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Iraqis linked to Iran use money-laundering scam to beat US sanctions


Pitcher
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Iraqis linked to Iran use money-laundering scam to beat US sanctions

Iraqi individuals and companies linked to Iran are smuggling cash out of the country to avoid financial sanctions imposed by the US Treasury.

Despite technically being denied access to US dollars by Iraq’s central bank, they are exploiting the bank’s daily auction of hard currency by employing middlemen to convert Iraqi dinars into dollars. The funds are then transferred out of Iraq using private exchange offices.

“In previous months, the daily release rate of the dollar at the currency auction was between $150 million and $180 million, sometimes up to $200 million. In the past few days it has reached $270 million,” the owner of a large currency exchange and financial transfer office in Baghdad told Arab News.

There is “no noticeable justification” for the sudden increase in dollar purchases, exchange operators said. Traders at Shorja Market, the largest wholesale market in Baghdad, told Arab News the surge in remittances could not be explained by any changes in the market, where there had been a shortage of hard cash since the end of last year.

Daily buying and selling remained weak, they said. One prominent banker told Arab News:

“Traders have nothing to do with this fever; 80 percent of the remittances that were made this week were cash transfers and will be delivered by hand.”

On July 18, the US Treasury’s Office of Foreign Assets Control imposed financial sanctions on groups and individuals including two commanders of pro-Iranian paramilitary groups and two former governors supported by Iran. The sanctions were imposed under the Global Magnitsky Human Rights Accountability Act, targeting “perpetrators of serious human rights abuses and corruption,”and banned any financial dealings with those named.

In response, the Central Bank of Iraq issued a circular to all Iraqi banks ordering them to freeze the accounts of anyone targeted by sanctions and prevent their access to funds.

There was a wave of criticism and anger from Iraqi politicians and leaders of armed factions, especially those associated with Iran, who complained of “unilateral sanctions that violate Iraqi sovereignty and target Iran and its allies in Iraq under the pretext of human-rights abuses and corruption.”

The protests were accompanied by heavy pressure on Iraqi Prime Minister Adil Abd al-Mahdi and the governor of the central bank to change the policy. Four days later the bank issued a new circular that limited the financial freeze to US dollars only, permitting withdrawal of Iraqi dinars. It was then that the surge in dollar purchases through middlemen began.

Bankers said depositors were withdrawing their funds in Iraqi currency "to avoid attracting the attention of the US Treasury, which monitors the movement of the dollar in Iraq.”

Iraqi security officials, members of parliament and armed faction leaders told Arab News that most politicians and commanders associated with Iran, or who enjoyed its support, were “deeply concerned” as they believed they could be targeted by US Treasury sanctions at any time. This has prompted them to withdraw their money from Iraqi banks and transfer it abroad to “minimize the damage.”

“The sanctions have deeply confused and concerned them,” a senior Iraqi national security official said. “They began to withdraw their money from Iraqi banks and settle their financial assets with the Iraqi government to reduce the damage and avoid having their assets frozen and property seized in the event of sanctions.

“Our information suggests that they transfer most of the money to private companies in Dubai, and use some of it to buy property, both inside and outside Iraq.

“Actually, this is not new. They have been laundering their money for years, but what has happened now is that the sanctions have entangled them and forced them to change how they do it.”

 

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2 minutes ago, Pitcher said:

There was a wave of criticism and anger from Iraqi politicians and leaders of armed factions, especially those associated with Iran, who complained of “unilateral sanctions that violate Iraqi sovereignty and target Iran and its allies in Iraq under the pretext of human-rights abuses and corruption.”

Wow who would have ever seen that coming. 😂

 

Sounds like a great excuse to stop the auctions.

 

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1 minute ago, boosterbglee said:

They will steal for another 1000 years if allowed, that is their nature.  Everyone can see the problem except them? 

 

It is in their culture no doubt. I have some Iranian friends. Every last one of them love to bicker and negotiate EVERYTHING.  I could say a lot more but I’ll stop now before I get in trouble. 

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I am thinking The United States Of America AND China Trade Deal has a lot to do with the timing of the ReInstatement of the Bicraqi Iraqi Dinar. WHEN the INTERNATIONAL goods FLOW THROUGH Bicraqi Iraqi TERRITORY, THEE Bicraqi Iraqi Customs WILL HAVE to be INTERNATIONAL for "instantaneous" transactions. The corrupt weekday Bicraqi Iraqi DAILY currency auctions WILL NOT SERVE transit of INTERNATIONAL goods THROUGH Bicraqi Iraqi TERRITORY!!! TOO slow AND cumbersome AND corruption INVOLVED.

 

The Customs Duties WILL RIVAL THEE Bicraqi Iraqi Crude Oil Income NOT TO MENTION the OTHER foreign investment for reconstruction, construction, AND economic development INTERNATIONAL Bicraqi Iraqi Dinar INTERNATIONAL "open" "economy" NEEDS!!!

 

Go Moola Nova!

:pirateship:

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11 minutes ago, ChuckFinley said:

Thinking the same thing. Lets see if this is enough to push this to closur

 

I hope you are correct Chuck.   Trump slapped another 10% tarrifs on Chinese goods coming into the USA.  That’s why the market went down big today.  He’s not messing around. He will get a deal or go even more.  While he’s getting after China maybe he’ll lay the wood to Iraq and force them to stop the auctions.  

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4 minutes ago, Synopsis said:

I am thinking The United States Of America AND China Trade Deal has a lot to do with the timing of the ReInstatement of the Bicraqi Iraqi Dinar. WHEN the INTERNATIONAL goods FLOW THROUGH Bicraqi Iraqi TERRITORY, THEE Bicraqi Iraqi Customs WILL HAVE to be INTERNATIONAL for "instantaneous" transactions. The corrupt weekday Bicraqi Iraqi DAILY currency auctions WILL NOT SERVE transit of INTERNATIONAL goods THROUGH Bicraqi Iraqi TERRITORY!!! TOO slow AND cumbersome AND corruption INVOLVED.

 

I tend to agree with you Synopsis. Thank you for your post

 

I also believe the US Stock market will need to correct before we get an RV.  I actually got fairly excited last Dec with the 20% plus sell off.  I really thought it might go on Jan 1st.  

 

We have a lot of moving parts to this event. There is so much we don’t know but I’m a Market guy and those crooks in NY know everything. They will exploit whatever happens and I’ll be right there picking up their leftover crumbs.  

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Just now, Pitcher said:

 

I tend to agree with you Synopsis. Thank you for your post

 

I also believe the US Stock market will need to correct before we get an RV.  I actually got fairly excited last Dec with the 20% plus sell off.  I really thought it might go on Jan 1st.  

 

We have a lot of moving parts to this event. There is so much we don’t know but I’m a Market guy and those crooks in NY know everything. They will exploit whatever happens and I’ll be right there picking up their leftover crumbs.  

 

:twothumbs: Oh, YEAH!!! Great Comments, Pitcher, AND The Very Best Of Your Up Coming Weekend To You!!! :tiphat:

 

Go Moola Nova!

:pirateship:

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The US Treasury , World Bank and The IMF have been inside the CBI for quite some time now . Long enough to see the entire auction smuggling operation , players and its adjustments  made when other avenues of smuggling are cut off . Valuable information gained on how Iran survives while been sanctioned by President Trump. It looks to be time to sweep all the corrupt from the CBI , The private banks and the exchange companies . Stop the Auctions and start The Wheel of the Economy ...

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8 minutes ago, blueskyline said:

It looks to be time to sweep all the corrupt from the CBI , The private banks and the exchange companies . Stop the Auctions and start The Wheel of the Economy ...

 

Great comments Blueskyline.  Not only is it time to stop the auctions in Iraq, it is time to get rid of Iraqi’s who are sympathetic to Iran and take their marching orders from them.  

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More pressure on the CBI to stop the auctions before they get Sanction from the UST

for supporting money laundering and terrorism.

 

Time to give real market value to the dinar and move to an open market economy 

 

Go end of the auctions 

Go real market value 

Go open market economy 

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Not only does this put pressure to stop the auctions, but the Senate, Congress and President must know the Dinar the UST holds is going to pay off the national debt, how else could you get these factions to come together and remove the debt ceiling for the US Gov. to 2021?

This RV has to be close, closer, closest. The blood is in the water and the sharks are circling.

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1 minute ago, keylime said:

Not only does this put pressure to stop the auctions, but the Senate, Congress and President must know the Dinar the UST holds is going to pay off the national debt, how else could you get these factions to come together and remove the debt ceiling for the US Gov. to 2021?

This RV has to be close, closer, closest.

Was just thinking about your August dream ...

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5 minutes ago, slb said:

Could the 19 be August 19 ? I like the 2019 better though. Or a combination of the two...

well I was asking Him what year? Would it be this year? So hopefully that was an answer to my question. The wet running ink that streaked all the way down the paper it was printed on is the part I wonder about. Is the ink fresh and runny because it will be decided and revealed at the same time? Sort of a last minute decision and when they make it they release it before the ink dries? Or is it runny because it is not set in stone and subject to change? 

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1 hour ago, Pitcher said:

“Actually, this is not new. They have been laundering their money for years, but what has happened now is that the sanctions have entangled them and forced them to change how they do it.”

 

What a revelation :facepalm2: and to think this is just becoming relevant news ??

So here is the question that I have been thinking about for a while ;

If the US Treasury, IMF and World Bank all have representatives at the CBI, WHY have the Auctions been allowed to continue ? 

 

Semper Fi:salute:

Show mw 'da :bagofmoney:

Edited by Hotcurl
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1 hour ago, Pitcher said:

 

It is in their culture no doubt. I have some Iranian friends. Every last one of them love to bicker and negotiate EVERYTHING.  I could say a lot more but I’ll stop now before I get in trouble. 

Been there and done that,  same with my Asian friends. They love dealing with me. They get a big laugh everytime we have to negotiate something. We work it down to the very end. Everyone is trying to save face. You would love it.

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8 minutes ago, keylime said:

well I was asking Him what year? Would it be this year? So hopefully that was an answer to my question. The wet running ink that streaked all the way down the paper it was printed on is the part I wonder about. Is the ink fresh and runny because it will be decided and revealed at the same time? Sort of a last minute decision and when they make it they release it before the ink dries? Or is it runny because it is not set in stone and subject to change? 

I missed that part .I like it ! Sure hope it's this year, so we can all get on with the next phase of our lives.

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4 minutes ago, Hotcurl said:

So here is the question that I have been thinking about for a while ;

If the US Treasury, IMF and World Bank all have representatives at the CBI, WHY has the Auctions been allowed to continue

 

Without getting too political the last US Administration probably looked the other way. It wouldn’t surprise me to find out US politicians both Dem and Rep were part of the corruption.  None of that is verified just a wag ( wild ass guess). 

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