Member of the Finance Committee calls for the presidency of parliament to stop the "bleeding the hard currency" at the Central Bank

[yota691]

Member of the Finance Committee calls for the presidency of parliament to stop the "bleeding the hard currency" at the Central Bank

Wednesday, 08 August / August 2012 16:30

[baghdad - where]

Student member of the Parliamentary Finance Committee Vice Presidency Haitham Jubouri House of Representatives to intervene to stop what he called "bleeding the hard currency and money laundering in the Central Bank of Iraq."

He said in a press conference today that "there is information received indicates that there are significant violations of the Central Bank carried out by the mafias from inside and outside the bank in addition to the companies that participate in the auction sale of hard currency, in addition to the lack of seriousness in the activation of the Anti-Money Laundering number [93 ".

He called Jubouri "form of an investigative committee of the House of Representatives, involving members of the Committees on Economic, financial integrity and the need for the central bank to guarantee capital of depositors of citizens in banks and activate the Anti-Money Laundering No. [93] and to stop the bleeding the hard currency, who arrived in [220 [billion dollars since 2003 until today. "

He called for "to make sure of import licenses and the health issue and the adoption of special offices are heavily censored and the Supreme Audit to ensure that the exploitation of this section for money laundering, in addition to activating the role of Supreme Audit detects the procedures in the sale of currency and activating the role of the Ministry of Interior and National Security mechanism for direct inspection of the banking offices to reduce of these phenomena. "

The Committee on the economy and investment representative has revealed earlier for "the existence of files, financial and administrative corruption and fraud in the banks authorized to buy and sell the dollar by the Central Bank of Iraq with some of mafias brokers and the market." http://www.alliraqnews.com/index.php?option=com_content&view=article&id=47864:-q-q&catid=37:2011-04-08-17-25-57&Itemid=56

and another article

Drain of hard currency in central bank auctions require direct intervention to curb

08 2012 14:01

The member of the Finance Committee MP / National Alliance / Haitham al-Jubouri, Presidency of the Council of Representatives to intervene directly to stop the drain of foreign exchange and money laundering in the auction the central bank.

Jubouri said in a press conference attended by the reporter Agency (news) said on Wednesday: The serious information and many useful obtaining significant violations per day at the central bank, caused by the control of the mafias from inside and outside the bank and limited companies on the auction sale of hard currency, in addition to the lack of seriousness in the activation of the Anti-Money Laundering No. (93). He added there is a danger surrounding the capital deposited in some private banks as happened in the bank of Basra and Warka, with the absence of regulations and instructions concerning the mechanisms of sale of the currency. He pointed out: the importance of the formation of an investigative committee in the House, involving members of the Committees on Economic, financial and integrity, and to emphasize the need to ensure that the central bank to the capital of depositors of citizens in banks and activation code anti-money laundering No. (93) and stop the drain of hard currency, which reached to (220) billion dollars since 2003, and the need to activate coordination between officials of the financial policy makers and monetary policy in accordance with Article (24) of the Act (56) issued by the Coalition Provisional Authority's bank Central. said: be sure to import licenses and the health issue and the adoption of special offices are heavily censored and the Supreme Audit to ensure that the exploitation of this section for money laundering, and activating the role of Supreme Audit to sell the currency and activating the role of the Ministry of Interior and National Security mechanism for direct inspection of banking offices

http://iraqi.dk/news/index.php?option=com_content&view=article&id=35505:2012-08-08-13-01-52&catid=105:2009-08-03-21-13-46&Itemid=357#.UCJ7tU2PXXo

Edited August 8, 2012 by yota691

[SocalDinar]

Thanks Yota,

I take it the 220 billion he speaks of is through the auctions to date.

Its not all being laundered or smuggled out of the country

Looks like they are calling for a full audit- Shabs needs to act soon

Go Shabs!!

[Butifldrm]

Thanks yota for the post. Socal, do you think the finance ministry could be running scarred after reading of punishments being enforced on other banks which are doing business or have trades with Iran? After all the USD flowing from Iraq is going into Iran and Syria. If they imposed these same type of sanctions on the CBI, that could prove to be disasterous.

NEW YORK / LONDON (Reuters) questioned the Standard Chartered Bank and investors in the charges made ​​by the Financial Services Authority in New York to the bank to hide about the transactions associated with Iran and that made ​​him lose $ 17 billion of its market value on Tuesday. He expressed the White House much attention the case, saying that the U.S. government takes the accusations of violating the economic sanctions very seriously. said Standard Chartered Bank, based in London that he was in talks with U.S. authorities about his dealings linked to Iran since early 2010 and that the accusations publicly made ​​by the State of New York came Kalsdma. and description Chairman of the Financial Services Authority in the State of New York, Lossky Benjamin Bank as a "rogue institution" and threatened to cancel its license to operate the state on Monday. accused of concealing the bank Lossky treatment of 60 thousand $ 250 billion over nearly ten years. He told Lossky The Bank earned fees of hundreds of millions of dollars from these transactions. and returned Peter Sands, chief executive of Standard Chartered from his holiday rush to help the Bank in the preparation of his defense and to limit the damage that may occur to his reputation. Shares in Standard Chartered was down 16.4 percent at 12.28 pounds on Tuesday to reach the losses to 24 percent since the news emerged, such as closing trading Monday. Earlier in the stock fell to 10.92 pounds, the lowest level in three years. The White House said that it takes violations of the sanctions seriously, but he did not mention directly the actions taken by Lossky. said Jay Carney, White House spokesman told reporters, "the Treasury Department in close contact with authorities Federal and state authorities on this matter. " This is not the first time in which to Lossky in the investigation to the state authorities in matters investigated by the usually federal authorities. When he was working in the Office of the Attorney General of New York helped to Lossky in the order of a lawsuit yet to be resolved against Bank of America in 2010 on the acquisition of Merrill Lynch despite the fact that the bank had settled a similar case with the Securities and Exchange. (preparation of Abdel-Moneim structure of the Bulletin Arabic) ....

Read more: http://www.sotaliraq.com/business.php?id=6876#ixzz22zu7vygv

[SocalDinar]

Thanks yota for the post. Socal, do you think the finance ministry could be running scarred after reading of punishments being enforced on other banks which are doing business or have trades with Iran? After all the USD flowing from Iraq is going into Iran and Syria. If they imposed these same type of sanctions on the CBI, that could prove to be disasterous.

NEW YORK / LONDON (Reuters) questioned the Standard Chartered Bank and investors in the charges made ​​by the Financial Services Authority in New York to the bank to hide about the transactions associated with Iran and that made ​​him lose $ 17 billion of its market value on Tuesday. He expressed the White House much attention the case, saying that the U.S. government takes the accusations of violating the economic sanctions very seriously. said Standard Chartered Bank, based in London that he was in talks with U.S. authorities about his dealings linked to Iran since early 2010 and that the accusations publicly made ​​by the State of New York came Kalsdma. and description Chairman of the Financial Services Authority in the State of New York, Lossky Benjamin Bank as a "rogue institution" and threatened to cancel its license to operate the state on Monday. accused of concealing the bank Lossky treatment of 60 thousand $ 250 billion over nearly ten years. He told Lossky The Bank earned fees of hundreds of millions of dollars from these transactions. and returned Peter Sands, chief executive of Standard Chartered from his holiday rush to help the Bank in the preparation of his defense and to limit the damage that may occur to his reputation. Shares in Standard Chartered was down 16.4 percent at 12.28 pounds on Tuesday to reach the losses to 24 percent since the news emerged, such as closing trading Monday. Earlier in the stock fell to 10.92 pounds, the lowest level in three years. The White House said that it takes violations of the sanctions seriously, but he did not mention directly the actions taken by Lossky. said Jay Carney, White House spokesman told reporters, "the Treasury Department in close contact with authorities Federal and state authorities on this matter. " This is not the first time in which to Lossky in the investigation to the state authorities in matters investigated by the usually federal authorities. When he was working in the Office of the Attorney General of New York helped to Lossky in the order of a lawsuit yet to be resolved against Bank of America in 2010 on the acquisition of Merrill Lynch despite the fact that the bank had settled a similar case with the Securities and Exchange. (preparation of Abdel-Moneim structure of the Bulletin Arabic) ....

Read more: http://www.sotaliraq.com/business.php?id=6876#ixzz22zu7vygv

Nice article butfldrm

Well losing 17 Billion in one day would not be a good day for any bank or corp.

I'm sure many are dealling with Iran and Syria and an audit will turn up plenty of dirt.

Would the CBI be effected i dont know but would not be good for us, that is certain.

Im sure the fire last week took care of some of these problems.

[Butifldrm]

Nice article butfldrm

Well losing 17 Billion in one day would not be a good day for any bank or corp.

I'm sure many are dealling with Iran and Syria and an audit will turn up plenty of dirt.

Would the CBI be effected i dont know but would not be good for us, that is certain.

Im sure the fire last week took care of some of these problems.

OMGosh, I didn't even think about the fire being related to this. HMMM. One things for sure. the CBI has ccovered their trail by selling Dinar to 30+ something banks and those banks are now trading with the MAFIA I'm betting the the US treasury turns a blind eye to all of this JMO. After all, Shabs needed to flood the USD into the economy to pull in the in as much IQD as possible.