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rockfl9

DId you miss this !!!!

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One of the decisions stipulates that "the entry and exit of amounts exceeding (1,000,000) (one million Iraqi dinars) is prohibited even if they have been declared, and the amount is withheld and legal proceedings are taken."

Hmmmmmmm!

This looks like a Million OR more Iqd is NOT allowed to cross the border ( would include airports) at all. AND sounds like it would be subject to confiscation and prosecution !!!!!!   

Soo you cant even take your IQD back to Iraq if you wanted to !!!   

Is this preparation for an RD ? 

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Is this a new law? I remember reading years ago that like the US anything over $10,000 worth of dinar had to be declared.

If this is a new law Iraqi dinar will be harder to get here in the US which will drive the price up for those wanting to buy dinar here

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Here is complete text submitted by Yota on Sept 28.

 

Economy News - Baghdad

 Ali Mohsen Ismail, chairman of the Council for Combating Money Laundering and Terrorism Financing, has issued a series of decisions concerning the controls on the declaration of funds when they are brought in and taken out across the Iraqi border.

Among the new decisions, customs authorities may be allowed to search people and inspect their luggage to verify the authenticity of the information.

 As for the amounts allowed in or out of the territory of the Republic of Iraq, amounts below (10) thousand US dollars or the equivalent of other currencies are allowed to enter without authorization.

 Amounts exceeding (10) thousand US dollars to (20) thousand US Dollars are required to be declared with the need to show supporting the purpose of the introduction or removal of these amounts.

It is required that the process of inserting and removing funds through financial institutions exclusively if the amount exceeds (20) thousand US dollars.

 

One of the decisions stipulates that "the entry and exit of amounts exceeding (1,000,000) (one million Iraqi dinars) is prohibited even if they have been declared, and the amount is withheld and legal proceedings are taken."

Earlier rulings limited Iraqis to caring 10,000  Iqd out of the country.  Not sure what the penalty was then. now for 1 mil it looks like they are subject to arrest !

 

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