These are the new customs controls for the introduction and removal of funds across the Iraqi border

[fnbplanet]

link

 

BAGHDAD / 
The General Authority for Customs announced on Tuesday new instructions and controls for the declaration of funds when they are introduced and exported across the Iraqi border issued by the Central Bank of Iraq / Council against Money Laundering and Financing of Terrorism. 

"According to the provisions of Paragraph (4) of Article (7) and the provisions of Articles (34) and (35) of the AML / CFT Law No. (39) for the year 2015, we issued the controls," the Customs Authority said in a statement received by Al-Ghad Press. The following: 
The provisions of the declaration of funds when entering and removing them across the Iraqi border on the basis of the provisions of the paragraph and the two articles relating to the obligation of each person upon entering or leaving Iraq, upon the request of the representative of the General Authority of Customs on the carrying of funds, currencies or negotiable instruments to be held or transferred to Iraq Or by means of a person, a postal service, a shipping service or by any other means. The permit includes the value of such currencies or instruments. Based on the approval of the AML / CFT Council at its meeting in July 2017, it was decided that: 
1. Every traveler who enters or exits Iraqi territory must declare the following: 
(A) The money which exceeds ten thousand dollars or the equivalent in other foreign currencies. 
Precious stones and precious metals if their value exceeds (10,000) ten thousand US dollars. 
(C) negotiable financial instruments of its holder or transferred inside or outside Iraq through a person, postal service, shipping service or any other means in excess of US $ 10,000. 
2. The passengers shall declare to the employees of the General Authority for Customs at the airport or the border crossing points in the Republic of Iraq according to the form attached to these regulations and that the limits mentioned in item (1) apply to persons who are 18 years of age or older, For (18) years, the money in their possession must be added to the limit allowed to the guardian. 
3. The entry and exit of the Iraqi currency shall be limited to and from Iraq, except to the permitted limits of (200000) two hundred thousand Iraqi Dinars. In the event of transfer of an amount higher than the said limit through a person or postal service or shipping service or by any other means, Above the limit and fill out the declaration form and send it to the AML / CFT office. 
4- Each customs department at airports and border crossings shall take the following measures: 
(A) The development of sufficient guidance boards and languages (Arabic, Kurdish and English) in high and visible places showing the provisions of these regulations. 
(B) To require the passengers to fill out the above-mentioned permit form if they have cash or negotiable financial instruments for their bearer, the amounts of which exceed ten thousand (ten thousand) US dollars or the equivalent in other foreign currencies and if they have more than (200000) ) Two hundred thousand Iraqi dinars and if they are in possession of precious stones and precious metals worth more than (10000) 
C - Provide appropriate numbers of authorization forms at all border crossings to provide passengers arriving and departing for the purpose of declaring the cash and financial instruments and precious stones and precious metals in their possession. 
(E) The maintenance of regular records in which all cases of authorization made by the Customs Department and cases in which the passenger has not made the required authorization in accordance with the provisions of the Money Laundering and Terrorism Financing Law and these regulations are maintained and kept for five years or more depending on the nature of the cases. 
(F) Request additional information from travelers about the source of the funds and the purpose of their transfer in the event of a false declaration or in the absence of a declaration, with no convincing reason for not declaring or in case of suspicion. 
(G) Providing the AML / CFT Office with the authorization forms and any information it requests. 
5 - In addition to what is stated in item (3) above, the staff of the General Authority for Customs at the border crossings to seize cash and negotiable financial instruments and precious stones and precious metals for any of the following cases: 
(A) The passenger does not permit the discovery of money exceeding the limit specified in item (1) above or giving false information about it. The staff of the General Customs Authority shall investigate the reasons for not requesting the form. The reservation shall be made in case there are no actual convincing reasons. Convincing the absence of suspicion is filled out form and release the amount. 
(B) There is sufficient evidence to suspect that the money described in item (1) above is derived from an original crime, money laundering offense or a terrorist financing offense or is intended for that purpose. 
6. The Anti-Money Laundering and Terrorism Financing Office issues a recommendation to remove the reservations from the reservations stipulated in item (5) of these regulations in the case of reinforcements confirming the validity of the checks or referring them to the items within seven (7) days from the date of notification of the decision. For customs purposes. 
7. Cash and negotiable financial instruments, precious stones and precious metals issued and delivered by mail, shipping service or other means shall be stated in accordance with item (1) and (2) above.

 

 

 

OK, tell me if this sounds like they're about to put a squeeze on further speculation on the dinar.

You can enter OR leave Iraq with ANY currency in the amount/value of $10,000.00 USD - EXCEPT: Iraqi Dinar.  You can only enter or leave with 200,000 Iraqi Dinar (currently about $200.00 USD worth).  Am I reading this correctly?  I'd really be interested in my esteemed dinarian family's thoughts on this.  Thanks!

[jcfrag]

According to Navira45:

 

"Later on, there is going to be news with regards to regulating money in n out of iraq at the border. They will say only certain amount of money can be carried out of iraq. You can all speculate what the rate will be cause the regulation will tell you the amount in dollars to its equivalence.rv is here...and He is right. Pray more. Later."

 

So whats the rate???  

[pokerplayer]

3 minutes ago, jcfrag said:

According to Navira45:

 

"Later on, there is going to be news with regards to regulating money in n out of iraq at the border. They will say only certain amount of money can be carried out of iraq. You can all speculate what the rate will be cause the regulation will tell you the amount in dollars to its equivalence.rv is here...and He is right. Pray more. Later."

 

So whats the rate???  

 

I'm sensing a feeling here about Navira as well, but some may not like it, but I hope I'm wrong.

 

   Just my

 

pp

[jcfrag]

1 minute ago, pokerplayer said:

 

I'm sensing a feeling here about Navira as well, but some may not like it, but I hope I'm wrong.

 

   Just my

 

pp

I'm praying he is right, but prepared for the wrong!    

[pokerplayer]

Just now, jcfrag said:

I'm praying he is right, but prepared for the wrong!    

 

 

So so I lol, so do I.

 

   pp

[boomhand86]

4 minutes ago, pokerplayer said:

 

I'm sensing a feeling here about Navira as well, but some may not like it, but I hope I'm wrong.

 

   Just my

 

pp

Still haven't put my finger on it, that's why I have remained silent 

[pokerplayer]

Just now, boomhand86 said:

Still haven't put my finger on it, that's why I have remained silent 

 

 

Your not the only boom, believe me, your not the only one.

 

   pp

[jcfrag]

Just now, boomhand86 said:

Still haven't put my finger on it, that's why I have remained silent 

Time is on our side I'm afraid, but still praying he is right!!!  

[WaitIsOver]

W/ 10k in other currencies or 'metals'

 

But...

 

200k IQD @ 1.20 per iqd = 600k usd is okay because it's our country and our "peasants" will be going in and out. 

Imo ... unless they're just trying to squeeze the brokers dry.. any1s guess is as good as mine

 

[climber7]

22 minutes ago, pokerplayer said:

 

I'm sensing a feeling here about Navira as well, but some may not like it, but I hope I'm wrong.

 

   Just my

 

pp

 

PP

what exactly do you mean by 'a feeling'? Is it good or bad? Not sure what you're alluding to...

[mr.unlikely]

With a limit of 10,000.00 USD or 200,000 IQD. That would put it at .05/IQD or 50,000 per million. Oh how I hope it starts there, cause it wouldn't take long for it to climb a lot higher. And I could quit both my day jobs at a nickel, lol.

[chinadawg]

Correct that is a nickle,,,,,sounds like a great start to me..........folks on another thread seemed disappionted with a nickle.....LOL,,,everyone here would have to buy a box of depends if they woke up one morning to a nickle.

[navira45]

Hahaha chinadawg

[jcfrag]

Yeah, I was really hoping for them to come out at least 10 cents....if its not too much to ask!!!! 

[navira45]

My point is...be happy at what is given to you..whether is 5 cents 10cents 30cents...just be happy, if not happiest (for some who is really greatful even if it is just 5 cents).

[3n1]

the rate is not 5 cents its 1186 there is no way imo the cbi will ever foretell a future rate increase especially something so easily construed as the nickel theory  ... we wait 

[mr.unlikely]

If it comes out at .05 it won't take long to get to .10 in forex terms that kind of jump is astronomical. Traders would be going crazy. It would be a feeding frenzy that would put so much upward pressure n the dinar, we would be increasing in net worth daily by leaps and bounds.

At least that's what I think will happen when they finally let it go.

[mr.unlikely]

3n1. We know what the rate is, we're just speculating why you can only leave Iraq with 200,000 dinar, that you don't have to declare. You know, projecting that maybe it's because they intend for it to have more value soon.  

[DinarThug]

Those Wheelbarrows Full Of Dinar To Exchange Would Be Be Much Easier To Push Back Out With Dollar Bills Instead Of Nickels !  

 

 

Just Say'n ...

 

     

 

[navira45]

Hahaha thug

[3n1]

1 hour ago, mr.unlikely said:

3n1. We know what the rate is, we're just speculating why you can only leave Iraq with 200,000 dinar, that you don't have to declare. You know, projecting that maybe it's because they intend for it to have more value soon.  

 

no worries mr.unlikely, some are thinking it'll roll out at a nickel on a couple of threads may be misleading to some anyways iraq has had this  plan in place for years articles read of this long ago , maliki just never enforced it abadi is trying to conform .... cheers

[sandfly]

thanks

[Rabbi]

There's nothing in this article to indicate that the shipping of IQD in amounts exceeding 200,000 is not allowed.  The requirement is that IQD in excess of this amount must be DECLARED!  If a dinar dealer here in the States makes a lawful purchase of IQD from the CBI or some Iraqi money-transfer company, those IQD will still be shipped to the US.  It's just that the purchaser and seller must declare the funds and the details of the transactions.

 

[bkeiller]

Dividing the big players from the small players to empower border guards and create some tiers of accountability. E-banking tracking systems are getting better to try to catch the big boys. Just like the IMF wants. From the colander to the sieve to the pot-- fewer leaks in a pot!? Get cooking on internationalizing the currency, boys!

[blueskyline]

Is there anyone else other than myself that feels like their purchasing power has been raised in country to .05 cents to the Dinar . Dare I say in country RV ? I could be wrong of course . But I get that feeling . Lower prices for goods , sugar , wheat , cell phones and services ? Hmm