coorslite21 Posted February 18, 2014 Report Share Posted February 18, 2014 http://www.azzaman.com/?p=62222Translation below:المصارف الخاصة تشرع بتنفيذ تعليمات المركزي– February 17, 2014المصارف الخاصة تشرع بتنفيذ تعليمات المركزيبغداد – عادل كاظمرأس محافظ البنك المركزي العراقي وكالة عبد الباسط تركي اجتماعا ضم المديرين العامين في البنك وعدد من ادارات المصارف الخاصة، فضلا عن اعضاء في رابطة المصارف غير الحكومية في العــراق.وقال مصدر لـ(الزمان) امس (ان الاجتماع ناقش التعليمات الخاصة ببيع وشراء العملات الاجنبية التي تم العمل بها ابتداءً من يوم الاحد الماضي واضاف ان (المصارف ابدت استعدادها لتطبيق التعليمات لتعزيز قيمة الدينار العراقي امام العملات الاجنبية وباشرت اجراءاتها لتنفيذ تلك التعليمات دعما للاقتصاد الوطني وعملية التنمية).Private banks will proceed to implement the instructions of the Central- February 17, 2014Private banks will proceed to implement the instructions of the CentralBAGHDAD - just KazimThe head of the governor of the Iraqi Central Bank and the Agency Abdel Basset Turki a meeting of general managers in the bank and a number of departments, private banks , as well as members of the Association of Banks in non- governmental organizations in Iraq .A source of (time ) yesterday ( that the meeting discussed the instructions for the sale and purchase of foreign currencies that have been working out from last Sunday , he said ( banks expressed their willingness to implement the instructions to enhance the value of the Iraqi dinar against foreign currencies and began procedures to implement those instructions in support of the national economy and the process of development ) . 8 Link to comment Share on other sites More sharing options...
jobug38 Posted February 18, 2014 Report Share Posted February 18, 2014 Ok so what does this mean? It sounds good. Link to comment Share on other sites More sharing options...
stealthwarrior Posted February 18, 2014 Report Share Posted February 18, 2014 Nobody knows what in the hell this means.they speak in biblical code.pure insanity. 2 Link to comment Share on other sites More sharing options...
dontlop Posted February 18, 2014 Report Share Posted February 18, 2014 (edited) Nice Thanks Let's get that rate up Edited February 18, 2014 by dontlop Link to comment Share on other sites More sharing options...
moneysoon Posted February 18, 2014 Report Share Posted February 18, 2014 Forward March 1 Link to comment Share on other sites More sharing options...
SnowGlobe7 Posted February 18, 2014 Report Share Posted February 18, 2014 ( banks expressed their willingness to implement the instructions to enhance the value of the Iraqi dinar against foreign currencies and began procedures to implement those instructions in support of the national economy and the process of development ) .Read more: http://dinarvets.com/forums/index.php?/topic/172592-private-banks-will-proceed-to-implement-the-instructions-of-the-cbi/#ixzz2td97aRKl why would the banks have to agree to implement the larger value? I assume this is a translation thing 1 Link to comment Share on other sites More sharing options...
dontlop Posted February 18, 2014 Report Share Posted February 18, 2014 Forward Marchthat cracked me up ( banks expressed their willingness to implement the instructions to enhance the value of the Iraqi dinar against foreign currencies and began procedures to implement those instructions in support of the national economy and the process of development ) .[/size]Read more: http://dinarvets.com/forums/index.php?/topic/172592-private-banks-will-proceed-to-implement-the-instructions-of-the-cbi/#ixzz2td97aRKl[/size] why would the banks have to agree to implement the larger value?[/size]I assume this is a translation thingi hear ya The cbi moves the official rate Everything moves Just look what happened in Kuwait The govt reinstated the rate its market rate followed imediatly So it's up to the cbi 1 Link to comment Share on other sites More sharing options...
Rayzur Posted February 18, 2014 Report Share Posted February 18, 2014 Said Differently though just as cryptic.... Issues special instructions to sell and buy foreign currencies, considering previous instructions issued in this regard void. And got “time” on the documentation for the instructions issued by the central bank, which included “17″ paragraph identified mechanisms of buying and selling and the proportion of intermediaries. The central bank said in the instruction book that carried the No. 03.09.21, dated January 26 current, it is instructed in a separate book bears the number 09/03/19 dated January 26 and considered the current window from the date of 16 this month. The face of the central bank these instructions to banks licensed profession of all banking and money transfer companies approved, companies and broker in the sale and purchase of foreign currency all, stressing published in a prominent place and to inform customers need to abide by them. And was based in the central issuance of these instructions to the provisions of its law number 56 of 2004, as amended, indicating that these instructions came to meet a real market need of foreign exchange and money laundering 5 Link to comment Share on other sites More sharing options...
dontlop Posted February 18, 2014 Report Share Posted February 18, 2014 If they remove dinar The demand for dinar increases If they remove dollars the dollar demand goes up but at the same time if they have dollar shortages they will be forced to use dinar which increases demand for dinar Who knows what the instructions are If it has anything to do with selling gold To remove dinar or a combination Of gold dollars and bonds Link to comment Share on other sites More sharing options...
dontlop Posted February 18, 2014 Report Share Posted February 18, 2014 http://www.iraqcoalition.org/regulations/20040306_CPAORD_56_Central_Bank_Law_with_Annex.pdf Pg 22-25 may say something in law 56 of 2004 Can't copy it Link to comment Share on other sites More sharing options...
gymrat76541 Posted February 18, 2014 Report Share Posted February 18, 2014 This is it...........................just like Possum said. Yeppppppppppppppppppp Link to comment Share on other sites More sharing options...
Laid Back Posted February 18, 2014 Report Share Posted February 18, 2014 just follow the CBI instructions.! Go increase exchange rate. 2 Link to comment Share on other sites More sharing options...
RVWITHME Posted February 18, 2014 Report Share Posted February 18, 2014 So, if the banks want to التعليمات الخاصة ببيع وشراء العملات Then we are about ready toالمصارف ابدت استعدادها لتطبيق التعليمات لتعزيز But only if we first decide to البنك وعدد من ادارات المصارف الخاصة، فضلا عن اعضاء في Does that about sum it up? 9 Link to comment Share on other sites More sharing options...
gregp Posted February 18, 2014 Report Share Posted February 18, 2014 Let the vacuum begin. Link to comment Share on other sites More sharing options...
ComPLX Posted February 18, 2014 Report Share Posted February 18, 2014 Crystal clear. Couldn't have explained it any better Link to comment Share on other sites More sharing options...
outlawclg Posted February 18, 2014 Report Share Posted February 18, 2014 Thanks banquet beer lite. Anything that comes from the azz man has got to be good. Link to comment Share on other sites More sharing options...
TBomb Posted February 18, 2014 Report Share Posted February 18, 2014 http://www.iraqcoalition.org/regulations/20040306_CPAORD_56_Central_Bank_Law_with_Annex.pdf Rayzur..You are the Bomb!! CPA/ORD/1 March 2004/56COALITION PROVISIONAL AUTHORITY ORDER NUMBER 56CENTRAL BANK LAWPursuant to my authority as Administrator of the Coalition Provisional Authority (CPA)and under the laws and usages of war, and consistent with relevant U.N. Security Councilresolutions, including Resolution 1483 (2003),Having worked closely with the Governing Council to ensure that economic changeoccurs in a manner acceptable to the people of Iraq,Acknowledging the Governing Council’s desire to bring about significant change to theIraqi economic system,Determined to stabilize domestic prices and to foster an economic climate conducive tothe establishment of a stable and competitive market economy,Recognizing the problems arising from the former regime’s policies regardinggovernance of the Central Bank of Iraq,Further recognizing the CPA’s obligation to provide for the effective administration ofIraq, to ensure the well being of the Iraqi people and to enable the social functions andnormal transactions of every day life,Recalling that U.N. Security Council Resolution 1483 (2003) called upon the CPA topromote economic reconstruction and the conditions for sustainable development,Acting in a manner consistent with the Report of the Secretary General to the SecurityCouncil of July 17, 2003, concerning the need for the development of Iraq and itstransition from a non-transparent centrally planned economy to a market economycharacterized by sustainable economic growth through the establishment of a dynamicprivate sector, and the need to enact institutional and legal reforms to give it effect,Having coordinated with the international financial institutions, as referenced inparagraph 8(e) of the U.N. Security Council Resolution 1483,I hereby promulgate the following:Section 1PurposeThis Order establishes a safe, sound, and independent Central Bank for the purposesof achieving and maintaining domestic price stability, fostering and maintaining aCPA/ORD/1 March 2004/56 2stable and competitive market-based financial system, and promoting sustainablegrowth, employment, and prosperity in Iraq.Section 2Central Bank LawThe Central Bank of Iraq Law attached to this Order in Annex A shall have the fullforce and effect of law.Section 3General ProvisionsThe term “Appointing Authority” shall mean the Administrator in consultation withthe Governing Council, during the period prior to the transfer of full governmentalauthority to the transitional Iraqi administration and the recognition of the sovereigntyof that administration by the CPA.Those actions to be taken by “upon the recommendation of the Appointing Authorityand confirmation by the Legislature” under the Central Bank of Iraq Law in Annex Ashall be undertaken upon the recommendation of the Governing Council andconfirmation by the Administrator, during the period prior to the transfer of fullgovernmental authority to the transitional Iraqi administration and the recognition ofthe sovereignty of that administration by the CPA. Likewise, during the that period,those actions requiring nomination by the Appointing Authority and confirmation bythe Legislature shall be undertaken by way of nomination by the Governing Counciland confirmation by the Administrator.Those actions to be taken by the Legislature by itself shall be undertaken by theGoverning Council with the approval of Administrator during the period prior to thetransfer of full governmental authority to the transitional Iraqi administration and therecognition of the sovereignty of that administration by the CPA.Section 4NominationsThe Governing Council shall forward nominees for the Governor, the DeputyGovernors and the other members of the Board of the Central Bank to theAdministrator for his approval within one month of the date of the signing of thisOrder. Should the Governing Council fail to forward such a list of nominees to theAdministrator within this time period, the Administrator shall nominate and appointANNEX ACENTRAL BANK OF IRAQ LAW OF 2004Section 1—Definitions, Autonomy, Objectives and Functions.................................................3Article 1 .............................................................................................Definitions 3Article 2 ............................................................... Legal capacity and autonomy 3Article 3 ............................................................................................. Objectives 3Article 4 ...............................................................................................Functions 3Section 2—Capital, Reserves and Net Profits ...........................................................................3Article 5 .............................................................................. Capital and reserves 3Article 6 .....Computation of profits and losses; allocation of net operating loss 3Article 7 ...............................................................Treatment of unrealized gains 3Article 8 ......................................................................Distribution of net profits 3Article 9 ........................................................... Coverage of shortfalls in capital 3Section 3—Management............................................................................................................3Article 10 .................................................... Board of Directors and committees 3Article 11 ...................................................................Composition of the Board 3Article 12 ...............................................Eligibility for appointment and service 3Article 13 ....................... Appointment and terms of service of Board members 3Article 14 ......................................Resignation and removal of Board members 3Article 15 .........................................................................Disclosure of interests 3Article 16 ..................................................... Powers and functions of the Board 3Article 17 ..............................................................................................Meetings 3Article 18 ............................................................................................... Quorum 3Article 19 ........................................................................Decisions of the Board 3Article 20 ................................................................Governor as chief executive 3Article 21 ........................................................................... Conflicts of interests 3Article 22 ..................................... Confidentiality and exchange of information 3Article 23 ................................................................ Immunity from legal action 3Section 4—Relations with the Government ..............................................................................3Article 24 ..................................................... Consultation with the Government 3Article 25 .......................................................Actions on behalf of Government 3Article 26 ..........................................Prohibition on lending to the Government 3Section 5—Official Foreign Reserves .......................................................................................3Article 27 ............................................ Management of official foreign reserves 3Section 6—Monetary Functions ................................................................................................3Article 28 ..................................Open market operations and standing facilities 3Article 29 ..........................................................................Reserve requirements 3- 2 -Article 30 ............................................................................ Lender of last resort 3Section 7—Currency..................................................................................................................3Article 31 .................................................................................. Unit of currency 3Article 32 ........................................................................... Issuance of currency 3Article 33 .... Printing of banknotes and minting of coins; accounting treatmentof currency issued 3Article 34 ...........................................Withdrawal of unfit banknotes and coins 3Article 35 ...................................................Disposition of Counterfeit Currency 3Article 36 ......................................................................Redemption of currency 3Article 37 ...........................................................................Freedom of currency 3Article 38 ..................................... Enforcement of foreign currency obligations 3Section 8—Other Functions.......................................................................................................3Article 39 .................................................................................Payment systems 3Article 40 .......................................................................... Supervision of Banks 3Article 41 .............................Compilation and publication of financial statistics 3Article 42 ............................................................................. Unlicensed persons 3Section 9—Miscellaneous .........................................................................................................3Article 43 ........................................................................ Ownership of property 3Article 44 .............................................................Exemption from certain taxes 3Section 10—Financial Statements and Audit ............................................................................3Article 45 ..........................Books and records; financial statements and reports 3Article 46 ....................................................................................... Internal audit 3Article 47 .......................................................................... Chief internal auditor 3Article 48 ...................................................................................... External audit 3Section 11—Criminal Offenses .................................................................................................3Article 49 .......................................................................................Interpretation 3Article 50 ................................................................................................ Making 3Article 51 ........................................................................................... Possession 3Article 52 ............................................................................................... Uttering 3Article 53 ................................................................................. Slugs and tokens 3Article 54 ..............................................................................................Defacing 3Article 55 .........................................................................Likeness of banknotes 3Article 56 ......................................................................Instruments or materials 3Article 57 ..................................Conveying instruments for coining out of mint 3Article 58 ................................................................. Advertising and trafficking 3Article 59 ............................................................. Special provisions as to proof 3Article 60 .............Unauthorized issue of banknotes, coins, instruments, tokens 3Article 61 .............................................................................................Forfeiture 3Article 62 ..................................................................... Administrative penalties 3- 3 -Section 12—Financial Services Tribunal ..................................................................................3Article 63 .........................................Establishment and jurisdiction of Tribunal 3Article 64 .....................................................................Composition of Tribunal 3Article 65 ................................................................. Administration of Tribunal 3Article 66 ..........................................................Authority of Minister of Justice 3Article 67 ..............................................................................................Evidence 3Article 68 ....................................................................Decisions of the Tribunal 3Article 69 ....................................................... Procedure for review by Tribunal 3Article 70 ............................................................................................... Appeals 3Section 14—Final Provisions ....................................................................................................3Article 71 ......................................................Precedence over inconsistent laws 3Article 72 ............................................ Immunity from prejudgment attachment 3Article 73 ................................................................................................. Repeal 3Article 74 ................................................................................... Entry into force 3- 4 -SECTION 1—DEFINITIONS, AUTONOMY, OBJECTIVES AND FUNCTIONSArticle 1 DefinitionsThe following terms shall have the meanings set forth below:“Appointing Authority” means the head of the Government.“bank” means a person holding a license or permit under the Banking Law to engage inbanking business and other banking activities;“banking business” means the business of receiving deposits of money or other repayablefunds from the public for the purpose of making credits or investments for its own account;“Board” means the Board of Directors of the CBI;“CBI” means the Central Bank of Iraq;“credit” means any disbursement or commitment to make a disbursement of a sum of money inexchange for the right to repayment of the amount disbursed and outstanding and to paymentof interest or other charges on such amount, whether secured or unsecured, any extension ofthe due date of a debt, any guarantee issued, and any purchase of a debt security or other rightto payment of a sum of money that may provide for the payment of interest either directly orby a discounted purchase price;“currency” means the monetary unit of a country;“deposit” means a certain sum of money paid to a person, whether or not evidenced by anyentry in a record of the person receiving the sum, on terms under which the deposit will berepaid or transferred to another account, with or without interest or a premium, either ondemand or at a time or in circumstances agreed to by or on behalf of the depositor and thatperson;“Deputy Governor” means a Deputy Governor of the CBI;“dinar” means the Iraqi dinar;“fit and proper person” means a person who is regarded as honest and trustworthy and whoseprofessional qualifications, background and experience, financial position, or businessinterests do not disqualify that person in the judgment of the Appointing Authority or, withrespect to Article 64, the Minister of Justice, provided, however, that no person shall beregarded as a fit and proper person if the person:(i) has been convicted by a criminal court of an offense for which the person was orcould have been sentenced to imprisonment for a term of one year or more without- 5 -the option of a fine unless such sentence, in the judgment of the AppointingAuthority, or, with respect to Article 64, the Minister of Justice, was or would havebeen motivated by his religious or political views or activities;(ii) has been declared bankrupt by a court of law within the past seven years;(iii) has been disqualified or suspended by a competent authority from practicing aprofession on grounds of personal misconduct unrelated to his religious or politicalviews or activities; or(iv) has been declared unfit to manage a company by a court of law or under an orderissued by a competent agency;“foreign exchange” means any bank note or coin, cheque, draft, promissory note, bill ofexchange, payment order, credit, balance of account or any other means of effecting paymentsin any currency other than the Iraqi currency;“Government” means the entity exercising temporary governmental authority in Iraq on thedate this law enters into force and then the transitional Iraqi administration upon the transfer toit of full governmental authority and the recognition of the sovereignty of that administrationby the CPA, and then the internationally recognized representative government of Iraq once itassumes the responsibilities of such authority;“Governor” means the Governor of the CBI;“legal tender” means banknotes and coins which any creditor is obligated to accept in paymentfor a debt denominated in Iraqi dinars;“Legislature” means the principal legislative body of Iraq, or a component or subordinatebody thereof empowered for purposes of oversight of the CBI pursuant to this Law.“Official Publication” means the Official Gazette or such other general publication of widecirculation as specified by the Appointing Authority;“State” means the Republic of Iraq;“Tribunal” means the Financial Services Tribunal as described in Articles 63 through 70 of thisLaw.Article 2 Legal capacity and autonomy1. The CBI, established under the Central Bank of Iraq Law, Law No. 64 of 1976, asamended from time to time, is a legal entity with the full capacity to enter into contracts, tosue and be sued, and to carry out its functions under this and any other law. In carrying outits functions, the CBI may: (i) administer and hold property, (ii) hire staff, define their duties,- 6 -and determine their compensation; and (iii) determine and fund its own budget. Nothing inthis Law shall be construed to interfere with the continuation of the existence of the CBI as alegal entity under prior law, or with any of the authority, rights, duties or obligations of theCBI under prior law, except as otherwise provided for under this Law.2. In the pursuit of its objectives and the performance of its tasks, the CBI shall beautonomous and accountable as provided for in this Law. Except as otherwise specified inthis Law, the CBI shall not take instructions from any other person or entity, includinggovernment entities. The autonomy of the CBI shall be respected and no person or entityshall seek improperly to influence any member of a decision-making body of the CBI in thedischarge of his duties towards the CBI or to interfere in the activities of the CBI.3. The CBI’s head office shall be located in the City of Baghdad and, in order to discharge itsfunctions within Iraq and abroad, it may open such branches, agencies and bureaus, andappoint such correspondents as it may require.Article 3 ObjectivesThe primary objectives of the CBI shall be to achieve and maintain domestic price stabilityand to foster and maintain a stable and competitive market-based financial system. Subjectto these objectives, the CBI shall also promote sustainable growth, employment, andprosperity in Iraq.Article 4 Functions1. The functions of the CBI in achieving the objectives set forth in Article 3 and as furtherdescribed in this Law, shall be to:a. formulate and implement monetary policy, including exchange rate policy, for Iraqin accordance with Section 6;b. hold and manage all official foreign reserves of Iraq, other than working balancesof the government, in accordance with Article 27;c. hold gold and manage the State reserves of gold;d. provide services as advisor and fiscal agent to the Government in accordance withSection 4;e. provide liquidity services to banks in accordance with Articles 28 and 30;f. issue and manage Iraqi currency in accordance with Section 7;g. compile and publish data on the banking and financial system and the economy inaccordance with Article 41;- 7 -h. establish, oversee and promote sound and efficient payment systems in accordancewith Article 39;i. issue licenses or permits to banks and to regulate and supervise banks as furtherspecified in this Law and in the Banking Law;j. open and maintain accounts on the books of foreign central banks and internationalfinancial organizations;k. open and maintain on its own books accounts for foreign central banks, foreigngovernments and international organizations; andl. carry out any ancillary tasks or transactions incidental to the exercise of itsfunctions under this Law.2. In addition, the CBI may take whatever action it deems necessary to: (i) counter moneylaundering and terrorist financing, and (ii) regulate and supervise lending companies,microfinance companies, and any other non-bank financial institutions not otherwiseregulated under Iraqi law.3. The CBI shall have the power to issue regulations for the purpose of implementing thisLaw and carrying out its functions under this Law. Regulations issued under this Law, andany subsequent amendments thereto, shall be published in the Official Publication.4. If the CBI proposes to issue a regulation pursuant to this Law, it shall publish a draft of theproposed text of the regulation in a form and in a manner determined by it to be bestcalculated to bring the proposed regulation to the attention of the domestic financial sectorand the general public. The draft shall be accompanied by an explanation of the purpose ofthe proposed regulation and a request for comments within a specified time of not less thanone month after the date of publication of the draft. The CBI shall have regard to anycomment received and issue the final text of the regulation accompanied by an account ingeneral terms of the comments. The procedure set out in this paragraph shall not apply if theCBI determines that the delay involved would be a serious threat to the interests of thefinancial system or hinder the effective conduct of monetary policy, provided that suchdecision by the CBI shall be explained in the preamble to the regulation.5. In carrying out its functions in accordance with the provisions of this Law, the CBI shallhave the power to issue legally-binding orders addressed to specified individuals or entitiesand directing such persons or entities to undertake specific actions which are in accordancewith this Law.6. The CBI shall have the power to issue internal rules or guidelines on the organization andadministration of the CBI.- 8 -SECTION 2—CAPITAL, RESERVES AND NET PROFITSArticle 5 Capital and reserves1. The authorized capital of the CBI shall be 100 billion dinars and shall be fully paid in bythe State in exchange for one hundred percent of the CBI’s capital stock.2. The authorized capital stock of the CBI shall held solely by the State, shall not pay adividend, and shall not be transferable or subject to encumbrance.3. The authorized capital may be increased by such amounts as the Minister of Finance mayapprove upon the recommendation and approval of the Board.4. The CBI shall hold a general reserve account, an unrealized profits reserve account andsuch other reserve accounts as may be appropriate under international accounting standards.Article 6 Computation of profits and losses; allocation of net operating loss1. Within three months after the end of each financial year, the CBI shall determine inaccordance with the rules set out in Articles 7 and 45 its net profits available for distributionor its net losses.2. If the CBI incurs a net operating loss for any financial year, that loss shall first be chargedto the general reserve and subsequently to capital.Article 7 Treatment of unrealized gains1. Where unrealized gains for a financial year on assets or liabilities of the CBI that arerecorded at fair value or are denominated in foreign currency are included in the net incomeof the CBI for that year, the net profits of the CBI available for distribution under Article 8shall be determined as follows:a. by deducting from the net income the total amount of any unrealized gains includedin the net income, and by allocating an equivalent amount to the unrealized profitsreserve account; andb. by deducting from the unrealized profits reserve account and adding to the netprofits available for distribution as determined in sub-paragraph (a) the amount of anyunrealized gain that was deducted from the net income for one or more previous yearsand was realized during the financial year.2. No other deductions shall be made from the unrealized profits reserve except thosepermitted under this Article.- 9 -Article 8 Distribution of net profits1. Within three months after the end of each financial year, the Board shall distribute the netprofits available for distribution as follows:a. 80 percent of any net profits available for distribution shall be transferred to thegeneral reserve account until such time as the general reserve account of the CBIreaches a sum equal to 10 percent of the total assets of the CBI;b. any remaining net profits available for distribution shall be transferred to any otherreserve account that may be established by the CBI pursuant to paragraph (4) ofArticle 5.2. No distribution shall be made out of retained or current income of the CBI, except aspermitted by paragraph (1). No distribution of net profits shall include any portion ofunrealized gains.3. No distribution shall be made under paragraph (1) if, as a result thereof, the assets of theCBI would be less than the sum of its liabilities and unimpaired capital and reserves.Article 9 Coverage of shortfalls in capitalIn the event that the audited annual balance sheet of the CBI prepared in accordance withparagraph (3) of Article 45 shows that the value of its assets falls below the sum of itsliabilities and unimpaired authorized capital, the Board shall, with the advice of the externalauditor of the CBI, assess the situation and prepare a report on the causes and extent of theshortfall. If the Board determines that a capital contribution is required, the Board shallconsult with the Minister of Finance and request a capital contribution be made on behalf ofthe State. Upon the receipt of this request, the Minister of Finance shall, within a period ofno more than two months, make a request to the Legislature for the approval of the capitalcontribution for the CBI over such period and in such amount as is necessary to remedy theshortfall.SECTION 3—MANAGEMENTArticle 10 Board of Directors and committees1. The Board shall be responsible for conducting the business, and carrying out theresponsibilities of the CBI, as further described in this section.2. The Board may, as it deems necessary, establish committees composed of members of theBoard to consider particular issues and to make recommendations to the Board, and to grantsuch committees executive authority to take decisions, within guidelines established by theBoard.- 10 -Article 11 Composition of the BoardThe Board shall consist of nine members as follows:a. the Governor as chairman of the Board;b. two Deputy Governors;c. three Senior Managers of the CBI, including Branch Managers on a rotating basis;andd. three other individuals with suitable monetary, banking or legal expertise and whohave not been employed by the CBI in any capacity within one year of the date oftheir nomination to the Board.Article 12 Eligibility for appointment and service1. The Governor, the Deputy Governors and other members of the Board shall be persons ofrecognized integrity who hold a university degree or who have extensive professionalexperience in a field related to banking, economics, finance, commerce, or law.2. A person shall be ineligible for appointment to serve on the Board if, in the judgment ofthe Appointing Authority:a. the person is not a citizen of Iraq;b. the person is not a fit and proper person; orc. the person, or any person who is related to the person by marriage, blood orkinship, including adopted children or foster children of the person, and any otherperson residing in such person’s household, holds direct or indirect business intereststhat would make it necessary for that person to refrain, to an unacceptable extent,from taking part in the decision-making of the Board.3. The Governor, the Deputy Governors and other members of the Board shall not, duringtheir tenure:a. hold any employment other than with the CBI, whether remunerated or not, exceptthat they may engage in a limited amount of lecturing and other academic activity solong as such activity is not remunerated and does not interfere with the performanceof the individual’s duties and responsibilities at the CBI;b. hold any position, other than with the CBI, in public service, except as nominee ofthe CBI;- 11 -c. be a member of the Legislature;d. be an employee or official of the Government; ore. be a director, officer, employee or shareholder of any bank or other entity subject tothe supervision of the CBI.Article 13 Appointment and terms of service of Board members1. The Governor, the Deputy Governors and the other members of the Board shall benominated by the Appointing Authority and confirmed by the Legislature. The AppointingAuthority shall consult with the Governor and his two Deputies with respect to thenomination of Senior Managers as Board Members. All members of the Board shall have afive-year term of office and may be re-appointed upon the recommendation of theAppointing Authority and confirmation by the Legislature, provided that, in order to achievestaggered terms of office, the initial terms of office shall be: (i) for the Governor, five years;(ii) for one Deputy Governor, four years and, for the other Deputy Governor, three years;(iii) for one Senior Manager five years, for another Senior Manager, four years, and for thethird Senior Manager, three years; and (iv) for two of the Board Members appointed pursuantto Article 11, paragraph (d), three years, and for the other Board Member appointed pursuantto Article 11, paragraph (d), two years.2. Any vacancy on the Board shall be filled by the appointment of a new member of theBoard to serve the remaining term of the Board member replaced.3. The Governor shall determine in advance the order in which the Deputy Governors shallsucceed the Governor during any period of the Governor’s absence or disability.4. The Appointing Authority shall establish the terms and conditions of service of themembers of the Board. When establishing the remuneration for the members of the Board,the Appointing Authority shall be guided by need to attract and retain highly qualifiedindividuals to serve as members of the Board.5. The remuneration and other terms and conditions of service of a Board member shall notbe rendered less favorable during the term of office for which the Board member has beenappointed.Article 14 Resignation and removal of Board members1. The Governor, a Deputy Governor or any other member of the Board may resign his officeafter giving at least one month written notice to the Appointing Authority, if such resignationis accepted. If the Appointing Authority does not accept such resignation, the relevantmember of the Board may be required by the Appointing Authority to serve not more thanthree additional months from the date of the member’s original resignation notice.- 12 -2. The Governor, a Deputy Governor or any other member of the Board shall be removedfrom office by the Appointing Authority only if the person:a. has been convicted by a criminal court of an offense for which the person was orcould have been sentenced to imprisonment without the option of a fine unless, in thejudgment of the Appointing Authority, such sentence was motivated by his religiousor political views or activities;b. has been declared bankrupt by a court of law;c. has been found guilty by a court of law of conduct involving a lack of probity infinancial matters or other serious misconduct;d. has been disqualified or suspended by a competent authority from practicing aprofession on grounds of personal misconduct unrelated to his religious or politicalviews or activities;e. has been declared unfit to manage a company by a court of law or under an orderissued by a competent agency;f. has taken up any office, position or employment in violation of paragraph (3) ofArticle 12 or paragraph (3) of Article 21;g. is suffering from such mental or physical infirmity which , in the opinion of theAppointing Authority, renders him unfit to discharge his duties under this Law;h. has been found by the Appointing Authority to have violated the provisions ofparagraphs (1) or (2) of Article 15; ori. has been absent from meetings of the Board for a consecutive period or more thanthree months without approval of the Board.3. No member of the Board shall be removed from office on any ground specified inparagraph (2) without first being given the opportunity of hearing before the AppointingAuthority.4. Any decision on removal from office under paragraph (2):a. shall be made public along with a statement of the reasons for removal, and anywritten response received from the Board member concerned; andb. may be appealed to the Court of Cassation within two months of service of thedecision.- 13 -5. Any member of the Board having been removed from office shall continue to receiveremuneration and other benefits applicable under the terms and conditions to a member of theBoard until such time that any hearing or appeal in the matter, whichever is later, has beendecided.Article 15 Disclosure of interests1. Each member of the Board shall, upon his appointment and annually thereafter, declare inwriting to the Board, in compliance with any instructions that may be issued by the Board,the direct and indirect business interests that he or any person who is related to the Boardmember by marriage, blood or kinship, to the extent provided by regulation, may hold, andthe Board shall submit such declarations for information to the Appointing Authority, theMinister of Finance and to the external auditor.2. Before a matter concerning a declared interest as mentioned in paragraph (1) is raised fordiscussion by the Board, the Board member concerned shall again disclose his interest andshall not thereafter participate in any discussion or decision on that matter.3. For a period of one year immediately following his or her departure from the CBI, noformer Governor, Deputy Governor or chief internal auditor shall serve or represent anotherbank or other entity subject to the supervision of the CBI or deal with the CBI in any way inconnection with any matter or issue the former Governor, Deputy Governor, or chief internalauditor worked on or was otherwise involved in while employed by the CBI, without theprior written consent of the Board. The Board may establish the remuneration to be paid tosuch former Governor, Deputy Governor or chief internal auditor together with any otherterms and conditions that shall be applicable during this period. In the event the Board doeselect to provide such remuneration, this remuneration shall be automatically reduced by anamount equal to any income the former Governor, Deputy Governor or chief internal auditormay receive from any employment while he or she is receiving the remuneration.Article 16 Powers and functions of the BoardWhile observing the primary objective and other objectives set out in Article 3, the Boardshall, within the limits set out in this Law:a. develop and define the primary monetary policy objective;b. formulate policies to attain the primary monetary policy objective, including theexchange rate policy, limits on open market operations to be conducted by the CBI,policies regarding interest rates for other provisions of funds to the banking sector,and the types and levels of reserves that banks will be required to maintain; exceptthat the Board shall not have the power to enter into a fixed exchange rate regime,such as a monetary union or currency board.- 14 -c. decide on the issuance of Iraqi banknotes and coins in accordance with Article 32;d. issue licenses or permits and adopt procedures to regulate the safety and soundnessof banks as further specified in the Banking Law;e. determine the terms for the provision of services as banker, advisor and fiscal agentto the Government in accordance with Section 4;f. adopt the rules for payment systems in accordance with Article 39;g. approve all reports and recommendations that the CBI is to make to theGovernment or the Legislature;h. decide on the participation of the CBI in international organizations whosemembership is open to central banks;i. decide whether the CBI will open and maintain an account on its books for aforeign central bank, foreign government or international organization, and alsowhether the CBI will open and maintain an account in its name on the books of aforeign central bank or international financial organization;j. decide whether debt securities should be issued by the CBI, and if so, the terms andconditions thereof;k. determine the categories of assets that shall be suitable for the investment of theforeign exchange reserves and other financial resources of the CBI;l. determine the terms pursuant to which discount operations may be engaged in bythe CBI in accordance with Article 28;m. approve, with the consent of at least three-fifths of the members of the Boardpresent, each loan or guarantee to be extended to a bank under Article 30;n. adopt by-laws, internal guidelines and rules applicable to the administration andoperation of the CBI, and determine the organizational structure of the CBI, includingthe locations of any CBI branches;o. approve procedures to be followed in the CBI’s internal decision-making process;p. approve systems of internal controls within the CBI;q. determine the annual budget and the personnel plan of the CBI;r. approve, issue and publish the annual report and the annual financial statements;- 15 -s. adopt all regulations and guidelines of general application to be issued by the CBI;andt. take action upon any other matter, within the competence of the CBI, responsibilityfor which is not specifically assigned in this Law to any other person or group.Article 17 MeetingsThe Board shall convene upon the initiative of its chairman or upon the initiative of at leastone-third of its members but in any event at least once a month.Article 18 QuorumA quorum shall exist for the Board’s meetings when at least a majority of its members,including the Governor or, in his absence, a Deputy Governor acting as chairman, arepresent.Article 19 Decisions of the Board1. Board decisions shall be adopted by majority vote of the members present. If the vote isevenly divided, the chairman’s vote shall be the deciding vote.2. Board decisions shall take effect in whatever way and at whatever time as may be directedby the Board as recorded in the minutes of the meeting or, absent such direction,immediately. Any abstentions or dissenting opinions shall be recorded in those minutes.Article 20 Governor as chief executive1. The Governor shall, as chief executive of the CBI, be responsible for the implementationof the decisions of the Board. The Governor shall conduct the day-to-day operations of theCBI and may exercise any powers delegated to the Governor by the Board.2. The Deputy Governors shall assist the Governor in conducting the day-to-day operationsof the CBI.3. The Board may establish provisions regulating the extent to which the Governor maydelegate any of his powers to other members of the Board or to senior staff of the CBI,including whether delegation may be made to a single person, or to two persons jointly.4. The Governor shall appoint and terminate the appointment of the employees, agents andcorrespondents of the CBI, within the general terms and conditions of the personnel plan andother guidelines, if any, adopted by the Board.- 16 -Article 21 Conflicts of interests1. During their service or employment by the CBI, the Governor, Deputy Governors, othermembers of the Board, and employees of the CBI shall not receive credit from any bank orother entity subject to the supervision of the CBI, except with the prior approval of theBoard. The person to receive such credit shall not participate in any decision by the Boardconcerning such credit. The Board shall authorize routine borrowings made on market termsfrom such institutions to enable the borrowers to finance the purchase of a residence for theborrower’s own use, to pay for educational or medical expenses, and for other familypurposes. The Board may establish internal guidelines specifying relevant criteria for suchcredits.2. The Board may establish a facility to provide credits on market terms to the Governor,Deputy Governors, other members of the Board, and employees of the CBI for the purchaseof a residence for the borrower’s personal use, to pay for educational or medical expenses,and for other family related purposes. The Board shall establish and publish internalguidelines specifying relevant criteria for such credits.3. While holding office, the Governor, the Deputy Governors, and other members of theBoard shall devote the whole of their professional services to the CBI, and none of them shalloccupy any other office or employment, whether remunerated or not, except (i) as nomineeof the CBI or (ii) a limited amount of lecturing and other academic activity so long as suchactivity is not remunerated and does not interfere with the performance of the individual’sduties and responsibilities at the CBI.4. No employee of the CBI shall simultaneously have any other employment, whether gainfulor not, provided, however, that the Board may establish internal guidelines exempting certaincategories of staff positions or certain categories of other employment, such as teaching,from this requirement if the Board is satisfied that no conflict of interest will arise.5. No Governor, Deputy Governor, other member of the Board, or employee of the CBI shallaccept any gift or credit for himself, or on behalf of any person with whom he has family,business or financial connections, if the acceptance thereof would result, or give theappearance of resulting, in diminishing his impartial devotion to his duties to the CBI.Article 22 Confidentiality and exchange of information1. No person who serves as Governor, Deputy Governor, other member of the Board, oremployee, agent or correspondent of the CBI, shall:a. permit access to, disclose or publicize nonpublic information which was obtainedin the performance of official duties except when required to do so pursuant toparagraph (2) of this Article, as necessary for the fulfillment of any duty orresponsibility imposed by this Law, the Banking Law, or any other relevantlegislation; or- 17 -b. use such information, or allow such information to be used, for personal gain.2. The CBI may exchange information on supervisory matters, preferably based on amemorandum of understanding, with central banks and with financial supervisory authorities.The exchange of such information may include confidential information, provided that theCBI has satisfied itself that reasonable steps have been taken to ensure the confidentiality ofany such information submitted.3. The CBI may enter into memoranda of understanding with central banks or with financialsupervisory authorities setting out the scope, procedures and further details for the exchangeof information.Article 23 Immunity from legal action1. No member of the Board, employee or agent of the CBI shall be personally liable indamages for any act or omission taken in the discharge or purported discharge of officialfunctions within the scope of his employment or engagement under this Law.2. The CBI shall indemnify a member of the Board, employee or agent of the CBI againstany legal costs incurred in the defense against legal action brought against such person inconnection with the discharge or purported discharge of official functions within the scope ofhis employment or engagement under this Law, provided that no such indemnification shallapply if such person has been convicted of a crime arising out of the activities that arecovered by such legal action.SECTION 4—RELATIONS WITH THE GOVERNMENTArticle 24 Consultation with the Government1. The Governor and other representatives of the CBI and officials of the Government shallhold regular meetings to exchange information and opinions on the extent to which monetaryand fiscal policies can, each within their own areas of responsibility, be coordinated, and onother matters of mutual interest and responsibility.2. The Governor and the Deputy Governors may, upon invitation by an official of theGovernment, attend meetings with the Government at which they may provide, on behalf ofthe CBI, advice and information within the CBI’s area of competence.Article 25 Actions on behalf of Government1. The Government may entrust the CBI with the following:a. hold the Government’s accounts;- 18 -b. engage in and manage, as fiscal agent, domestic and foreign borrowings by theGovernment;c. participate with other representatives of the Government or, with the Government’spermission, represent the Government in negotiations with foreign countries as wellas with international institutions on monetary and financial issues;d. perform financial operations, at market rates, in relation to deposits, foreignexchange operations or other operations based on payment, clearing or economicagreements arising out of international financial arrangements concluded by theGovernment with foreign parties, provided that (i) the Government shall bear allfinancial obligations and liabilities incurred by the CBI with respect to suchperformance and (ii) the CBI shall not perform any financial operation whichinvolves bearing financial obligations or liabilities (direct or indirect) on behalf of theGovernment ; ande. perform, to the extent the Government determines, tasks derived from the State’smembership in international, financial and monetary institutions.2. The CBI shall be remunerated by the Government on a cost recovery basis for carrying outthe functions under this Article.Article 26 Prohibition on lending to the Government1. The CBI shall not grant any direct or indirect credits to the Government or any otherpublic agency or State-owned entity, except that the CBI may provide liquidity assistanceunder Article 30 to government-owned commercial banks that are subject to the supervisionof the CBI, provided that such assistance is granted on the same terms and conditions aswould be extended for the benefit of privately-owned commercial banks.2. The CBI may purchase government securities provided that such purchases are only madein the secondary market and are only made in connection with market operations.3. Nothing in this Article 26 shall be construed to prohibit the use of government securities inconnection with any aspect of open market operations or as collateral for standing facilities.SECTION 5—OFFICIAL FOREIGN RESERVESArticle 27 Management of official foreign reservesThe CBI shall conduct transactions in foreign assets and manage all official foreign reservesof the State consistent with international best practices and subject to the objectives ofmonetary policy. The Board may invest such reserves in any or all of the following assets:a. monetary gold held in the vaults of the CBI;- 19 -b. banknotes and coins in foreign currencies normally used in the making ofinternational payments held by or for the account of the CBI;c. credit balances that are payable on demand or within a short term in foreigncurrencies normally used in the making of international payments and that aremaintained in accounts of the CBI, or otherwise invested through repurchaseagreements, with foreign central banks, international financial organizations or majorinternational banks designated by the Board;d. special drawing rights held in the account of Iraq in the International MonetaryFund;e. the reserve position of Iraq in the International Monetary Fund; andf. any readily-marketable debt securities issued by, or bearing the full faith and creditof, foreign governments, central banks, or international financial institutions, that arepaid in foreign currencies normally used in the making of international payments andthat are held by or for the account of the CBI.SECTION 6—MONETARY FUNCTIONSArticle 28 Open market operations and standing facilitiesThe CBI may, for the achievement of its objectives, (i) perform open market operations withcommercial banks that are licensed or hold permits issued by the CBI under the Banking Lawor, at the discretion of the CBI and subject to regulations set forth by the CBI, otherappropriately licensed financial intermediaries; and (ii) provide standing facilities tocommercial banks that are licensed or hold permits issued by the CBI under the Banking Lawand subject to regulations set forth by the CBI by:a. purchasing or selling outright (spot and forward), or under repurchase agreements orother similar financial instruments, debt securities issued by the CBI or by theGovernment, bearing market yields provided that purchases of debt securities issuedby the Government through open market operations shall only be made in thesecondary market.b. purchasing or selling outright (spot and forward) foreign exchange;c. discounting bills of exchange or promissory notes;d. making loans fully secured by pledges of collateral; ande. accepting interest-bearing deposits from banks.- 20 -Article 29 Reserve requirements1. In order to implement the monetary policy of Iraq, the CBI shall, by regulation, requirethat banks maintain reserves in the form of cash holdings or deposits with the CBI. Suchreserves shall be kept at prescribed minimum levels, calculated as the average of end-of-dayreserve levels over such time periods as determined by the CBI and which relate to the size,type or maturity of the banks’ deposits, borrowed funds and such other liabilities as the CBImay designate. Banks shall not be permitted to operate overdrafts on reserve accounts at anytime. These required reserve levels shall be the same for all banks for each category ofliabilities and may be remunerated.2. The CBI may impose on and collect from any bank that fails to maintain required reservesat the minimum levels prescribed in accordance with paragraph (1) a penal interest rate onthe shortfall in such bank’s required reserves, until the shortfall is corrected.Article 30 Lender of last resortIn exceptional circumstances, the CBI may, on such terms and conditions as it determines,act as lender of last resort for a bank that is licensed or holds a permit issued by the CBIunder the Banking Law. Such support may be provided by granting financial assistance tothe bank, or for the bank’s benefit, for periods not exceeding three months that may berenewed by the CBI on the basis of a program specifying the measures that the bankconcerned will be taking, provided, however, that no such commitment shall be made by theCBI unless:a. the bank, in the opinion of the CBI, is solvent and provides adequate collateral, andthe request for financial assistance is based on the need to improve liquidity; orb. such assistance is necessary to preserve the stability of the financial system and theMinister of Finance has issued to the CBI a guarantee in writing on behalf of theGovernment securing the repayment of the loan.SECTION 7—CURRENCYArticle 31 Unit of currencyThe national monetary unit in Iraq shall be the dinar.Article 32 Issuance of currency1. The CBI shall have the exclusive right to issue banknotes and coins intended forcirculation in Iraq. Banknotes issued under this Article shall be a first charge on the assets ofthe CBI. The CBI shall make appropriate arrangements for the issue of its banknotes andcoins as required for circulation in Iraq. Banknotes and coins issued by the CBI and intended- 21 -for circulation in Iraq are not promissory notes, bills of exchange, or any other type ofcommercial document under the applicable commercial law, and the CBI is obligated tohonor them only as provided for in this Law.2. Only banknotes and coins issued by the CBI that have not been demonetized shall be legaltender in Iraq.3. The CBI may, by regulation, limit the amounts of banknotes and coins that must beaccepted as a legal tender in payment for an obligation and restrict the denominations of suchbanknotes and coins in which payment may be made to specified amounts or a range ofamounts.4. The CBI shall be responsible for the supply of Iraq’s banknotes and coins and shallendeavor to maintain the availability of an adequate number of banknotes and coins in allregions at all times.Article 33 Printing of banknotes and minting of coins; accounting treatment ofcurrency issued1. The CBI shall determine by regulation the denominations, measures, form, material,content, weights, designs, and other features of banknotes and coins. The plates necessary toprint or mint the currency and the intellectual property rights to the designs of the currencyshall be the property of the CBI.2. The CBI shall arrange for the printing of banknotes and the minting of coins, and for thesecurity and safekeeping of banknotes and coins that have not yet been issued.3. The CBI shall be exclusively responsible for the safe and secure destruction of banknotesand coins and for the custody and destruction, as may be necessary, of plates, dies, andretired banknotes and coins. The CBI shall have the exclusive right to melt coins and to sellthe metals derived thereby. 4. Upon request by any individual or entity, the CBI shall exchange, free of charge orcommission, banknotes and coins with other banknotes or coins in equivalent amounts.5. The aggregate amount of circulating banknotes and coins issued by the CBI shall be notedin the financial statements of the CBI as a liability; such liability shall not include banknotesand coins in the currency reserve inventory.Article 34 Withdrawal of unfit banknotes and coins1. Banknotes and coins in circulation that are unfit for circulation shall cease to be legaltender. Subject to paragraph (2) of this Article, the CBI shall withdraw, destroy, and replace,with banknotes or coins of an equivalent amount, any banknotes or coins presented to it thatare unfit for circulation.- 22 -2. The CBI may decline to replace an unfit banknote or coin if its designs are illegible,misshaped or perforated, or if more than fifty percent of its surface has been lost; such abanknote or coin shall be withdrawn and destroyed without indemnity to the owner, unlessthere is evidence satisfactory to the CBI that the missing portions have been totallydestroyed, in which case the CBI may, in its sole and absolute discretion, grant compensationin whole or in part.3. The CBI shall not be required to provide any compensation for banknotes or coins thatwere lost, stolen or destroyed; it may confiscate without compensation any banknotes thathave been altered in their external appearance, including in particular banknotes that havebeen written on, painted on, overprinted, stamped or perforated, or to which adhesive matterhas been applied.Article 35 Disposition of Counterfeit CurrencyEvery person who comes into possession of counterfeit banknotes or coins shall forward tothe CBI all such counterfeit banknotes or coins.Article 36 Redemption of currency1. The CBI may decide to redeem banknotes or coins by issuing, free of charge, otherbanknotes or coins in equivalent amounts. A decision to redeem banknotes or coins shall beissued in the form of a regulation of the CBI specifying the period during which the exchangeshall take place and the locations and times at which withdrawn banknotes or coins shall bepresented for redemption.2. At the end of the exchange period, or at any other time specified by the CBI, redeemedbanknotes and coins shall be demonetized and cease to be legal tender.3. The CBI shall notify the public, by publication in the Official Publication, of the banknotesand coins that are legal tender.Article 37 Freedom of currencyParties to a contract or any other voluntary undertaking or transaction, including a bill, noteor instrument or security for money, may denominate a payment obligation in any currencyagreed upon. Payment in discharge of any debt or liability arising from a contract or anyother voluntary undertaking or transaction, including on a bill, note, instrument or securityfor money, may be made in any currency agreed upon as the currency of payment. Anagreement under this Article may be express or implied from surrounding circumstancesincluding course of dealing, usage of trade, or course of performance.- 23 -Article 38 Enforcement of foreign currency obligationsA foreign currency obligation may be enforced according to its terms. When a personobtains an order to enforce an obligation in a foreign currency, the order shall requirepayment of an amount in the currency of Iraq sufficient to purchase the amount of theobligation in the foreign currency at a bank in Iraq at the close of business on the first day onwhich the bank quotes a dinar rate for purchase of the foreign currency before the daypayment of the obligation is due to be received by the creditor, provided, however, that if thecourt determines that such method would, under the circumstances, be inequitable, it shallselect a method of conversion that is equitable.SECTION 8—OTHER FUNCTIONSArticle 39 Payment systems1. The CBI shall establish and maintain or promote the establishment and maintenance ofsound and efficient systems for the clearing and settlement of payment transactions inaccordance with international standards and best practices.2. The CBI shall be exclusively responsible for the regulation, registration, licensing, andsupervision of payment systems operated by parties other than the CBI.3. In connection with its supervision of payment systems and payment system operators, theCBI may by regulation:a. require the registration or licensing of any payment system or payment systemoperator; andb. require any payment system or payment system operator to observe such safe andsound conditions and requirements as may be established by the CBI, including thosedesigned to facilitate supervision of such operators by the CBI and to preserve thesafety of the assets entrusted by the public to their care.4. The CBI shall be authorized to take such action as it deems necessary to carry out the tasksdescribed in paragraph (1), including promoting, organizing, participating in and operatingpayment systems and establishing the applicable charges.5. The CBI may make arrangements to facilitate:a. the integration of its payment system and related arrangements with other paymentsystems;b. the development of new methods and technologies for payments in domestic orforeign currencies; and- 24 -c. the design and periodic modification of a plan for the evolution of the nationalpayment system of Iraq.Article 40 Supervision of BanksThe CBI shall have the exclusive authority to take all such actions as may be necessary: tolicense, regulate and supervise banks and their subsidiaries to obtain compliance with thisLaw and in the Banking Law, including the authority to conduct off-site surveillance and onsiteexaminations of licensees and their subsidiaries in the manner and at the times chosen bythe CBI; to require banks and their subsidiaries to provide all such information as the CBImay request regarding the affairs of a bank, its subsidiaries, and their customers; and to takeremedial action, as provided in this Law and in the Banking Law, to enforce compliance bylicensees and their subsidiaries with such laws and with any regulations, prudential standards,guidelines or directives issued by the CBI in connection with its implementation of suchlaws. Actions by an entity of the Government other than the CBI to regulate the lending andcredit activities of banks are without legal force.Article 41 Compilation and publication of financial statistics1. At the request of the CBI, banks and any other entities supervised by the CBI according tothis Law or the Banking Law shall provide the CBI with such information or data as the CBIdetermines necessary to:a. follow developments in foreign exchange, credit, deposit, money and capitalmarkets;b. establish and publish monetary statistics;c. establish and publish balance of payments statistics;d. collect and compile financial data that reflect the risk positions of banks or anyother entities supervised by the CBI; ande. compile and, provided that no confidential business relationship is therebydisclosed, publish any other financial statistics.2. In carrying out its responsibilities as specified in this Law and other legislation, the CBIshall endeavor to develop and implement policies consistent with international standards andbest practices for central banks.Article 42 Unlicensed persons1. The CBI shall be empowered, upon obtaining a warrant from the appropriate authorities, toenter the offices and to examine the accounts, books, documents and other records of any- 25 -person if the CBI determines that there are reasonable grounds to suspect that such personengages in an activity that is subject to the jurisdiction of the CBI without the appropriatelicense, permit or registration from the CBI even though such license, permit or registrationis required by law or is an activity otherwise contrary to this Law; upon request of the CBI,law enforcement officials shall, if necessary by force, assist the CBI to gain access to thepremises of such persons and to examine the accounts, books and other records of suchperson.2. If the CBI determines that a person engages in an activity without the appropriate license,permit or registration issued by the CBI when such license, permit or registration issued bythe CBI is required by law, the CBI shall serve an order directing that person promptly tocease such activity. The order shall be accompanied by a statement describing the facts andlaw supporting the existence of a violation, and shall request such person to provide a writtenresponse within three days after the date of service of such order. If, after a review of anysuch response and, in any event, within one calendar week from the date of service of itsorder, the CBI determines that the activity has not ceased, the CBI may imposeadministrative penalties on such person, the amount of which shall be established pursuant toparagraphs (2) and (3) of Article 62.SECTION 9—MISCELLANEOUSArticle 43 Ownership of property1. The CBI may acquire such movable and immovable properties and equipment as may berequired to carry out its functions.2. Notwithstanding the limitations of paragraph (1), the CBI may, in order to protect, secureor collect a claim, acquire all types of property. Such property shall be sold as soon aspossible, consistent with the CBI’s interest in minimizing losses and, in any case, not laterthan at a date at which such disposition may occur without incurring a loss.Article 44 Exemption from certain taxes1. 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 theirownership or use.3. The CBI shall be liable for any other taxes or duties, except as otherwise stipulated in thespecific laws regulating such taxes or duties.SECTION 10—FINANCIAL STATEMENTS AND AUDITArticle 45 Books and records; financial statements and reports1. The Board shall at all times ensure that the books and records of the CBI, including itsfinancial statements, are prepared and maintained in conformity with internationally-acceptedaccounting standards.2. The CBI shall, as soon as possible after the end of each month, prepare and publish in theOfficial Publication and on its official Internet website balance sheets showing the conditionof the CBI as of the close of business on the last business day of the month that has justended.3. The CBI shall, within three months after the end of each financial year, prepare annualfinancial statements that shall ensure a correct and complete reporting in a transparentmanner of the CBI’s financial status.4. The Board shall, within three months after the end of each financial year, submit to theAppointing Authority, with copies to the Minister of Finance and to the Legislature:a. the annual financial statements of the CBI, approved by the Board, signed by theGovernor and certified by the external auditor, together with any reports or remarksthat the external auditor may wish to make; andb. a report on the CBI’s operations during the financial year that has just ended, inparticular in relation to its monetary policy objectives and events that affected theeconomy of Iraq. This report should also include a statement regarding the CBI’soutlook for the economy for the coming year with emphasis on monetary policyissues. In its review of policy developments, the report shall include: (i) a review ofthe policies and measures adopted by the Board during the year and an analysis of theeconomic and financial circumstances which prompted those policies and measures;(ii) a discussion of the condition of the financial system of Iraq with special emphasison the banking and payment systems; and (iii) the texts of the major legal enactmentsand administrative measures adopted by the Government and the CBI during the year- 27 -which relate to the functions or operations of the CBI and of banks and other financialinstitutions operating in Iraq.5. The CBI shall publish the audited annual financial statements in the Official Publicationand on its website. The reports referred to in paragraph (4) shall be published.6. The CBI shall, on a quarterly basis, publish reports on monetary policy and financialstability that provide information on developments in the current year, including events thataffect the economy of Iraq as described in paragraph (4), sub-paragraph (.7. The Governor shall report on the CBI’s operations and its monetary policy objectives,including events that affect the economy of Iraq as described in paragraph (4), subparagraph(, to the Legislature no less than once a year.Article 46 Internal auditThe CBI’s internal audit department, headed by the chief internal auditor, shall performinternal audit functions which shall include the following:a. the review and recommendation to the Board of procedures and practices for properrisk management and, thereafter, the supervision of their implementation on acontinuing basis;b. the performance of periodic audits of the administration and operations of the CBIto ensure proper observance of laws applicable to the CBI and of decisions of theBoard;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 theBoard and at least once every quarter, of reports and recommendations regarding thefinancial statements and records, the budgetary and accounting procedures, the riskmanagement and other controls within the CBI, the efficiency and cost effectivenessat which the CBI operates, and any other matter within its competence and area ofresponsibilities on which a report may be requested by the Board; ande. any other assignment that may be given to the internal audit department by theBoard, provided that such assignments do not disrupt its principal task set forthherein.Article 47 Chief internal auditor1. The chief internal auditor shall be appointed by the Board for a term of five years, andshall be selected from among that pool of distinguished candidates comprised of persons with- 28 -extensive professional experience in the field of accounting or audit appropriate to preparethem for the responsibilities of the position. The chief internal auditor may be reappointed.2. The chief internal auditor, as head of the internal audit department, shall be responsible tothe Board for the proper discharge of the functions of the internal audit department.3. The salary and other employment benefits of the chief internal auditor shall becommensurate with those received by persons in equivalent positions in commercial banksand other financial institutions and shall be determined by the Board.4. The chief internal auditor may resign from office after giving not less than three months’written notice to the Board and shall be subject to the provisions of Article 15(3).Article 48 External audit1. The financial statements of the CBI shall be audited in accordance with internationalstandards on auditing at least once a year by a reputable external audit firm with recognizedexperience in the auditing of central banks and major international financial institutions.2. The external audit firm shall be appointed annually by the Minister of Finance. Noexternal audit firm shall be appointed consecutively for a cumulative period exceeding fiveyears.3. The CBI shall provide the external auditor with such assistance as the external auditor mayrequire and the external auditor shall have access, upon request, to all accounts, books,minutes, records, and other documents or written or oral information or data.4. The Minister of Finance shall determine the compensation to be paid to the externalauditor, taking into consideration the size and nature of the task normally to be performed.Such compensation shall be included as expenses in the budget of the CBI and borne by theCBI.5. The CBI shall be subject to audit by the Board of Supreme Audit.SECTION 11—CRIMINAL OFFENSESArticle 49 InterpretationIn this section:“banknote” includes any instrument intended to be used as money or as the equivalent ofmoney, immediately on issue or at some time subsequent thereto, issued under lawfulauthority in Iraq or elsewhere;"counterfeit money" includes- 29 -a. false coin or false paper money that resembles or is apparently intended toresemble or pass for a current coin or current paper money,b. a forged banknote or forged blank banknote, whether complete or incomplete,c. a genuine coin or genuine paper money that is prepared or altered to resemble orpass for a current coin or current paper money of a higher denomination, including aninstrument prepared by placing or connecting together different parts of two or morebanknotes or other genuine instruments,d. a current coin from which the milling is removed by filing or cutting the edges andon which new milling is made to restore its appearance,e. a coin cased with gold, silver or nickel, as the case may be, that is intended toresemble or pass for a current gold, silver or nickel coin, andf. a coin or a piece of metal or mixed metals that is washed or colored by any meanswith a wash or material capable of producing the appearance of gold, silver or nickeland that is intended to resemble or pass for a current gold, silver or nickel coin;"counterfeit token of value" means a counterfeit excise stamp, postage stamp or otherevidence of value, by whatever technical, trivial or deceptive designation it may bedescribed, and includes genuine coin or paper money that has no value as money;"current" means lawfully in use in Iraq or elsewhere by virtue of a law in force in Iraq orelsewhere as the case may be;"utter" includes sell, pay, tender and put off.Article 50 MakingEach person who makes or begins to make counterfeit money is guilty of an indictableoffense and liable to a fine not exceeding fifty million dinars or to imprisonment for a termnot exceeding five years or to both.Article 51 PossessionEach person who, knowingly and with intent to defrauda. buys, receives or offers to buy or receive,b. has in his custody or possession, orc. introduces into Iraq,- 30 -counterfeit money is guilty of an indictable offense and liable to a fine not exceeding fiftymillion dinars or to imprisonment for a term not exceeding five years or to both.Article 52 Uttering1. Each person who, knowingly and with intent to defrauda. utters or offers to utter counterfeit money or uses counterfeit money as if it weregenuine, orb. exports, sends or takes counterfeit money out of Iraq,is guilty of an indictable offense and liable to a fine not exceeding one hundred milliondinars or to imprisonment for a term not exceeding ten years or to both.2. Each person who, with intent to defraud, knowingly uttersa. a coin that is not current, orb. a piece of metal or mixed metals that resembles in size, figure or color a currentcoin for which it is uttered,is guilty of an indictable offense and liable to a fine not exceeding fifty million dinars or toimprisonment for a term not exceeding five years or to both.Article 53 Slugs and tokensEach person who, knowingly and with intent to defrauda. manufactures, produces or sells, orb. has in his possessionanything that is intended to be fraudulently used in substitution for a coin or token of valuethat any coin or token-operated device is designed to receive is guilty of an offense and liableto a fine not exceeding twenty-five million dinars or to imprisonment for a term notexceeding two years or to both.Article 54 DefacingEach person whoa. defaces a current coin,- 31 -b. utters a current coin that has been defaced,c. without the authority of the CBI defaces any banknote by printing, stamping or byany like means impressing on it any words, letters or figures, ord. utters a current banknote that has been defaced contrary to sub-paragraph ©,is guilty of an offense punishable on summary conviction and liable to a fine not exceedingone million dinars or to imprisonment for a term not exceeding six months or to both.Article 55 Likeness of banknotes1. No person shall make, publish, print, execute, issue, distribute or circulate, including byelectronic or computer-assisted means, anything in the likeness ofa. a current banknote, orb. an obligation or a security of a government or bank.2. Paragraph (1) does not apply to:a. the CBI or its employees when they are carrying out their duties under Section 7 ofthis Law;b. the police or its members or employees when they are carrying out their duties toprevent and investigate any violation of this Law; orc. any person acting under a contract or license from the CBI or the police inconnection with the duties described in (a) and ( of this paragraph 2.3. A person who contravenes paragraph (1) is guilty of an offense punishable on summaryconviction and liable to a fine not exceeding one million dinars or to imprisonment for a termnot exceeding six months or to both.4. No person shall be convicted of an offense under paragraph (3) in relation to the printedlikeness of a banknote issued by the CBI if it is established that the length or width of thelikeness is less than three-fourths or greater than one-and-one-half times the length or width,as the case may be, of the banknote anda. the likeness is in black-and-white only, orb. the likeness of the banknote appears on only one side of the likeness.- 32 -Article 56 Instruments or materialsEach person who knowinglya. makes or repairs,b. begins or proceeds to make or repair,c. buys or sells, ord. has in his custody or possession,any machine, engine, tool, instrument, material or thing that he knows has been used or thathe knows is adapted and intended for use in making counterfeit money or counterfeit tokensof value is guilty of an indictable offense and liable to a fine not exceeding fifty milliondinars or to imprisonment for a term not exceeding five years or to both.Article 57 Conveying instruments for coining out of mintEach person who, without lawful justification or excuse, the proof of which lies on him,conveys out of any mint licensed or authorized to mint coins in Iraq,a. any machine, engine, tool, instrument, material or thing used or employed inconnection with the manufacture of coins,b. a useful part of anything mentioned in sub-paragraph (a), orc. coin, bullion, metal or a mixture of metals,is guilty of an indictable offense and liable to a fine not exceeding fifty million dinars or toimprisonment for a term not exceeding five years or to both .Article 58 Advertising and trafficking1. Each person who knowinglya. by an advertisement or any other writing, offers to sell, procure or dispose ofcounterfeit money or counterfeit tokens of value or to give information with respectto the manner in which or the means by which counterfeit money or counterfeittokens of value may be sold, procured or disposed of, orb. purchases, obtains, negotiates or otherwise deals with counterfeit tokens of value,or offers to negotiate with a view to purchasing or obtaining them,- 33 -is guilty of an indictable offense and liable to a fine not exceeding fifty million dinars or toimprisonment for a term not exceeding five years or to both.2. No person shall be convicted of an offense under paragraph (1) in respect of genuine coinor genuine paper money that has no value as money unless, at the time when the offense isalleged to have been committed, the person knew that the coin or paper money had no valueas money and the person had a fraudulent intent in his dealings with or with respect to thecoin or paper money.Article 59 Special provisions as to proof1. Every offense relating to counterfeit money or counterfeit tokens of value shall be deemedto be complete notwithstanding that the money or tokens of value in respect of which theproceedings are taken are not finished or perfected or do not copy exactly the money ortokens of value that they are apparently intended to resemble or for which they are apparentlyintended to pass.2. In any proceedings under this section, a certificate signed by a person designated as anexaminer of counterfeit by the CBI, stating that any coin, paper money or banknote describedtherein is counterfeit money or that any coin, paper money or banknote described therein isgenuine and is or is not, as the case may be, current in Iraq or elsewhere, is evidence of thestatements contained in the certificate without proof of the signature or official character ofthe person appearing to have signed the certificate.3. A party against whom a certificate described in paragraph (2) is produced may, with leaveof the court, require the attendance of the examiner of counterfeit designated by the CBI, forthe purposes of cross-examination. No certificate shall be received in evidence pursuant toparagraph (2) unless the party intending to produce it has, before the trial, given to the otherparty reasonable notice of his intention and a copy of the certificate.Article 60 Unauthorized issue of banknotes, coins, instruments, tokensEach person who issuesa. a banknote or coin in violation of paragraph (1) of Article 32, orb. any other instrument or token intended for circulation in Iraq as money other thanas authorized by this section,is guilty of an indictable offense and liable to imprisonment for a term not exceeding tenyears.- 34 -Article 61 Forfeiture1. Counterfeit money, counterfeit tokens of value and anything that is used or is intended tobe used to make counterfeit money or counterfeit tokens of value belong to the Government.2. A police officer may seize and detain:a. counterfeit money;b. counterfeit tokens of value; andc. machines, engines, tools, instruments, materials or things that have been used orthat have been adapted and are intended for use in making counterfeit money orcounterfeit tokens of value, and anything seized shall be sent to the CBI to bedisposed of or dealt with as he may direct, but anything that is required as evidence inany proceedings shall not be sent to the CBI until it is no longer required in thoseproceedings.3. For the purpose of this Article, a banknote or coin issued in violation of Article 32(1), orany other instrument or token intended for circulation in Iraq as money other than asauthorized by this section, is to be treated as counterfeit money or token for value.Article 62 Administrative penalties1. The CBI shall be authorized to enforce compliance with this Law, the Banking Law, andwith all regulations and orders issued by the CBI under those laws, through the imposition ofadministrative penalties upon licensees, officers, directors and agents of licensees; and uponpersons who, though not licensees, or officers, directors or agents of licensees, are required totake action, or to refrain from taking action, by this Law, the Banking Law, or by regulationsor orders issued by the CBI under those laws.2. Penalties as described in this Article are civil, not criminal, in nature, and may be imposeddirectly by the CBI. Administrative penalties may be imposed, at the discretion of the CBI,in amounts that range up to ten million dinars per violation; and, at the discretion of the CBI,they may be imposed on a daily basis for each day that the violation continues until the CBIdetermines that compliance is achieved. The CBI shall, before imposing administrativepenalties, provide a detailed statement to the person against whom the penalty is to beimposed describing the facts and law supporting the existence of a violation, and shall givesuch person a full opportunity to provide facts and arguments as to why the penalty shouldnot be imposed. The CBI shall issue regulations setting forth the procedures it will use inconnection with its imposition of administrative penalties.3. In determining whether to impose administrative penalties, and in determining the amountof such penalties, the CBI shall take into consideration: the severity of the violation; whetherit was recurring; whether depositors or other persons were injured thereby; whether the- 35 -person against whom the penalty is to be imposed profited from the conduct at issue; thefinancial resources of such person; any mitigating factors; and such other factors as, in itsdiscretion, it believes to be relevant.4. The imposition by the CBI of administrative penalties stipulated in this Article shall notbar any civil or criminal accountability under the provisions of any law.SECTION 12—FINANCIAL SERVICES TRIBUNALArticle 63 Establishment and jurisdiction of Tribunal1. There is hereby established a tribunal to be known as the Financial Services Tribunalwhich shall have jurisdiction to review the following decisions and orders of the CBI:a. rejecting an application for a banking license or permit, attaching a condition orrestriction to a license or permit, or revoking a license or permit under the BankingLaw or this Law;b. imposing enforcement measures or administrative penalties under the Banking Lawor this Law;c. enjoining a person engaged in an activity requiring a license or permit fromengaging in such activity without such a license or permit issued by the CBI pursuantto paragraph (2) of Article 42 of this Law;d. extending the term of a conservator;e. taking any action provided for in Sections 11 through 14 of the Banking Law withrespect to which an appeal to the Tribunal is provided therein; andf. regarding any other matter as specified by the law.2. The Tribunal shall also have jurisdiction to review actions taken by a conservator orreceiver under Sections 11 through 14 of the Banking Law. Such review shall be limited to adetermination as to whether the action of the conservator or receiver was taken in a mannerthat exceeded the authority granted to such conservator or receiver under the Banking Law.3. The Tribunal shall also have jurisdiction to adjudicate any dispute between banks andbetween financial institutions that is referred to the Tribunal pursuant to a written agreementbetween the parties to the dispute, which agreement may provide either that an appeal of theTribunal’s decision may be taken to the Court of Appeal or that no appeal shall be permitted.4. The Tribunal shall not have jurisdiction to review the CBI’s decisions or actions withrespect to developing and implementing monetary policy, including exchange rate policy.- 36 -5. The jurisdiction of the Tribunal shall be exclusive of the jurisdiction of any other tribunalor court of law.6. Unless otherwise determined by the Tribunal, decisions and orders by the CBI shall,notwithstanding the filing of an appeal, remain in full force and effect until a final decisionon review by the Tribunal annuls the decision or order, or until the decision or order ismodified by the CBI, or until the decision or order terminates pursuant to its terms, orpursuant to a decision of the CBI, or pursuant to a provision of law.7. The Tribunal shall not have jurisdiction over any violation of law which is punishable byimprisonment. The Tribunal shall refer any such matter to the Minister of Justice.Article 64 Composition of Tribunal1. The Tribunal shall be composed of one or more panels of three to five judges and shall beheaded by a chief judge. The Minister of Justice shall appoint a judge of the Tribunal toserve as the chief judge of the Tribunal. The chief judge shall form one or more panels ofjudges, as the caseload of the Tribunal may require, by selecting judges from the pool ofjudges to be formed as described in paragraph (2) of this Article.2. The pool of judges shall initially be comprised of five judges, three of whom shall beappointed by the Minister of Justice and shall be lawyers with professional experience asjudges, practicing attorneys or professors of administrative, civil or commercial law. Theother two judges in the pool of judges shall be appointed by the Minister of Finance; one ofthese shall be an experienced accountant by profession, while the other shall have extensiveprofessional experience in financial transactions.3. In selecting judges for a panel, the chief judge shall attempt to harmonize thequalifications of the members of particular panels to the needs of the specific cases to beresolved by those panels. On each panel, the chief judge shall designate a judge with legaltraining to serve as its presiding judge to preside over the discharge of the functions of thepanel.4. Judges in the pool of judges may serve on a full-time or part-time basis, as, in thejudgment of the chief judge, the caseload of the Tribunal requires. If the chief judgedetermines that the pool of judges must be expanded in order to resolve the Tribunal’scaseload within a reasonable period of time, the chief judge shall submit a request to theMinisters of Justice and of Finance to increase the pool of judges through the appointment ofadditional judges.5. No person shall be eligible to serve as a judge on the Tribunal and, if appointed, the personshall be removed from the Tribunal by a decision of the Minister of Justice, if the person, inthe judgment of the Minister of Justice:a. is not a citizen of Iraq;- 37 -b. is not a fit and proper person;c. is also serving as an officer or a full-time or part-time employee or consultant, withor without remuneration, of a bank or other entity subject to the supervision of theCBI;d. is also serving as a member of the Board or full-time or part-time employee orconsultant of the CBI;e. is also a member of the Legislature;f. is also serving as a Minister, Deputy Minister or other high ranking official of theState;g. has been or is declared bankrupt or unable to pay his debts as they fall due by acourt decision;h. is, or would be, unable to perform the functions of this office because of aninfirmity of body or mind that has lasted for more than six months;i. has been engaged in a significant violation of the law or in serious misconduct inoffice, or has actively participated in political activities, diminishing or giving theappearance of diminishing the reputation of the Tribunal as an independent andimpartial judicial institution; orj. the person, or any person who is related by marriage, blood or kinship, includingadopted children or foster children of the person, and any other person residing insuch person’s household, hold direct or indirect business interests that would make itnecessary for that person to refrain, to an unacceptable extent, from taking part in thedecision-making of the Tribunal.6. Judges of the Tribunal shall be appointed for a ten-year term of office and may bereappointed; however, upon giving written notice to the Minister of Justice, a judge mayresign at any time. The Minister of Justice shall specify by regulation the remuneration andother benefits of the judges of the Tribunal.7. No judge shall be removed from the Tribunal on any ground other than as stated inparagraph (5) and no judge shall be removed from the Tribunal before a hearing has beenheld by the Minister of Justice at which such judge or his legal representative has beenafforded a reasonable opportunity to present his views.- 38 -Article 65 Administration of Tribunal1. The Minister of Justice shall be responsible for the organization of the Tribunal and for thesupervision of its administration.2. The chief judge of the Tribunal shall be directly responsible for the administration of theTribunal. He shall be assisted by a staff including a clerk of the Tribunal, an administrator ofthe Tribunal, and an accountant of the Tribunal. The staff of the Tribunal shall be appointedby the Minister of Justice, and shall have such duties and serve on such terms and conditionsas may be specified by the Minister of Justice.3. No person shall be liable in damages for an act done as chief judge or judge of theTribunal, except that, if such person shall be convicted of a crime on account of such act, theperson may be held liable in a civil proceeding for damages caused by that criminal act.4. Each judge shall, upon first becoming a judge of the Tribunal and annually thereafter,disclose in full to the Minister of Justice the significant commercial interests which he ormembers of his household have, directly or indirectly. Whenever any case before a panel ofthe Tribunal is related to a significant commercial interest held by a judge or members of hishousehold, directly or indirectly, the judge shall disclose his interest to the panel, recusehimself, and be replaced by another judge. Any failure to do so shall be deemed to be asignificant violation of law constituting grounds for removal under, and following theprocedures provided by paragraph (5) of Article 64.5. No judge of the Tribunal and no member of its staff shall accept any gift or credit forhimself, or on behalf of any person with whom he has family, business or financialconnections, if the acceptance thereof would diminish, or give the appearance of diminishing,the reputation of the Tribunal as an independent and impartial judicial institution.6. No person who serves as a judge or as a member of the staff of the Tribunal shall:a. permit access to, disclose or publicize nonpublic information which was obtainedin the performance of official duties, except when required to do so by any court oflaw or as necessary for the fulfillment of any duty or responsibility imposed by thisLaw, the Banking Law, or any other relevant legislation; orb. use such information, or allow such information to be used, for personal gain.7. Failure to observe the provisions of paragraph (6) shall be considered a significantviolation of law for purposes of paragraph (5), sub-paragraph (i) of Article 64.Article 66 Authority of Minister of JusticeThe Minister of Justice shall, by regulation: (i) make rules governing the place or placeswhere the Tribunal shall sit; (ii) make rules governing the proceedings of the Tribunal; (iii)- 39 -make rules governing directions the chief judge of the Tribunal may give to panels of theTribunal concerning procedures to be followed in individual cases; and (iv) specify thecircumstances under which hearings of the Tribunal, for exceptional reasons, shall not beopen to the public.Article 67 Evidence1. The Tribunal may, by summons, require any person to attend, at such time and place as isspecified in the summons, to give testimony or to produce documents in his custody orcontrol which the Tribunal considers it necessary to examine.2. Each person who, without lawful justification or excuse,a. refuses or fails to attend a session of the Tribunal following the issue of a summonsby the Tribunal, or to give evidence, orb. alters, suppresses, conceals or destroys, or refuses to produce, a document which hemay be required to produce for the purposes of proceedings before the Tribunal,is guilty of an indictable offense and liable to a fine not exceeding twenty-five million dinarsor imprisonment for a term not exceeding two years or to both.3. A person accused of violating Paragraph 2 of this Article bears the burden of provinglawful justification or excuse.Article 68 Decisions of the Tribunal1. Decisions of the Tribunal shall be taken by a majority of the judges on a panel. Decisionsmust be recorded in a document which states the reasons for the decision and is signed by thepresiding judge of the panel dealing with the case addressed by the decision. The Tribunalmust, as soon as is reasonably practicable, notify each party of the decision by sending eachparty a copy of the decision.2. Decisions of the Tribunal may award expenses, damages and interest. Decisions shall takeeffect on the day specified in the decision or, if no effective date is specified, it shall takeeffect one week from the date of notification of the parties.3. Decisions of the Tribunal shall be enforced as other court decisions.Article 69 Procedure for review by Tribunal1. An application for review of a decision or order of the CBI or an act of a conservator orreceiver must be made by a written request submitted to the Tribunal by one or more partiesaggrieved by the decision, order or act. The request must be filed within thirty days followingthe date of the decision, order or act or within such shorter period of time as is specified by- 40 -law. Upon receipt of the request, the clerk of the Tribunal shall send a copy of the request tothe CBI and other interested parties and shall notify the parties to attend every hearing of thepanel dealing with the request.2. Decisions and orders of the CBI shall remain in full force and effect until: (i) a finaldecision on review by the Tribunal annuls the order or decision; (ii) the decision or order ismodified by the CBI acting on remand from the Tribunal; or (iii) the decision or orderterminates pursuant to its terms; provided, however, that the Tribunal may suspend suchorder or decision of the CBI prior to reaching a final decision either on the basis of a findingthat there is a substantial likelihood that the aggrieved party will prevail in the case before it,or in exceptional circumstances where the immediate application of the decision or orderwould cause undue hardship or irreparable harm.3. Notwithstanding any other provision in this section, in any case brought with respect to adecision, order or action adopted or taken by a conservator, receiver, the CBI, the Minister ofFinance or the State under Sections 11 through 14 of the Banking Law, the Tribunal, orother appropriate court, may only award monetary damages, expenses and interest and shallnot annul, remand, suspend, enjoin, terminate or bar such decision, order or action, exceptwith respect to a decision by the Tribunal regarding the removal of a conservator underArticle 63 of the Banking Law.4. The Tribunal may annul or remand to the CBI for further consideration an order ordecision of the CBI, or award of monetary damages, expenses and interest with respect to adecision or order of the CBI only on one or more of the following grounds:a. in taking the decision or issuing the order, the CBI exceeded or abused itsauthority;b. the procedures followed by the CBI in reaching its decision or order werematerially inconsistent with the procedures prescribed by law in a manner whichresulted in substantially prejudicing the rights, obligations or interests of an aggrievedparty; orc. the decision was adopted in an arbitrary and capricious manner.5. The Tribunal shall give great weight to the evidence presented to the CBI and to the CBI’sresolution of issues arising under any laws it is charged with the responsibility to administer.6. Decisions and orders of the CBI that were remanded by the Tribunal to the CBI for furtherconsideration and that are not modified or terminated by the final date specified by theTribunal in its order of remand shall terminate on that date.- 41 -Article 70 Appeals1. Final orders and decisions of the Tribunal shall be subject to appeal to the Court ofAppeal.2. A party to a decision rendered by the Tribunal pursuant to Articles 63 and 68 may appealto the Court of Appeal; unless otherwise determined by the Court of Appeal, the decision,pending the conclusion of the appeal, shall remain in full force and effect.3. The Court of Appeal may, upon appeal, remand or annul a decision of the Tribunal on oneor more of the following grounds:a. the Tribunal lacks jurisdiction;b. the decision of the Tribunal is not supported by substantial evidence, or ispredicated on false evidence, including false testimony and documents that are false,falsified or materially tampered with;c. in cases involving paragraph (3) of Article 63, where the agreement referred totherein permits appeal, the decision of the Tribunal exceeds the scope of theagreement on which the jurisdiction of the Tribunal is based, or fails to address all orpart of a dispute referred to the Tribunal; ord. is otherwise contrary to law.4. The appeal must be instituted within 30 days from the date of notification of the decision,except that, for the grounds described in paragraph (3), sub-paragraph ( this period shallbegin not earlier than the day of discovery of documents offering prima facie proof of falseevidence, fraud or deception.SECTION 14—FINAL PROVISIONSArticle 71 Precedence over inconsistent lawsAny provision of law that was enacted prior to the effective date of this Law and which isinconsistent with this Law shall be superceded by this Law.Article 72 Immunity from prejudgment attachmentNo attachment or execution shall be issued against the CBI or its property, including gold,special drawing rights, currency, credits, deposits or securities, and any proceeds thereof,before the issuance of final judgment in any legal action brought before the Tribunal or in thecourts of Iraq.- 42 -Article 73 RepealThe Central Bank of Iraq Law No. 64 of 1976, as amended, shall be repealed when this Lawcomes into effect.Article 74 Entry into forceThis Law shall enter into force on March 1, 2004. http://www.iraqcoalition.org/regulations/20040306_CPAORD_56_Central_Bank_Law_with_Annex.pdf Thanks coorslite21 3 Link to comment Share on other sites More sharing options...
outlawclg Posted February 18, 2014 Report Share Posted February 18, 2014 This is awesome!!! Link to comment Share on other sites More sharing options...
TBomb Posted February 18, 2014 Report Share Posted February 18, 2014 (edited) Said Differently though just as cryptic.... Issues special instructions to sell and buy foreign currencies, considering previous instructions issued in this regard void. And got “time” on the documentation for the instructions issued by the central bank, which included “17″ paragraph identified mechanisms of buying and selling and the proportion of intermediaries. The central bank said in the instruction book that carried the No. 03.09.21, dated January 26 current, it is instructed in a separate book bears the number 09/03/19 dated January 26 and considered the current window from the date of 16 this month. The face of the central bank these instructions to banks licensed profession of all banking and money transfer companies approved, companies and broker in the sale and purchase of foreign currency all, stressing published in a prominent place and to inform customers need to abide by them. And was based in the central issuance of these instructions to the provisions of its law number 56 of 2004, as amended, indicating that these instructions came to meet a real market need of foreign exchange and money laundering Hey, Rayzur, may I please have the link to what you posted (some noticeable differences from art starting thread)? Thank you. Okay so the article (I think) Rayzur has brought in, is this one (pretty much) "Time" to get help for the new Central Bank's sale of foreign currency Details Group: featured articles Published on Monday, 27 January 2014 15: 23 Posted by: Super User Visits: 1143 шаблоны joomla 3.5 Baghdad-time The Iraqi Central Bank, has issued instructions for buying and selling foreign currencies, saying previous instructions issued in this regard. And I got "Awan" documentation for instructions issued by the Central Bank, which included the "17" a set of mechanisms and intermediaries. The Central Bank said in the instruction book no. 9/3/21 and 26 January, as instructed in the separate book download 9/3/07, dated January 26, current as of the date window 16 this month. The Central Bank instructions to banks licensed in the profession of banking and money transfer companies, and companies licensed broker buying and selling foreign currency all the stressing posted prominently and inform customers of the need to abide by them. The central issue was based on these instructions to law No. 56 of 2004 rate, indicating that these instructions came to meet the need of the market of foreign currency and money laundering. http://awaniq.com/1/index.php/2013-12-08-16-41-19/1726-2014-01-27-15-23-18 The shown PDF might be the CPA Law 56 of 2004 - Note: the article this newer one from http://www.azzaman.com/?p=62222 is dated today, but the one I just posted above from Awaniq is dated Jan 27 2014 there must be an official cbi announcement on this? Hey Revbo..I see you..do you have any goods on this, please? lol Edited February 18, 2014 by TBomb 1 Link to comment Share on other sites More sharing options...
TBomb Posted February 18, 2014 Report Share Posted February 18, 2014 (edited) Member of the Finance Committee excludes the development of the banking system when modifying the current banking law30-11-2013 07:05 AMBaghdad (news) .. Ruled out a member of the Finance Committee MP / coalition in Iraq / Hassan al-Bayati, the development of the banking system in the country when modifying the Banking Act current, calling for new legislation keep pace with the evolution in global banks. Bayati said (of the Agency news): The Banking Act current proceeded at the time of the ruling U.S. civil administrator Paul Bremer in 2004 to Aisthml amendment being launched in a matter different from the current situation any decade ago. added: should new legislation for banks keep pace with developments in the work of banks in the world and encourage local banks to develop their work through the use of devices and systems the most sophisticated, well that encourages investment in the banking field. confirmed: that the amendment of the current law will be the Ivy purpose and will not lead to the development of the banking system in the country. mentions that the banking system in Iraq consists of forty-three banks, as well as the Central Bank and distributed by the Royal between (7) state banks and 30 bank my family, including (7) Islamic banks in addition to (6) of foreign banks. spite of the Investment Law No. 13 of 2006 has excluded investment in the banking sector of its provisions except that the investment in the banking sector takes its legal framework on the basis of legal central bank No. 56 of 2004, banking No. 94 of 2004, and has a minimum to establish a bank in Iraq's 100 billion Iraqi dinars (ie, up to 85 million dollars (. / End / 8.'s. m /- See more at: http://www.ikhnews.com/index.php?page=article&id=109587#sthash.RKJ8HZK1.dpuf http://www.ikhnews.com/index.php?page=article&id=109587 Home English Contact Us Arabic About Central Bank of Iraq Date of CBI Monetary Policy Payments system Banknotes and coins Banking laws Iraqi financial institutions and foreign International financial institutions Jobs Resources Government debt Currency auction results Auction of the Central Bank of Iraq Auction of the Ministry of Finance Financial Statements Statistics Publications News and announcements Hello to you in the CBI What are you looking for?Statistics Iraqi financial institutions and foreign Anti-money laundering Financial Statements Banking laws Government debt Jobs Proposals to amend the Central Bank Law No. (56) for the year (2004) and the Banking Law No. (94) for the year (2004) and the law of money laundering and financing of terrorism No. (93) for the year (2004) provided by the Directorates and Departments Iraqi Central Bank and the banks licensed in Iraq Sessions held at the Center for Banking Studies Website of the new legislation Iraqi base (www.iraqld.com) E-mail to the Office of the reporting of money laundering (info.aml @ cbi.iq) Form financial disclosure issued by the Integrity Commission Bulletin Exchange Rates Home Journal News and announcements http://cbi.iq/?pid=Home〈=ar Edited February 18, 2014 by TBomb Link to comment Share on other sites More sharing options...
ReVbo Posted February 18, 2014 Report Share Posted February 18, 2014 (edited) Sorry, TBomb. I'm getting everything I've got from here. Nice job, and thanks. If I get anything tomorrow, I'll post it. Seems like this could be a big deal. Edited February 18, 2014 by ReVbo Link to comment Share on other sites More sharing options...
TBomb Posted February 18, 2014 Report Share Posted February 18, 2014 Thanks, Revbo....anyway, it seems like they might finally be doing something with the banking laws. We'll see http://cbi.iq/documents/Proposals%20to%20amend%20laws.pdf This is the Arabic version/link referenced on the cbi site. I just want to paste it here so I can try to see if I can translate tomorrow. Link to comment Share on other sites More sharing options...
Laid Back Posted February 18, 2014 Report Share Posted February 18, 2014 Thanks great post. Link to comment Share on other sites More sharing options...
Rayzur Posted February 18, 2014 Report Share Posted February 18, 2014 Hey, Rayzur, may I please have the link to what you posted (some noticeable differences from art starting thread)? Thank you. Okay so the article (I think) Rayzur has brought in, is this one (pretty much) "Time" to get help for the new Central Bank's sale of foreign currency TBomb, I really like your link and the post from it..... Its not where I got it, and like you say,pretty much captures it if not better..... Ya still want me to track down where I got this? I'd have to hunt history, but could probably find it.... I'm testifying as primary and expert in a criminal jury trial starting Wed, so was probably at the same time left brain processing formulations while posting in here last night, and I honestly don't remember where I went for reference (much less having gone there) ..... and will go in search of if you still want the link Link to comment Share on other sites More sharing options...
sandfly Posted February 18, 2014 Report Share Posted February 18, 2014 THANKS Link to comment Share on other sites More sharing options...
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