New CBI Announcement 06/18/2017

[yota691]

News & Announcements

( Press release ) from within the verification procedures conducted by monitoring foreign in the US Treasury Department assets Office in coordination with the Central Bank of Iraq to ensure that the arrival of the money to the organization (Daesh) terrorist has the Office to include the company ( Kawthar financial mediation ( EIQ1987 / 3 )) and its owner Omar Mohammad Rahim al - Kubaisi, located in the existing judiciary in Anbar province in the black list under US law 2017/6/ 18
Gold bullion , which will be on sale under which prices  Tuesday  approved  2017 / 6 / 20 2017/6/ 18

[yota691]

Press release
As part of the verification procedures carried out by the Foreign Assets Control Office of the Ministry
US Treasury in coordination with the Central Bank of Iraq to ensure the lack of access to funds
To the terrorist organization (Al-Kawthar), Al-Kawthar entered into a financial intermediary
(3 / EIQ1987) and owner Omar Mohammed Rahim Kubaisi and located in the district of Qaim
Al-Anbar province in the black list under US law for providing them
Support and funding of terrorist organizations (advocacy and al-Qaeda).
Measures have been taken to prevent them from entering the Iraqi financial system
And freeze assets they own inside Iraq.
The Central Bank of Iraq and the need for banks and financial institutions
And the concerned parties to take the necessary measures not to deal with them
Directly or indirectly.
Taken by the Iraqi authorities
The US Treasury applauded the measures
To block financial transactions in Iraq and to implement a tight control system
Laundering and countering the financing of terrorism, which helped to strengthen Iraq's capacity to combat terrorism
To protect its financial system from exploitation by terrorist groups as a "preacher"
And that the Treasury Attaché at the Embassy of the United States in Baghdad stated that
Over the past year, the CBI has done more than the measures taken
(13) years in terms of procedures and regulations developed by the Central Bank.

[yota691]

Central Bank: US Treasury praised Iraq measures in the fight against money laundering

 

 

Economy News Baghdad :  It announced the bank 's central Iraq, Sunday, the Treasury US praised the actions that taken from by the authorities of the Iraqi anti - laundering money and financing terrorism and impeding dealings Daesh financial in Iraq . He said the bank 's central in a statement news received " Economy News , " a copy of it, it is " from within the procedures for verification that conducted by the Office of control of assets of foreign in the Department of Treasury US in coordination with the Bank of Central Iraq to ensure the lack of access funds to the organization Daesh terrorist has the office to include the company Kawthar to mediate financial and owner ( Omar Mahmoud Rahim al - Kubaisi ) , located in spend based in the province of Anbar, the existing black under the law of the US and so for having provided support and funding for the views of the terrorist which Daesh and al - Qaeda . " He added that it " has taken measures necessary to prevent them from entering the system of financial Iraq and the freezing of assets that they own inside Iraq " , calling on banks , institutions and financial agencies concerned to " take the measures necessary for not dealing with those entities are directly or not directly ." He noted to the " Treasury of America praised the actions that taken from by the authorities of Iraq to impede dealings Daesh financial in Iraq, and it is the implementation of a system tightly to combat laundering money and combating the financing of terrorism , which has helped to strengthen the capacity of Iraq to protect its financial from the exploitation of pre - totals terrorist ."   Views 289   Date Added 06/18/2017 - 11:39   Last updated 18/06/2017 - 15:55   No. Content 7968

[yota691]

18-06-2017 12:50 PM

Central puts the company mediate on the blacklist because of terrorism ??

 

 

 

It included the Central Bank of Iraq, on Sunday, brokered by the company on the blacklist for having provided support and funding for terrorist entities, calling for banks and financial institutions not to deal with those entities directly or indirectly. 

The bank said it 'the inclusion of Kawthar Financial mediation (EIQ1987 / 3) and the owner of Omar Mahmoud Rahim al - Kubaisi, located in the existing judiciary in Anbar province, the black list under US law', attributing the cause to 'having provided support and funding terrorist entities which Daesh and al - Qaeda'. 

The bank added that ' the measure comes within the verification conducted by the control of foreign in the US Treasury Department assets Office in coordination with the Central Bank of Iraq to ensure that the arrival of the money to the organization of procedures (Daesh) terrorist', indicating that he 'was taking the necessary measures to prevent them from entering the Iraqi financial system and the freezing of assets owned by them inside Iraq. " 

The bank stressed 'the need for banks and financial institutions and the concerned authorities to take the necessary measures to not deal with those entities directly or indirectly.' 

He noted the bank 'US Treasury has praised the actions taken by the Iraqi authorities to impede the dealings of financial Daesh in Iraq, and that it is implementing an elaborate system of anti - money laundering and combating the financing of terrorism, which has helped to strengthen Iraq 's ability to protect its financial system from exploitation by Kdaash terrorist groups '.

[ChuckFinley]

Thanks Yota, I guess they have getting on board about knowing your customer.  

[yota691]

 

The central bank include the company "Kawthar financial broker" and its owner on the black list 5 hours ago Last updated 12:26 PM   608 Watch       BAGHDAD / Press tomorrow:  The Central Bank of Iraq on Sunday, the inclusion of the company "Kawthar" financial broker and owner on the blacklist, as a result of its support for terrorist groups, calling on banking institutions not to deal with that company.   The bank said in a statement, "Tomorrow 's Press" received a copy of it, it is "within the verification procedures conducted by the control of foreign in the US Treasury Department assets Office in coordination with the Central Bank of Iraq to ensure that the arrival of the money to the organization (Daesh) terrorist has the Office to include the company (Kawthar financial mediation (EIQ1987 / 3) and owner (Omar Mahmoud Rahim al - Kubaisi), located in the existing judiciary in Anbar province, on the black list under US law and to its provision of support and funding terrorist entities , namely , (Daesh and al - Qaeda). "  he added," it was taken procedures necessary to prevent them from entering the financial system Ala Sophisticated and the freezing of assets owned by them inside Iraq , "calling on banks , financial institutions and the concerned authorities to" take the necessary measures to not deal with those entities directly or indirectly. "  He noted the bank that" the US Treasury praised the actions taken by the Iraqi authorities to impede dealings Daesh Finance in Iraq, and that it is implementing an elaborate system of anti - money laundering and combating the financing of terrorism, which has helped to strengthen Iraq 's ability to protect its financial system from exploitation by terrorist groups Kdaash. "  He explained that " the Treasury supplement in the United States Embassy in Baghdad, previously said that the Central Bank of Iraq has been done during the past year , more than the actions taken for (13) last year in terms of procedures and regulations established by the Central Bank."  The source familiar with the Central Bank of Iraq, the end of last month, for "Tomorrow Press," that the bank decided to withdraw the license three banking companies and prevent them from engaging in any work activity, because of violating the sale currency system.

[nannab]

The black list continue's to grow. Good morning Yota, DV

[Officiallytook]

Security

[Laid Back]

Wiping out corruption and money laundering from the daily auctions.

 

Go CBI 

Go new monetary policy 

Go RV

[yota691]

Central Bank Exchange is included in the company «blacklist»

6/19/2017 0:00    BAGHDAD / morning It included the Central Bank of Iraq, on Sunday, a brokerage firm based in Anbar province , based in the «black list» for its provision of support and funding for terrorist entities, calling for banks and financial institutions not to deal with those entities directly or indirectly.  The bank said in a statement received «morning» copy of it that «the inclusion of the company (Kawthar) financial mediation (EIQ 1987/3) and owner (Omar Mohammad Rahim al - Kubaisi), located in the existing judiciary in Anbar province, the black under US law on the list», attributing the cause to «its provision of support and funding for the points of a terrorist , a Daesh and Al Qaeda» , adding the bank, said that « the measure comes within the verification procedures conducted by the control of foreign in the US Treasury Department assets Office in coordination with the Central Bank of Iraq to ensure that the arrival of the money to organize Daesh terrorist», noting that « the necessary measures have been taken to prevent them from Aldecho To the Iraqi financial system and the freezing of assets owned by them inside Iraq », the bank stressed« the need for banks and financial institutions and the concerned authorities to take the necessary measures to not deal with those entities directly or indirectly ». He noted the bank, that « the US Treasury has praised the actions taken by the Iraqi authorities to hinder transactions« Daesh »Finance in Iraq, and that it is implementing an elaborate system of anti - money laundering and combating the financing of terrorism, which has helped to strengthen Iraq 's ability to protect its financial system from exploitation before the terrorist groups as «Daesh» and other ».

[sandfly]

Thanks 

[yota691]

Central Bank publishes a table gold bullion prices for the current week

 

 

Economy News _ Baghdad:   Publication of the Central Bank of Iraq, on Monday, a schedule gold bullion prices for the current week and lower prices, except in the table of gold coins.     Among the table that the price of the alloy carat 5 g reached 251 000 dinars, down two thousand dinars, while the price of bullion reached 10 g 493 caliber thousand dinars, down four thousand dinars, indicating that the alloy carat price of 15 g reached 742 000 dinars, down seven thousand dinars.   He explained that the alloy table 25 g price amounted to 1.256 million dinars, down ten thousand dinars, while the price of alloy 50 g reached 2.536 million dinars, down by 21 thousand dinars.   The following table bullion prices for the current week:
Views 11   Date Added 06/19/2017 - 13:04   Last updated 19/06/2017 - 13:29   No. Content 7993

[yota691]

Gold touches its lowest level in 4 weeks

 

 

Economy News _ Baghdad:   Gold fell on Monday, touching its lowest level in about 4 weeks with the continued strength of the dollar, while the market awaits comments from a senior Federal Reserve (US central bank) after weak economic data last week. Participates, William Dudley, president of the New York Federal Reserve Bank, a close ally of the president of the Fed Janet Yellen, in a meeting with local businessmen in New York.   Said Helen Lau, analyst at Orgnott Securities "If Dudley confirmed that the Fed will continue to push for a rate hike, I do not think gold will be able to recover soon."   At 08:04 GMT, the spot price of gold fell 0.3 percent to $ 1249.61 an ounce (an ounce). Earlier in the session, the metal record of $ 1248.63, the lowest price since May 24.   The US gold futures fell 0.4 percent in August delivery, to $ 1251 an ounce.   Palladium rose 0.8 percent in online transactions, to $ 867.20, while platinum down 0.5 percent to $ 921.95 an ounce.   Silver fell 0.1 percent to $ 16.57 an ounce, having touched earlier in the transactions of $ 16.57, the weakest price since May 19.
Views 6   Date Added 19/06/2017 - 12:55   Last updated 06/19/2017 - 13:46   No. Content 7991

[yota691]

21/06/2017 (00:01 pm)   -   Number of readings: 1118   -   Issue (3955)

 

 

Central: put brokerage firms on the blacklist of anti-money laundering and the financing of terrorism

Range / Zahraa Al-Jassem 
 

A few days from the inclusion of the US Treasury Department 's local Iraqi banking companies within the black list without offering any explanation on the reasons for this behavior after, the Central Bank of Iraq , the other is the listing of companies on the local banking blacklist. As confirms the official source at the central bank that the move came in the context of the Bank 's commitment to international standards designed to combat money laundering and the financing of terrorism, in favor of an economic expert that these measures with being help to deter acts of undisciplined and non - sensitive financial work in Iraq, it draws not to to achieve the main objective of the elimination of irregularities committed by the local banking companies and financial institutions. According to a list posted on the Office of Foreign Assets Control (OFAC) of the US Treasury Department, and the stomach in the 6th of this month, the 96 banks and banking office in Iraq, listed on the blacklist US (SDN). 
In charge of the central bank , who preferred anonymity , the source said in response to a question (range), on how to put the companies or banks on this list, and why is not the withdrawal of the license of them if they are contrary: The Central Bank of Iraq is committed to international standards that aim and calls for the fight against money laundering and the financing of terrorism, as it is part of the global financial system, he supported the decisions issued by the US Treasury Department, which on the status of financial institutions on the blacklist because of its activities in support of terrorism, adding that putting these companies on the black list, whether whether exchange companies or the Open Financially at night or even banks is away from any both at home and abroad , and with any other financial institution financial transaction, in the sense that all financial relations go with it. 
The source explained: the existence of global standards dealing with the fight against money laundering and the financing of terrorism, the central bank is committed to it , but it applied these standards to the fullest, therefore, there is a list published by the Central Bank of Iraq from time to time on its website, and in which a number of companies, banks, companies transfer and exchange Dakhla on the black list, which exceeded the number of "100 exchange company and money transfer" and about three banks, stressing that sanctions remain on these companies they will not be lifted only after confirming their safety, and some of them have already been withdrawn licenses of which stopped working permanently . 
The central bank has been included Sunday 18 this month, a number of financial intermediation companies blacklisted for having provided support and funding for terrorist entities, as demanded by the banks and financial institutions not to deal with those entities directly or indirectly. 
Says economist Majid picture in an interview with (range): The company if licensed by the central bank and placed on the black list, it is usually withdrawn the license of them, and hold placed on the black list is based on the lack of applied standards and regulations set by the Central Bank, and violating all the issues related to practices prohibited, adding: if the central bank directs a particular work of this company and is doing more than that, this is a violation of the instructions and enters the placed money laundering or cooperate with terrorism, therefore, all matters relating to the issue of defending the right style to do the work , e To make the central bank calculates the license from this company or that. 
It explains the picture, that the development of any company in the black list requires the central bank 's decision to withdraw the license it, and according to the criteria of the contrary must withdraw the license of it, but it also is after many steps, it is usually at the inspection and the discovery of irregularities the company violation warning then monitor the implementation of the instructions, and if not the process of implementation of these observations, here must withdraw the license it, but he also: that this talk is not about banks, it is for banking companies and financial institutions, and in all cases , even these measures taken by the central bank against offending companies between the period and the other did not reach Alentij Optimal with regard to the elimination of irregularities, but she may help deter those who want the offense and deter acts of undisciplined or not going according to the laws and regulations in force for the financial work in Iraq. 
The central bank said in a press statement that the 'US Treasury has praised the actions taken by the Iraqi authorities to impede the dealings of financial Daesh in Iraq, and that it is implementing an elaborate system of anti - money laundering and combating the financing of terrorism, which has helped to strengthen Iraq 's ability to protect its financial exploitation by Kdaash terrorist groups.

[yota691]

SPECIAL REPORT-How the Federal Reserve serves U.S. foreign intelligence

Jonathan Spicer

37 Mins Ago Reuters

(For more Reuters Special Reports, double-click on)

NEW YORK, June 26 (Reuters) - The Federal Reserve's little-known role housing the assets of other central banks comes with a unique benefit to the United States: It serves as a source of foreign intelligence for Washington.

Senior officials from the U.S. Treasury and other government departments have turned to these otherwise confidential accounts several times a year to analyze the asset holdings of the central banks of Russia, China, Iraq, Turkey, Yemen, Libya and others, according to more than a dozen current and former senior Fed and Treasury officials.

 

The U.S. central bank keeps a tight lid on information contained in these accounts. But according to the officials interviewed by Reuters, U.S. authorities regularly use a "need to know" confidentiality exception in the Fed's service contracts with foreign central banks.

The exception has allowed Treasury, State and Fed officials without regular access to glean information about the movement of funds in and out of the accounts, those people said. Such information has helped Washington monitor economic sanctions, fight terror financing and money laundering, or get a fuller picture of market hot spots around the world.

Some 250 foreign central banks and governments keep $3.3 trillion of their assets at the Federal Reserve Bank of New York, about half of the world's official dollar reserves, using a service advertised in a 2015 slide presentation as "safe and confidential."

The Bank for International Settlements, other major central banks and some commercial banks offer similar services, and clients usually have more than just one account. But only the Fed offers direct access to U.S. debt markets and to the world's reserve currency, the dollar, making the U.S. central bank the top provider of this so-called custodial banking business.

In all, the people interviewed by Reuters identified seven instances in the last 15 years in which the accounts gave U.S. authorities insights into the actions of foreign counterparts or market movements, at times leading to a specific U.S. response. (Graphic: http://tmsnrt.rs/2tDxp7V)

In one relatively recent case, data from these foreign accounts offered U.S. authorities a sense of the mood in Moscow in March 2014, after Russia's invasion of Crimea prompted the United States to respond with economic sanctions.

When foreign holdings at the New York Fed plunged about $115 billion, U.S. officials confirmed what others could only suspect, according to two former Fed officials: Russia's central bank had pulled its funds.

While the Kremlin's public response was defiant, Fed and Treasury officials concluded Moscow feared the United States would freeze Russia's assets even though the account was not included in the narrow scope of the sanctions, according to one former official.

After about two weeks, Russia's central bank returned most of the money to its Fed account, but the incident made officials monitor the account more closely for signs the sanctions had forced Moscow to draw down its reserves, the same source said. It was unclear what effect the sanctions had.

The Bank of Russia said it would not comment on "details of its operations and interaction with partners." The Russian Embassy in Washington did not respond to an emailed query.

NO PROMISE

The Fed acknowledged the practice of disclosing account intelligence, but declined to comment on individual clients.

"While our account agreement does provide for the sharing of information with the U.S. government in limited circumstances, we require a clearly demonstrated need for the information and a commitment that the information will be treated confidentially," said a New York Fed spokeswoman. "This exception has been used on rare occasions and on a limited basis for such issues as compliance with sanctions requirements and anti-money laundering principles."

The insights into the Fed operation come at a time when U.S. President Donald Trump threatens new economic sanctions on countries that could again be monitored through the foreign accounts. It also comes as U.S. intelligence-gathering has come under intense public scrutiny, with agencies investigating Russian meddling in last year's election and possible collusion with Trump's campaign. The Senate this month backed new sanctions on Russia in part to punish it for the meddling, while the Treasury added individuals and entities to those sanctioned over Moscow's actions in Ukraine.

According to a draft account agreement the New York Fed published online last year, the Treasury or any other U.S. government agency or Fed bank must have "a need to know such information" to access it.

Seven people with direct knowledge of instances in which this exception was used told Reuters there was no working definition of the "need to know," and that New York Fed lawyers would usually decide case by case.

The level of scrutiny by U.S. authorities and lack of clarity over what would constitute a "need to know" surprised some former foreign central bankers who spoke to Reuters.

The Bank of France, which also maintains foreign accounts, guarantees "full confidentiality" for its clients unless information is needed in a criminal investigation, said Christian Noyer, who was governor from 2003 to 2015. "It's only in that case," he said in an interview. "It's not just to look at them and to know that."

Less surprising was the fact that the United States leveraged the Fed's position at the center of global finance, they said.

"The kinds of powerful central banks that can offer these services ... will want to use that power in ways that benefit their public remit," Patrick Honohan, governor of the Central Bank of Ireland from 2009 to 2015, told Reuters.

Edwin Truman, who headed the Fed Board of Governors' international finance division for more than two decades before joining the Treasury in 1998, said the Fed's clients should not expect absolute secrecy.

"There is no promise to clients that the information in their accounts will not be shared with U.S. official circles," Truman, now a fellow at the Peterson Institute for International Economics, said in an interview.

A Treasury spokesman said the department monitors transactions and collects data from all financial firms "both routinely and in the course of investigations (and) has the ability to request information from banks beyond the 'need to know' provision." He declined to comment on interactions with the New York Fed.

TREASURY CALLING

The U.S. officials interviewed by Reuters included executives and division heads, and people directly involved in discussions in which the confidentiality exception was used to analyze accounts that otherwise only a select group of Fed officials monitors. Most spoke on the condition of anonymity.

Day to day, a team of about a dozen New York Fed analysts oversees the accounts. This low-profile unit, called Central Bank and International Account Services (CBIAS), came under the spotlight last year when it transferred $81 million from the Bangladesh central bank's account into the hands of hackers in one of the largest cyber heists ever.

The unit manages mostly Treasury and agency debt. It also oversees more than 500,000 gold bars that have accumulated in underground vaults since the New York Fed first opened accounts for Britain and France a century ago.

The requests for information became more frequent after the passage of the 2001 U.S. Patriot Act, mostly from the Office of Foreign Assets Control, a Treasury division enforcing sanctions and targeting terrorist financing, money laundering, and weapons and drugs trafficking. The Department can also subpoena confidential information.

Among the requests since then have been inquiries about the accounts belonging to Turkey, Iraq, Russia and others, often to help determine whether official funds were being used to finance sanctioned groups or individuals, according to three of the sources. A few countries of keen interest to the U.S. government have little or no funds at the New York Fed - such as Iran, which is sanctioned, and Saudi Arabia, which is not.

An official at Turkey's central bank said "operations are routinely carried out according to a correspondent banking agreement with the New York Fed, which is the standard operational procedure in correspondent banking."

Iraq's central bank stands out among those subject to U.S. scrutiny because of the extent of cooperation between Baghdad and New York. Earlier this month, based on information and instructions from the Fed's foreign accounts team, the Central Bank of Iraq blacklisted a money exchange firm suspected of ties with Islamic State and Al Qaeda. The Al-Kawthar money exchange firm, from the town of Qaim near the Syrian border, had its assets frozen in the action.

Fed officials rely on meetings and conference calls to advise the Iraqi central bank on how to track and freeze out local firms suspected of terrorist connections or of helping Iran bypass sanctions, an Iraq central bank official told Reuters.

"We have direct contact with the foreign assets monitoring office in the Fed," the official said. In freezing the assets of Al-Kawthar, Iraq's central bank followed Fed "verification procedures," added the official, who declined to be named.

The U.S. Treasury announced the sanctions against Al-Kawthar on June 15, citing $2.5 million in money transfers it allegedly made to a firm linked to Islamic State facilitators. The owner of the money exchange firm was not available to comment.

Sometimes, a peek into the Fed accounts has provided the Treasury insight into market upheaval. At the height of the global financial crisis in 2008, Treasury officials asked the New York Fed whether one of its clients was behind plummeting demand for short-term debt of mortgage giants Fannie Mae and Freddie Mac, according to a former CBIAS official.

An analysis of the accounts showed that China's central bank had curbed purchases, and that intelligence factored into the U.S. government's decision to seize the agencies in September 2008, the person said.

The People's Bank of China declined to comment.

In some cases, the Fed team handling the foreign accounts would activate the "need to know" clause if it spotted something unusual, two former Fed officials said.

Since the 2010 Arab Spring uprisings, for example, the New York Fed has made several inquiries with the State Department about Yemeni and Libyan assets, according to one of these officials.

The Fed team, which ranks accounts by levels of risk, sought clarity on whether the governments or insurgents were in control of those countries' central banks, the official said.

A State Department official said it "maintains contact with counterparts in the Federal Reserve system to share information on political and security developments" so they can "better evaluate and understand foreign governmental structures, leadership, and financial risk."

Representatives of Libya's and Yemen's central banks, as well as Yemen's embassy in Washington, did not respond to requests for comment.

(Reporting by Jonathan Spicer in New York; Additional reporting by Ahmed Rasheed and Michael Georgy in Baghdad, Andrey Ostroukh in Moscow, David Dolan in Istanbul, and Yara Bayoumy in Washington; Editing by Tomasz Janowski)