP Masood Haider, confirmed the legitimacy of the Commission and the Parliament in accordance with the Constitution transfers between the doors and reduce the budget.

Haider said that "the challenge presented by the Central Bank respect to Article 46 relating to banks and investment formed according to Islamic law, 50 and article which sets the ceiling currency auction 75 million US dollars a day," noting that "there is an intention by the Council of Ministers to appeal in all material added by the Finance Committee. "

He revealed Haider "the possession of the Commission data and documents related to the process of money laundering and smuggling of foreign currency abroad, noting that in order to close a road in front of corruption in this area and to stop money laundering by what he called the" corrupt and influential "in state institutions has been added to this article," stressing "The committee will veto this appeal banking existing data has to disclose how whitening billions of dollars in Iraq and leaked to the outside."

Haider noted that "all the articles that have been added by the Finance Committee to the budget bill within the carry process and reduce state spending at all levels, and that these materials which are not financial implications and do not lead to an increase in the budget for what has been put forward by the Council of Ministers."

And on grades, between Haider, "The Finance Committee has redeploy 20 000 degrees were dedicated to the Ministry of Defence because of a lot of aliens and their distribution between the ministries and other state institutions."

Parliament has been added and amended about 17 articles in the budget bill, notably Article 50, which states that "the central bank is committed to identifying sales of currency ceiling does not exceed 75 million dollars a day with exercise justice in the sales process."

Mention that there are other materials that have been approved of reducing the number of cars of the three presidencies, and pressure Alaivadat Foreign posts by 50 percent, and compel the Ministry of Finance and ministries all regardless salaries and employee benefits in the provinces and hot areas, and install the contract-holders in the ministries who have three years of service and above in the budget 2015, and the creation of the reconstruction of areas devastated by the fund terrorism, and the allocation of two dollars for each province producing oil, and two dollars for every barrel of crude refining.

The Council of Ministers has authorized the session held in the current March 3, boss, Dr. Haider Abadi challenge some of the articles and paragraphs budget (2015), said a source familiar with the Council of Ministers earlier, the Board intends to appeal paragraphs in the current year's budget, noting that al-Abadi someone paragraphs were be changed in Parliament, namely, "to reduce allocations displaced, and the salaries of self-financing companies," while counting the deputies that the amendment of the budget bill without the knowledge of the government, "illegality", expecting that the government earn stabbed.

[yota691]

This if from the CBI Banking Laws Article 46 Audit 1. Each bank shall appoint an independent external auditor with qualifications and experience in the audit of banks acceptable to the CBI. The external auditor shall be appointed by the bank’s shareholders at the general meeting of shareholders, provided that if the bank fails to appoint an auditor satisfactory to the CBI, the CBI shall appoint such auditor. 2. The auditor, or any member of the audit firm, shall not be an administrator, owner, affiliate, employee, agent or representative of the bank for which the auditor is to be appointed and shall not have an interest in the bank, with the exception of holding a deposit -34 - ANNEX A in the bank. Should the auditor acquire any such interest in the bank during the course of the appointment, the services of the auditor shall be terminated and a temporary alternate auditor be appointed by the CBI until the bank appoints a new auditor. 3. The auditor shall not provide services to the bank that are connected with the internal audit function of the bank, except for occasional training purposes. 4. No bank shall appoint the same auditor continuously for a period of more than 5 years without an exemption granted by the CBI. 5. In accordance with internationally-recognized auditing standards and any standards issued by regulation of the CBI, the auditor shall audit the bank’s operations on a consolidated basis and: a. issue a statement to the bank indicating whether the auditor or any member of the audit firm: (i) holds an ownership interest in the bank; and (ii) complies with the provision of paragraph (3); b. assist the bank in maintaining proper accounting systems and procedures; c. assist the bank in maintaining proper financial control and risk management systems and procedures; d. upon request by the audit committee, attend meetings of the audit committee; e. within three months after the end of the financial year, prepare for the board of directors of the bank an audit report together with an audit opinion as to whether the financial statements are complete, fair and properly drawn up and present a full and fair view of the financial condition of the bank in accordance with the provisions of this Law; in particular, the audit report shall state: (i) whether any explanation or information requested from the administrators, employees or agents of the bank in the course of the audit was satisfactory; (ii) the degree of adequacy of, and the bank’s adherence to, internal control measures and accounting systems in effect; (iii) the method for keeping documents, records, and books, and the latter’s orderliness and inclusion of operations needed to enable monitoring, auditing, and internal and external audit; (iv) the adequacy and performance of the bank’s management regarding protection of the funds of the bank and depositors; (v) deficiencies in the bank’s activities, the auditor’s recommendations for the management regarding the deficiencies, and the extent to which management -35 - ANNEX A applied the auditor’s recommendations and remarks made in connection to operations in previous years; and (vi) the degree of accuracy of periodic statements sent to the CBI; and the correspondence of the statements with the content of records, books, accounting systems and practices in effect at the bank and with the CBI’s orders in this regard; f. provide the board of directors and the CBI with a report stating the auditor’s opinion on the bank’s system of loan classification and concerning the provisioning for doubtful claims indicating any deficiency in the provisioning needed for the bank’s assets according to the CBI’s orders; g. inform each member of the board of directors and the CBI about any act by an administrator, officer, employee or agent of the bank of which the external auditor has become aware that constitutes a material violation of a provision of this Law or any regulation or order issued by the CBI; and h. inform each member of the board of directors and the CBI about any irregularity or deficiency in the bank’s administration or operations of which the external auditor has become aware and which could be expected to result in a material loss for the bank. 6. Each bank shall send copies of the audit report to the CBI not later than 30 days after it becomes available. Where the CBI is not satisfied with the auditor’s report, it may require the appointment of another auditor to prepare a new audit report within a specified time. Article 47 Additional duties 1. The CBI may impose on an auditor, in addition to any duty specified in Article 46, a duty to: a. submit to the CBI such additional information in relation to the audit as the CBI considers necessary; b. submit a report, carry out an inspection or establish any procedure as specified by the CBI; c. submit to the CBI a report on the financial and accounting systems and internal controls of the bank; or d. certify whether or not adequate measures to prevent money-laundering or terrorist financing have been adopted by the bank and are being implemented in accordance with such regulations, orders and guidelines issued by the CBI. 2. The auditor’s costs for performing any such additional duties requested by the CBI shall be borne by the bank.

This is from CBI Laws Article 46 Internal audit The CBI’s internal audit department, headed by the chief internal auditor, shall perform internal audit functions which shall include the following: a. the review and recommendation to the Board of procedures and practices for proper risk management and, thereafter, the supervision of their implementation on a continuing basis; b. the performance of periodic audits of the administration and operations of the CBI to ensure proper observance of laws applicable to the CBI and of decisions of the Board; c. the review of the periodic financial statements referred to in Article 44, paragraphs (2) and (3), and related documents of the CBI; d. the preparation and delivery to the Board, whenever deemed appropriate by the Board and at least once every quarter, of reports and recommendations regarding the financial statements and records, the budgetary and accounting procedures, the risk management and other controls within the CBI, the efficiency and cost effectiveness at which the CBI operates, and any other matter within its competence and area of responsibilities on which a report may be requested by the Board; and e. any other assignment that may be given to the internal audit department by the Board, provided that such assignments do not disrupt its principal task set forth herein.

Article 44 Exemption from certain taxes 1. The CBI shall be exempted from the following taxes and duties: a. taxes on income or profits of the CBI; b. personal property taxes on assets of the CBI; c. taxes on transfers of funds and other financial transactions; d. taxes in the form of stamp duties on issuance of the CBI’s securities and banknotes; e. customs duties, import duties, sales taxes, value added taxes on imports of gold, banknotes, and coins to be delivered to the CBI; and 26 - f. sales tax on domestic supplies of gold, banknotes, and coins to the CBI. 2. The CBI shall be liable for property taxes on immovable property only if, as a general rule, Government ministries are liable for such taxes and duties on the immovable property in their ownership or use. 3. The CBI shall be liable for any other taxes or duties, except as otherwise stipulated in the specific laws regulating such taxes or duties.

[yota691]

Parliamentary Finance: There is a big corruption at the central bank auction!
Under section: economic Dated: March 28, 2015

 
 

 

 Baghdad / Iraq News Network described the Parliamentary Finance Committee, was stabbed in parts of the private central bank of the General Budget Law as "unreasonable," saying possess the constitutional right to the doors of the budget transfers between the central bank and Tkhveidaha.oukdm appeal to the Federal Court to paragraph 50 of the Budget Law for the year The current 2015 which obliged not to sell more than 75 million dollars a day auction currency, which promise Governor of the Central Bank on the Keywords "stranger danger" being subject to the Central Bank of the directives of the government, expected this matter is resolved in favor of the Central Bank Qdaúaa.edo Finance Committee MP Masood Haider , confirmed the legitimacy of the Commission and the Parliament according to the Constitution in transfers between the doors and the reduction Almoisna.oukal Haider "The appeal lodged by the Central Bank of respect to Article 46 relating to banks and investment formed according to Islamic law, and Article 50, which restricts the sale currency auction 75 million US dollars a day." , noting that "there is an intention by the Council of Ministers to challenge all articles that have been added by the Finance Committee" .sv Haider "the possession of the data and documents related to the process of money laundering and smuggling of foreign currency abroad, noting that in order to close a road in front of corruption in this area and stop money laundering by what he called the "corrupt and influential" in state institutions were added to this article, "stressing that" the Commission will veto this appeal banking existing data has to disclose how laundering billions of dollars in Iraq and leaked to the outside, ".onoh Haider that." All articles that have been added by the Finance Committee to the budget bill within the carry process and reduce state spending at all levels, and that these materials which are not financial implications and do not lead to an increase in the budget for what has been put forward by the Council of Ministers "And on the grades, between Haider, "The Finance Committee has redeploy 20 000 degrees was dedicated to the defense ministry because there are a lot of aliens and their distribution between the ministries and other state institutions." The Parliament has added and modified about 17 items in the budget bill, notably Article 50, which states that "adhere to the central bank Select sales of currency ceiling does not exceed 75 million dollars a day with exercise justice in the sales process, "noted that there are other materials that have been approved of reducing the number of cars of the three presidencies, and pressure Alaivadat Foreign posts by 50 percent, and compel the Ministry of Finance and ministries all regardless salaries and employee benefits in provinces and hot areas, and install the contract-holders in the ministries who have three years of service and above in the budget of 2015, and the creation of the reconstruction of areas devastated by terrorism fund, and the allocation of two dollars for each province producing oil, and two dollars for refining each barrel Kham.okan Council of Ministers has authorized the session held in 3 Current March, boss, Dr. Haider al-Abadi to challenge some of the articles and paragraphs budget (2015), said a source familiar with the Council of Ministers earlier, the Board intends to appeal paragraphs in the current year's budget, noting that al-Abadi person paragraphs was change them in the parliament, the two "reduce allocations displaced, and the salaries of self-financing companies," while counting the deputies that the amendment of the budget bill without the knowledge of the government, "illegality", expecting that the government earn stabbed.

[tennesseem]

:shrug:CORRUPTION AT THE BANK! THATS ODD!

Edited March 28, 2015 by tennesseem

[yota691]

Actually you have two scenario here in which they are trying to address...the first one is the CBI realize that the corruption in the daily auctions from past  as stated from articles which has affected reserve of the CBI, in which they put into place a 30 day wait to verify those funds to prevent corruption...secondly how did the amendments in the Budget 2015 get inserted without knowledge of the COM and who did it...an on another note this is not the first time wording has been add to legislation when brought to parliament for reading procedure...IMO

[Big_J]

Roaches are tricky, hard to find! Get the BIG JUICY ones first!  

[yota691]

28/03/2015 20:07


Debate on the legality of the budget amendment


 


 
General Budget Law for 2015 witnessed a debate on the legality adjusted, while the government is seeking to challenge it, the parliamentary finance committee confirmed hold any amendment upon the illegality.
BAGHDAD / Obelisk: Parliamentary Finance Committee confirmed on Saturday, the illegality of any amendment to the budget, even if challenged by the government, stating that the parliament has the right to just delete some paragraphs objectionable or keeping it.
He said the Finance Committee member Abdul Qader Mohammed, said. "After the presidential endorsement of the budget law have the right to appeal against the Council of Ministers and raise the appeal to the Federal Court."
He added: "If the court is satisfied that the appeal would send the budget to the House of Representatives, but the Council is not entitled to legally make any amendment, but to simply delete the paragraph objectionable or maintain them."
The government had announced its intention to appeal to the Federal Court on certain paragraphs of the budget in 2015 and then backed away from it.

[10 YEARS LATER]

Please don't tell me that this a " Hold everything, we can't go another step forward with reform until we get this sorted out" . . . moment.

[Candy01]

A-FRICKING AMEN, 10 YEARS LATER!!!!!!!!!

 

:angry:

[sandfly]

THANKS YOTA

[yota691]

Parliamentary Finance: We will continue to delay the application of the subject of the federal budget bill

Date: 03/30/2015 10:52

 

Information / special / .. 
Nalah Commission representative confirmed Monday that it will follow the process of the delay in the application of the general budget for 2015, the law in some ministries, while likely to be the reason for the delay is the lack of financial liquidity in the country. 
The committee member said Sirhan Ahmed told / information / , "The Finance Committee will seriously the subject of delay implementation of the budget law in some ministries, and see if the cause is a lack of liquidity, or there are other reasons." 
Ahmed said that "the penal code in the Constitution of Article 240 in one of its paragraphs, provided that the non-implementation orders is a crime, punishable by law, "noting that it" may be the reason is the lack of liquidity, especially after the decline in oil revenues, because oil reliable, mainly in Iraq, while the rest of the exports, they are almost the ratio of 1% of revenue for the country. " 
The House of Representatives had voted nine minutes of the second legislative term in the first legislative Psonth (29/01/2015), the draft federal budget law for 2015. Finished / 25 T.

[yota691]

Iraqi government suggest modifying the law of private banks in the near future

 

 MARCH 30TH, 2015

 IN 1576 THE NUMBER OF READINGS

 

 

World Bank oversees the draft Islamic Banking Act

Najla Baghdad, Salah al-Din:

The Iraqi government announced on Sunday, modify the civil Banking Act, or the so-called «commercial banking law», to the development of banking law, stressing at the same time, the legislation of the Islamic Banking Act, which oversaw the writing paragraphs of experts from the World Bank. 
He said the economic advisor to the government, the appearance of Mohammed Saleh, said in an interview to «New Morning», that «civil Banking Act No. 94 of 2004, a good law does not exist in paragraphs any significant impurities», indicating that «the parliamentary Finance Committee has proposed to amend the law within the developments that have taken place during the ten-year period from Legislation current law ». 
Saleh added that «the amendment will include Article 28 of Law No. 94 of 2004, which requires private banks or the so-called (commercial banking law) owning shares in the creation of an airline or owning farmland or industrial», pointing to the «lack of impact on the liquidity of the bank in the case of possession of those shares». 
With regard to the legislation of the Islamic Banking Act Salih stressed «optimism largely on the draft law, which was written by international experts in economics and supervised by the World Bank». 
Saleh believes that «the Islamic Banking Act ( Modern Banking Act) depends entirely on the profit and loss and Halal and Haram », indicating that« the new law if they are voting on it will monitor has about 250 billion dinars ». 
Salih noted that «Islamic banks will give impetus to the advancement of the banking sector and create an atmosphere competitive interbank Iraq, as well as it will help to accelerate investment growth by encouraging the work of reconstruction and speculative stocks », ruling« legislation of a special law for Islamic banks at the moment because it will affect the nature of government and private Iraqi banks ». 
to the Executive Director of the Association of private banks Abdul Aziz Hassoun, the «General Banking Act did not apply correctly», adding that «the defect is not in the law, but to apply it correctly». 
, said Hassoun said that «Islamic banks need to operate legal framework and clear, because the work is inconsistent with the text of the law Banks No. (94) for the year (2004), especially in the field of investment and check posts profit ». And between the Goldfinch «Islamic banks act contrary to public banks Act of (2004) believes in the principle of being a financial interest, while Islamic banks give loans without a financial ratios them». He explained that «the central bank wrote a draft private law action Islamic banks and discussed with private banks Association, and now has been introduced to the legislature (House of Representatives) is not his decision», indicating that «the law will allow banks to the practice of Islamic banking, which are very different from conventional banking». 
He that «the Banking Act No. 94 of 2004 has been applied to private banks did not apply to government banks, which led to a clear imbalance in the work of the lack of a mechanism followed centrally by the central government». 
confirms goldfinch that «the Islamic Banking Act was written without taking any economic advice by specialists, what ultimately leads to the events of gaps and issues need to be modified after it ». 
refers Executive Director of the Association of private banks that «supported Islamic banks work globally», likely «not to apply the law in light of the current conditions in Iraq that do not outside the framework of achieving a profit only ». 
As a member of the Finance Committee National Alliance MP Jabbar Abdul Khaliq, has attributed the reasons for the government to encourage to open Islamic banks to increase the high financial benefits imposed by some government and private banks, which up to that proportion (8%) and ( 10%). 
He said It added Abdul Khaliq told «New Morning», that «the central government experimented by opening Islamic windows in the Rafidain and Rasheed to see how Iqbal audience her», adding that «experiment succeeded, which led to the encouragement towards open a local Islamic banks or foreign more in Iraq. » 
The Presidency of the Republic issued a set up Islamic Bank Mesopotamia Law No. (95) for the year 2012 with a capital of 50 billion Iraqi dinars, noting that «from the bank tasks practice aspects of banking activity in the inside and outside Iraq, and to do the work of the finance and investment in various projects and activities. »