A "Serious" Note From Specialists And Interested In The Money Market .. Has Iraq Resorted To Printing The Currency ?

[DinarThug]

LINK

Iraq rejects and protests against the decision to include it in the list of money laundering

 

 

10:50 - 07/08/2020

Iraq announced, on Wednesday, its refusal of the European Commission's decision to include Iraq in the list of high-risk countries on money laundering and terrorist financing. "The Minister of Foreign Affairs, Fouad Hussein, sent a letter to his European counterparts urging them to reject the decision of the European Union Commission to include Iraq in the list of high-risk countries regarding money laundering and terrorist financing," the ministry spokesman, Ahmed al-Sahaf, said in a statement. 

Al-Sahaf added, “The Foreign Minister assured his counterparts in the message he sent to them that Iraq : Implemented over the years important laws and procedures; In order to combat money laundering, terrorist financing, and alleviate the risks associated with it. The Financial Action Task Force (FATF) report indicated that the AML / CFT safeguards in Iraq are strong, and well-established. 

[DinarThug]

LINK

Parliamentary finance is "resentful" by the government for not sending the budget

 

 

12:30 - 08/07/2020

Parliamentary Finance Committee, on Wednesday, expressed its strong dissatisfaction with the government for not sending the 2020 budget to the House of Representatives, indicating that the government's failure to answer the House of Representatives raises constitutional questions.

The committee’s rapporteur, Ahmed Al-Saffar, said in a statement to “Al-Maalouma”, that his committee “is surprised at the government's failure to respond to sending the state’s general budget for the year 2020 to the parliament.”

He added that his committee "fears a rift between the Finance Committee and the government in this regard," noting that "the government’s repudiation of the lack of response about sending a budget raises many questions."

Al-Saffar pointed out that "not to send the budget will expose the government to legal accountability." 

[DinarThug]

LINK

Salary delay reveals that 40,000 employees are paid more than a salary

 

8th July 2020

The Finance Committee in the Iraqi parliament said today, Wednesday, that the delay in spending the salaries of state employees for last June revealed more than 40,000 litigation for more than a salary in only 6 ministries

The discovery of these comes within the efforts of Mustafa Al-Kazemi’s government to end the phenomenon of one-person litigation for more than two salaries from the state. The first step in this direction was the abolition of over-salary charging for detainees in the Rafha camp

The decision of the Parliamentary Finance Committee, Ahmed Al-Saffar, told Shafaq News that "the delay in paying the salaries of Iraqi state employees is due to the government's efforts to reveal those who receive more than one salary, and this is a very important matter and is a reform step.  He added, "According to the information obtained from the numbers of six ministries, more than 40,000 employees who are paid more than one salary have been revealed

Al-Saffar said that "any employee whose receipt is more than two salaries is revealed and all his salaries are suspended until he is sure of the reason for receiving more than one salary, and how these salaries can be returned. He pointed out that "an investigation will be opened with everyone who receives more than one salary, and any person or entity involved in this matter will be held accountable no matter what

[DinarThug]

LINK

Grant a license to Ariba Information Technology Co., Ltd. and electronic payment

 

8th July 2020

 

Translation...

 

Based on the decision of the board of directors of this bank numbered (19) for the year 2020 taken by its numbered session 1092 in 2020/5/19  and Article (4) of the Law of the Central Bank of Iraq No. (56) for the year 2004 and the system of electronic payment services for funds No. (3) for the year 4 And to complete all the requirements for granting a license, e-payment companies decide the following: Giving your company the final approval of the work permit in Iraq (source, collector, and therapist) taking into consideration the Central Bank of Iraq Law No. (56) for the year 4 and the Anti-Money Laundering and Terrorist Financing Law No. (2) for the year 2015 and the electronic payment services system No. (3) for the year 4 And instructions issued pursuant to 20. Grant the final approval of Mr. (Issam Walid Issam) to occupy the position of managing director of your company, provided that he devotes himself to managing the company's business and abides by articles (121, 122) of the Companies Law No. (21) for the year 1997 amended. 3. Accepting the nomination of Mr. (Sarmad Abdul Amir Ali Musa) to occupy the position of deputy director delegate, taking into account the contents of the numbered uncles issued by this bank numbered 115/115/3 on 4/15/15 on the instructions for describing the professions.  Launching the amount of the capital after checking the invoices submitted with the assets and according to the field statement. 

[DinarThug]

A member of Parliamentary Finance reveals the fact that the government intends to distribute the June and July salaries in one payment 

 

Policy 7/20/2020 14:06 1222 Editor: ha   

Baghdad today - private 

 

Member of Parliamentary Finance Committee, Faisal Al-Issawi, revealed on Tuesday (07 July 2020) the fact that the months of June and July can be distributed in one payment.

Al-Issawi said, speaking to (Baghdad Today), that "the distribution of salaries for the months of June and July, once, is excluded because of the lack of financial liquidity."

He added, "The financial crisis has cast a shadow over the Iraqi situation," stressing that "most of the problems have been solved and funding has started for all ministries of the security and administrative state."

Al-Issawi said, "Before the end of July, the salaries of June will be distributed," noting that "salaries cannot be distributed two months at once because there is no financial liquidity due to the crisis of low oil prices." 

The payment of employees' salaries was delayed for the past June, for more than 10 days, and employees of a number of ministries have yet to receive their salaries. 

Before that and during the past two months, the retirees ’salaries also witnessed a delay in exchange for several days. 

On Thursday (02 July 2020), the Central Bank of Iraq announced that it would assist the Ministry of Finance in securing three-month salaries, while talking about the date for the disbursement of the salary of last June. "

A directive issued by re-dividing bonds in favor of the Ministry of Finance by about 8 trillion dinars," said Ihsan Shamran, general manager of central bank accounting, in a statement carried by the official news agency. 

He added, "These bonds will enable the Ministry of Finance to secure employee salaries for the months of July and August," noting that "the central bank has made it easier for the Ministry of Finance to process the debt repayment for a period of 10 years."

link

[DinarThug]

3 hours ago, DinarThug said:

LINK

Iraq rejects and protests against the decision to include it in the list of money laundering

 

 

10:50 - 07/08/2020

Iraq announced, on Wednesday, its refusal of the European Commission's decision to include Iraq in the list of high-risk countries on money laundering and terrorist financing. "The Minister of Foreign Affairs, Fouad Hussein, sent a letter to his European counterparts urging them to reject the decision of the European Union Commission to include Iraq in the list of high-risk countries regarding money laundering and terrorist financing," the ministry spokesman, Ahmed al-Sahaf, said in a statement. 

Al-Sahaf added, “The Foreign Minister assured his counterparts in the message he sent to them that Iraq : Implemented over the years important laws and procedures; In order to combat money laundering, terrorist financing, and alleviate the risks associated with it. The Financial Action Task Force (FATF) report indicated that the AML / CFT safeguards in Iraq are strong, and well-established. 

 

Financial sanctions and major repercussions .. An economist explains the effects of Iraq’s inclusion in the list of “dangerous countries”

 

Economie 7/20/2020 14:10 2542 Editor: am    

Baghdad today - Baghdad 

 

Economic expert Rasim al-Akidi, on Wednesday (08 July 2020), explained the effects of Iraq’s inclusion in the list of dangerous countries that record high rates of money laundering.

Al-Akidi said in an interview with (Baghdad Today), that "the decision of the European Union Commission to include Iraq in the revised list of high-risk countries regarding money laundering and terrorist financing will directly affect the country's credit situation, because the World Bank and the International Monetary Fund have always been given financial facilities and loans For Iraq on the basis of confidence in governments in the possibility of debt restoration through its mineral wealth and economic growth. " 

He added: "But the European Commission's decision is very dangerous, and it will give a sign of distrust by international financial institutions, including the ten banks that are called mothers and who control the capital in the world, through papers, bonds and credit facilities, which will put Iraq in front of clear financial sanctions." .

He pointed out that "the decision of the European Commission will affect the file of foreign investment in Iraq with all its addresses, and will push companies to reconsider their investments, because the file of money laundering and terrorist financing is a serious matter that affects the movement of money transfer to investors in accordance with the law." 

He pointed out that "large investment projects, especially in the energy file, will have a significant impact in accordance with the recent decision of the European Commission."Earlier in the day, the Iraqi Ministry of Foreign Affairs issued a statement on the situation of Iraq among the high-risk countries regarding money laundering and terrorist financing. 

The Ministry’s media stated in a statement received (Baghdad today) that “Foreign Minister Fouad Hussein expressed Iraq’s disappointment at the decision of the European Union Commission to include Iraq in the revised list of high-risk countries regarding money laundering and terrorist financing,” after a message he sent to his counterparts ministers Europe Union. 

Hussein stated, "Iraq made significant progress that led in 2019 to its removal from the global list of the Task Force on International Financial Action ( FATF ) for countries experiencing strategic shortcomings in anti-money laundering and terrorist financing operations." 

He pointed out that "Iraq has taken several measures to strengthen its legal framework, which has led to increased cooperation with its counterparts, and that Iraq has fully participated and worked closely with the Commission since its adoption of the previous regulations mandated by the European Union Commission 1675/2016 in 2016." 

According to the statement, Hussein expressed his "astonishment at the justification provided by the committee for its decision on Iraq, and disclosed by saying: Our competent authorities have been working closely over the past two years to provide the necessary and relevant information through official channels on meeting the requirements of the European Union to combat money laundering and the financing of terrorism." ". 

He affirmed, "Iraq has met the criteria set by the Financial Action Group ( FATF ), and the standards set forth in the relevant European Union directive 849/2015, and has addressed all the shortcomings and gaps highlighted by the Commission, and has not received any negative response from the Commission until the adoption of the regulations mentioned in May 7 ". 

The Minister demanded, "The Commission is transparent, and the need to listen to the clear commitment shown by Iraq to the standards related to combating money laundering and terrorist financing." 

He stressed that "Iraq has implemented over the years important laws and procedures aimed at combating money laundering, terrorist financing and mitigating the risks associated with them. The Financial Action Group ( FATF ) report indicated that preventive measures to combat money laundering and combating the financing of terrorism ( AML / CFT ) In Iraq, it is strong and entrenched. " 

He warned that "the Commission's decision, if it is not rejected by the Council of the European Union, will have a detrimental economic and social impact on Iraq, and will affect cooperation with the member states of the European Union under the Association Agreement and Cooperation between Iraq and the European Union."

LINK

[nannab]

3 hours ago, DinarThug said:

He stressed that "Iraq has implemented over the years important laws and procedures aimed at combating money laundering, terrorist financing and mitigating the risks associated with them. The Financial Action Group ( FATF ) report indicated that preventive measures to combat money laundering and combating the financing of terrorism ( AML / CFT ) In Iraq, it is strong and entrenched. " 

 

I'm sorry did some one in the world give Iraq the impression that we are STUPID???? 

[DinarThug]

Parliament Finance: A Consolidated Reform Paper to Promote the National Economy

Thursday 09 July 2020

 

Baghdad / Farah Al-Khaffaf

 

 

Nothing is louder than the sound of reforms these days after the government headed by Prime Minister Mustafa Al-Kazemi announced a map of reforms under the name of the White Paper.

This paper, which will be organized by the law of economic and financial reform, has won popular and parliamentary praises, pending their completion and submission to start implementing them on the ground.

Bilateral meetings

With the start of preparing them, the Parliamentary Finance Committee revealed directions for holding meetings with the responsible executive bodies to ripen visions and ideas between the two authorities to come out with a unified paper that contributes to the advancement of the national economy.

In this regard, the committee’s rapporteur, Dr. Ahmed Al-Saffar, said in a special statement to “Al-Sabah”: “The solution lies in comprehensive restructuring and reform that includes all sources of oil and non-oil revenues, i.e. maximizing revenue on the one hand, and on the other hand, following up on public expenditures that do not achieve justice "In the distribution, it must be restructured."

Prime Minister Mustafa Al-Kazemi announced that his government prepared a white paper for the expected reforms that includes economic, financial and administrative reforms, plans and strategies to meet the challenges facing the country.

 

Uniform paper

Al-Saffar added, "The House of Representatives gave the government a period of 60 days to present a comprehensive reform paper for revenues and expenditures in Iraq," noting that "the Finance Committee made several proposals in another paper, and we look forward to organizing meetings through a closed television circle with the government to discuss the two papers, and come up with solutions to restore Structuring and reforming the economic and financial system in Iraq within a unified paper.

 

Maximizing imports

The Parliamentary Committee had revealed a plan to maximize financial imports and activate the economic sector.

Member of the Committee, MP Hussein Al-Oqabi said: “The House of Representatives gave the government 60 days to present an integrated plan to tackle the economic issue. ».

Al-Aqabi added that «the strategic plan should focus on measures to enhance non-oil revenues and reduce the rate of dependence on oil revenues according to steady steps until we reach a normal rate similar to the countries of the region, which depend on oil revenues by 50% or less and have 50% of revenue other than Oil », indicating that« this plan must be defined by time ceilings, and be multi-domains, not only tax and other areas, but other economic areas ».

He explained in a statement to "conscious" that "the state spends approximately 10 to 15 percent of its revenues on the gas and oil derivatives sectors, as well as in the sectors of trade and agriculture", calling for "the provision of security and the authority of the state and the law to provide the appropriate environment to attract foreign investment in these sectors" , According to a time limit within a general and expanded map.

 

Finance Committee meeting

Meanwhile, member of the Parliamentary Finance Committee MP Majida Al-Tamimi announced her committee’s intention to discuss six axes, the most prominent of which is the amendment of the retirement law and the dues of holders of higher degrees.

In a statement, Al-Tamimi said that she «submitted a request to the Finance Committee to discuss six important axes, which have a direct impact on the lives of citizens to take decisive action on them». She added, “The six axes include, first: the second amendment to the Unified Retirement Law No. 9 of 2014 and the detailed report that I submitted, second: the dues of free lecturers, third: the dues of holders of higher degrees, fourth: the salaries of those transferred to other ministries, and fifth: the appointment of the first students Sixth: Adding other axes by the members of the Finance Committee.

Al-Tamimi indicated that «a proposal to amend the retirement law has been submitted to the Presidency of the House of Representatives and transferred to the Finance Committee during last June», stressing «the importance of continuing the work of parliamentary committees and the adoption of technology to continue to hold regular sessions and meetings to develop solutions to the problems suffered by citizens, especially Related to their livelihoods. ”

Al-Tamimi stressed «the necessity of spending financial dues in its timing and taking into account the difficult conditions that he is Citizen going through  ».

LINK

[DinarThug]

LINK

The text of the Foreign Minister's message regarding the decision to include Iraq in the list of high-risk countries in money laundering

 

8th July, 2020

Gilgamesh Press" publishes the text of the full message of Foreign Minister Fouad Hussein regarding the European Commission's decision to include Iraq in the revised list of high-risk countries on money laundering and terrorist financing.

The Minister of Foreign Affairs said, "Iraq made significant progress that led in 2019 to its removal from the global list of the Task Force on International Financial Action (FATF) for countries that suffer from strategic shortcomings in the anti-money laundering and terrorist financing operations." The Minister expressed, "Iraq's disappointment with the decision of the European Union Commission to include Iraq in the revised list of high-risk countries on money laundering and terrorist financing." He explained, "Iraq made significant progress that led in 2019 to its removal from the global list of the Task Force on International Financial Action (FATF) for countries that suffer from strategic shortcomings in the anti-money laundering and terrorist financing operations."

He pointed out, "Iraq has taken several measures to strengthen its legal framework, which has led to increased cooperation with its counterparts, and that Iraq has fully participated and worked closely with the Commission since its adoption of the previous regulations mandated by the European Union Commission 1675/2016 in 2016." The foreign minister expressed his surprise, "for the justification given by the committee for its decision on Iraq, and I say by saying: Our competent authorities have been working closely over the past two years to provide the necessary and relevant information through official channels on meeting the requirements of the European Union to combat money laundering and the financing of terrorism." 

The Minister affirmed that "Iraq has met the criteria set by the Financial Action Group (FATF), and the criteria stipulated in the relevant European Union directive 849/2015, and has addressed all the shortcomings and gaps highlighted by the Commission, and has not received any negative response from the Commission until the adoption of the regulations mentioned in May 7". The Minister called on the Commission "transparency and the need to listen to the commitment shown by Iraq in clear standards related to combating money laundering and terrorist financing."

He stressed that "Iraq has implemented over the years important laws and procedures aimed at combating money laundering, terrorist financing, and mitigating the risks associated with them. The Financial Action Group (FATF) report indicated that preventive measures to combat money laundering and combating the financing of terrorism (AML / CFT) In Iraq, it is strong and entrenched."  And he warned that "the Commission's decision, if it is not rejected by the Council of the European Union, will have a detrimental economic and social impact on Iraq, and will affect cooperation with the member states of the European Union under the Partnership and Cooperation Agreement between Iraq and the European Union." The letter concluded with "inviting its European counterparts to challenge the proposed delegated list."

[DinarThug]

A deputy proposes solutions to remove Iraq from the circle of high-risk countries due to money laundering and terrorist financing

 

Policy 7/20/2020 21:52 328     

Baghdad today _ Baghdad 

 

A member of the Economics Committee, Ibrahim Al-Hamedi Charter, today, Wednesday, identified the measures that must be taken by the government, after Iraq was placed among the high-risk countries with money laundering and terrorist financing.

The Charter of Ibrahim Al-Hamidi, in an interview with (Baghdad Today), said that "the measures that the government must take to avoid sanctions after Iraq was placed among the most dangerous countries, is taking the role of financial control by the House of Representatives and following up money-laundering sums."

Al-Hamidi added, "Money laundering is in place, the money is being smuggled abroad, and the government of Prime Minister Mustafa Al-Kazimi in her last meeting with her is determined to go on with accountability for the neglected and reform of the economy." 

She explained, "Economic reform does not mean cutting salaries or reducing salaries or double-salaried dealings, but by keeping the borders in the correct way and preventing money laundering and accounting for mobile phone processing companies and activating taxes and customs." 

She stressed, "The supervisory authorities with the government have no regard for the issue of money laundering," noting that "the statements of some deputies and officials questioning the central bank and the government are aimed at non-existent charges that cause concern at the International Monetary Fund and the World Bank." 

And a member of the House of Representatives asserted, "Countries have the right to fear the situation in Iraq, and corruption is endemic and undeniable." She stated that "accountability of the corrupt and return of sums is what restores the confidence of the IMF in Iraq." 

On Wednesday (08 July 2020), the Iraqi Ministry of Foreign Affairs issued a statement on the situation of Iraq among the high-risk countries regarding money laundering and terrorist financing.

he Ministry’s media stated in a statement received (Baghdad today) that “Foreign Minister Fouad Hussein expressed Iraq’s disappointment at the decision of the European Union Commission to include Iraq in the revised list of high-risk countries regarding money laundering and terrorist financing,” after a message he sent to his counterparts ministers Europe Union

Hussein stated, "Iraq made significant progress that led in 2019 to its removal from the global list of the Task Force on International Financial Action (FATF) for countries experiencing strategic shortcomings in anti-money laundering and terrorist financing operations."

He pointed out that "Iraq has taken several measures to strengthen its legal framework, which has led to increased cooperation with its counterparts, and that Iraq has fully participated and worked closely with the Commission since its adoption of the previous regulations mandated by the European Union Commission 1675/2016 in 2016." 

According to the statement, Hussein expressed his "astonishment at the justification provided by the committee for its decision on Iraq, and disclosed by saying: Our competent authorities have been working closely over the past two years to provide the necessary and relevant information through official channels on meeting the requirements of the European Union to combat money laundering and the financing of terrorism." ".

He affirmed, "Iraq has met the criteria set by the Financial Action Group (FATF), and the standards set forth in the relevant European Union directive 849/2015, and has addressed all the shortcomings and gaps highlighted by the Commission, and has not received any negative response from the Commission until the adoption of the regulations mentioned in May 7 ". 

The Minister demanded, "The Commission is transparent, and the need to listen to the clear commitment shown by Iraq to the standards related to combating money laundering and terrorist financing." 

He stressed that "Iraq has implemented over the years important laws and procedures aimed at combating money laundering, terrorist financing and mitigating the risks associated with them. The Financial Action Group (FATF) report indicated that preventive measures to combat money laundering and combating the financing of terrorism (AML / CFT) In Iraq, it is strong and entrenched. " 

He warned that "the Commission's decision, if it is not rejected by the Council of the European Union, will have a detrimental economic and social impact on Iraq, and will affect cooperation with the member states of the European Union under the Association Agreement and Cooperation between Iraq and the European Union."

LINK

[DinarThug]

Zain Iraq sets the date for the launch of the 'G4' service .. It promises the best experience in the Middle East

2020.07.08 - 12:23
 

Baghdad - people  
 

Zain Iraq Telecom announced, Wednesday, that it is ready to launch the fourth generation service in early 2021.  

The company said in a statement, "People" received a copy of it, (July 8, 2020), that "after the decision of the Iraqi government to agree to operate the fourth generation service with the beginning of the year 2021, Zain Iraq confirms its readiness to launch the service in all governorates of Iraq."  

The company promised its subscribers to provide the best experience for 4G services in the Middle East.  

The term “fourth generation” (in English: 4G) expresses the fourth generation in wireless technology, and it was first provided by the American company Sprint at the beginning of 2009.  

The fourth generation technology is the latest technology from the third generation technology, and it is up to 10 times faster than it, and the need came for a faster technology due to the development of cellular devices and tablets and the need for fast communication technology, as these devices can broadcast live video and audio clips.  

4G technology is not available for all devices. It requires that the device in use supports data exchange at a speed of at least 100 Mbps.  

Telecom companies can provide 4G services through LTE (in English: LTE), or through WiMax (WiMax), but in both technologies, OFDM is used to pack and send data, and 4G also includes a set Other technologies and standards, including:  

CDMA2000 EV-DO Technology: Multiple Inputs and Multiple Outputs (English: MIMO).  

- OFDMA technology Differences over naming There are many differences between telecommunications companies about naming 4G technology with this name. If you look at the definition of 4G technology according to the International Telecommunication Union, it can be known that there is no telecommunications company that provides 4G services in real terms.  

The term fourth generation has become used for marketing purposes, as it expresses the network that provides download speeds that exceed the speeds of the third generation technology, and this is from the perspective of telecom companies that is most important to their customers.  

Data transfer speed: The speed of data transfer in the fourth generation technology differs from one company to another, so downloading data in general is faster than raising data in most companies. Where the download speed reaches 12 megabytes per second in the American company Verizon, which uses long-term development technology to provide 4G services, and the upload speed reaches 5 megabytes per second. In Sprint, which uses WiMAX technology, the download speed for the fourth generation service reaches 10 megabytes per second, and the upload speed is 1 megabyte per second.  

Fourth-generation technology features:  

- Supporting many broadband services (in English: Broadband services), as well as support for interactive multimedia, the Internet, etc., and depends on Internet protocols (English: IP).  

High speed and large capacity.  

Low cost to download one bit.  

- Supports all known network technologies such as Bluetooth, WCDMA and 802.11 standards.  

Support for older wireless communication systems such as 3G technology.  

Provides many services that depend on the principle of Quality of Service (English: Quality of Service).  

  

A comparison between the third generation and the fourth generation  

If the 3G download speed is compared to the 4G download speed, and by neglecting all factors that may affect the connection and upload speed, the speed of the 4G technology is ten times faster than the 3G technology (assuming that the communication quality of both networks is at their best); Where the download speed in the fourth generation technology reaches 1 gigabyte per second, while the third generation technology reaches 100 megabytes per second, and for the speed of data upload, it reaches 500 megabytes per second for the fourth generation technology, and 5 megabytes per second for the third generation technology. The radio frequencies used in the transmission of the fourth generation technology ranges between 2 GHz and 8 GHz, while for the third generation, it ranges between 1.8 GHz and 2.5 GHz.

LINK

[DinarThug]

12 hours ago, DinarThug said:

A deputy proposes solutions to remove Iraq from the circle of high-risk countries due to money laundering and terrorist financing

 

 

LINK

Bank transfers under the hammer of auditing sources of financing and complex procedures after Iraq’s inclusion in the financial risk list
 

 

9th July 2020

Economic experts said, Thursday, July 9, 2020, that the European Commission’s decision to include Iraq in the list of countries that pose financial risks to the European Union, due to a deficiency in the fight against money laundering and terrorist financing,

It will make the financial transfers to Iraq go through a series of checks and requests evidence of the legitimacy of the transfer and the source and purpose of the funding, which hinders the process of the flow of funds necessary to develop investments in Iraq.

And the transfer of a report to an American website quoted specialists and economists that the inclusion of Iraq in the European list will lead to the possibility of imposing more restrictions on financial transfers to and from Iraq, which makes it difficult for Iraqi and European investors to work in the countries that are already suffering from a severe financial crisis.

The Iraqi economist, Salam Al-Rubaie, said that the European regulation is not sanctions as much as restrictions, indicating that the issue of money laundering and terrorist financing is a very sensitive issue in the global financial system.

He added that the new restrictions mean that financial transfers to and from Iraq will go through a series of scrutiny and request evidence of the legitimacy of the transfer and the source and purpose of the funding, which would disrupt the flow of funds necessary to develop investments in Iraq.

The economic expert, Hassan Al-Asadi, said that financial transfers to Iraq will be subject to more severe and more bureaucratic conditions, which will raise the costs of the transfer and the costs of credit, adding that companies that want to invest in any country take financial and security information from their governments, and this means that investments in Iraq will be difficult and perhaps not Possible if the European Union governments will inform their companies of the situation in Iraq.

Al-Asadi explained that the issue of the currency auction may be another reason in the European classification, because the banks are involved in the currency auction and the transfer of large funds out of Iraq, and this is a large potential chapter for the topic of money laundering especially that the banks participating in the currency auction do not provide banking services to the Iraqis and their activity is limited to profiting From the currency auction.

He pointed out that the Foreign Minister should not express his surprise at Iraq’s position on this list because the Lebanese financial crisis has revealed the presence of billions of dollars of Iraqi oil money placed by the Kurdistan Regional Government in Lebanon’s banks without the knowledge of the Iraqi government, and this process may have thrown more of Question marks on the Iraq financial file, and the Minister of Finance was director of the President's office.

And the Central Bank of Iraq is auctioning to sell the US dollar at reduced prices in order to maintain the stability of the dollar price in the Iraqi market and reduce it, but this process is facing widespread and continuous criticism because it causes "the hard currency to bleed abroad", and encourages import at the expense of local production.

Under European Union laws, banks, other financial companies, and tax companies are obligated to have more careful scrutiny of their customers who have dealings with the countries on the list.

And put Iraq on the list of countries that have weak financial systems towards combating money laundering and terrorist financing in February of 2019, and the Union confirmed its position in the same list last May, and according to the statement issued the list it aims to protect the financial system of the European Union by improving the prevention of money laundering And the risks of financing terrorism.

[DinarThug]

LINK

Member of Parliamentary Economy: The currency auction sold $ 300 billion without realizing the benefit

 

9th July 2020

 

A member of the Parliamentary Committee on Economy and Investment, Mazen Al-Faili, stressed the need to review the mechanisms and controls of the currency auction to save public funds from the acquisition of corrupt and stealing public funds.

"The auction window for the sale of hard currency has formed a home for depleting hard currency and an incubator for some money laundering practices," Al-Fili said in a statement. "Observers and officials estimate that the value of what was sold of the dollar in this auction during the past fifteen years by more than 300 billion dollars - according to the report of the Parliamentary Finance Committee for the third session - most of them came out of Iraq without achieving a noticeable benefit in developing the country's productive economy".

Al-Fili stressed, "Reviewing the mechanisms and controls of the currency auction is considered a necessary reform requirement to save public funds from the acquisition of corrupt and stealing public money. We suggest a set of procedures:


1. Forming a high-level professional committee empowered to investigate the currency auction activity for previous years and recovering all the funds that it acquired speculators and the powerful in the political scene, which will not be less than 18 billion dollars, according to estimates of observers.

2. Restrict the sale of currency difficult restrictions and conditions to ensure product activation of the national economy and meet the needs of the necessary, including citizens and is not true that sold for each of the request.

3. The audit documents It is necessary to transfer and verify that the banks are free of any problems related to their capital, and that this is done before any sale of hard currency.

4. Control and control the currency market to prevent any discrepancy between the official price and the market price, to prevent smuggling and money laundering, and that all the intermediate links causing the events of this discrepancy in the two prices are held accountable.

5. Imposing customs duties and collecting them from importing merchants in a tribal way and when selling the dollar to prevent the manipulation that might occur in reducing these customs fees or taxes at the border crossings.

6.  It is assumed that the central bank delivers the dollar if the trader presents his commercial lists along with the dollar request.

7. Banks that participate in the currency auction must engage in productive economic activity by supporting private projects, and their business should not be the parasitic acquisition of profits from selling the currency only, otherwise it is prohibited from participating in the currency auction.

 

#################

Commission: The coin sale auction has become a habitat for attrition and a money laundering incubator and we make these proposals  LINK  

[DinarThug]

10 minutes ago, DinarThug said:

Member of Parliamentary Economy: The currency auction sold $ 300 billion without realizing the benefit

 

And The Auctions Returned Back To Zero Dollars In Cash Sales Again Today !  

 

     

 

 

LINK

Results of the foreign currency sale window for Thursday 9/7/2020, implemented today

 

Advertisement No. 4214

Sale date -  Thursday 9/7/2020, executed today

 

the details                         The amount

Total sale 
for purposes of 
enhancing balances abroad 
(transfers, credits).                148,697,000

Total cash sale.          0

Total sales.                         148,697,000

 

Note that:

 

The sale price of the sums transferred to the accounts of banks abroad ( 1190 ) dinars per dollar.  

 

Cash sale price ( 1190 ) dinars per dollar.

 

 

» The Central Bank of Iraq sales schedule for foreign currency (amounts in thousands of dollars) Thursday 9/7/2020, implemented today

 

Edited July 9, 2020 by DinarThug

[hawk-eye-view]

12 minutes ago, DinarThug said:

And The Auctions Returned Back To Zero Dollars In Cash Sales Again Today !  

 

     

 

 

LINK

Results of the foreign currency sale window for Thursday 9/7/2020, implemented today

 

Advertisement No. 4214

Sale date -  Thursday 9/7/2020, executed today

 

the details                         The amount

Total sale 
for purposes of 
enhancing balances abroad 
(transfers, credits).                148,697,000

Total cash sale.          0

Total sales.                         148,697,000

 

Note that:

 

The sale price of the sums transferred to the accounts of banks abroad ( 1190 ) dinars per dollar.  

 

Cash sale price ( 1190 ) dinars per dollar.

 

 

» The Central Bank of Iraq sales schedule for foreign currency (amounts in thousands of dollars) Thursday 9/7/2020, implemented today

 

Interesting for rizzle.

[DinarThug]

LINK

Parliamentary Finance: The government is unable to pass the 2020 budget

 

 

19:24 - 08/07/2020
 

 

On Wednesday, the Parliamentary Finance Committee confirmed the government's inability to pass the 2020 budget with a deficit of more than 30%, contrary to the Financial Management Law.

A member of the Finance Committee, Ahmed Hama, said to the "information" that "the Financial Management Law stipulates that the general budget should not be passed with a deficit of more than 30%."

He added that "the price of a barrel of oil in its best case can not be calculated more than 33 dollars per barrel," noting that "according to the aforementioned price, the deficit will be more than 60 trillion dinars, which is contrary to the law of financial management."

The other thing that faces the government’s inability to determine the price of a barrel of oil for the 2020 budget is the fluctuation of oil prices and its instability.”

[DinarThug]

LINK

Parliamentary finance excludes the provision of a budget for the current year in light of the low oil prices
 

09:03 - 09/07/2020

 

Members of the Parliamentary Finance Committee ruled out passing the current year’s budget, stressing that low oil prices would create a large budget deficit if approved.

Committee member Jamal Cougar told / "The information", that "the government will not be able to provide a budget for the current year," noting that "the monthly revenue of last June reached $ 2.8 billion, while Iraq needs a monthly $ 7 billion in operating budget at the very least." 

He pointed out that "there are moves to prepare for the 2021 budget, as this should be since last May."

For his part, member of the Parliamentary Finance Committee, Ahmed Hama Rashid, affirmed that "the budget for the current year cannot be passed in light of the low oil prices, as the law does not allow the passage of a budget with a deficit of 30 percent." 

#########

Parliamentary finance excludes the provision of a budget for the current year in light of the low oil prices       LINK

[horsesoldier]

What a Circus 🎪 

[Theseus]

On 7/7/2020 at 9:19 PM, jmartin1145 said:

I swear. I am not trying to flirt. But you have one of the prettiest avatars.

 

[3n1]

4 hours ago, horsesoldier said:

What a Circus 🎪 

 

Thats how they roll....... 🤣

 

 

[DinarThug]

LINK

The IMF calls for global financial reform after the Corona crisis

 

 

19:31 - 08/07/2020
 

The International Monetary Fund said that it is concerned about the high levels of debt in emerging and developed economies alike, because of the spending directed to revitalize the economy in light of the Corona virus crisis.

Mitsuhiro Furusawa, deputy director of the International Monetary Fund, said he would urge countries to initiate financial reform once the pandemic is over.

Furusawa said that for the first time ever, global public debt is expected to exceed the combined gross domestic product level after measures taken by governments in the face of the health crisis.

The Deputy Director of the International Monetary Fund told an online seminar organized by the Japanese Economy Center at the Columbia Business School as soon as the economy returned to its path, that "a medium to long-term financial framework must be put in place to manage public financial conditions on the basis of it."

He stressed that "this will be one of the highest priorities within our recommendations." 

[horsesoldier]

Coming 

[Gypsygirl11]

13 hours ago, Theseus said:

 

I know you won't believe this but Gerardo and I went to highschool together..... was the first guy I ever played around in bed with, no sex though LOL. Now I know it's a small world but that's just really weird for you to post this. Maybe it's a sign,  stranger things have happened

[Half Crazy Runner]

1 hour ago, Gypsygirl11 said:

Maybe it's a sign,  stranger things have happened

An RV this July would definitely qualify as one of those “stranger things”!!

 

[ChuckFinley]

1 hour ago, Gypsygirl11 said:

I know you won't believe this but Gerardo and I went to highschool together..... was the first guy I ever played around in bed with, no sex though LOL. Now I know it's a small world but that's just really weird for you to post this. Maybe it's a sign,  stranger things have happened

 

16 minutes ago, Half Crazy Runner said:

An RV this July would definitely qualify as one of those “stranger things”!!

 

 

That is why I hang out here. I love when you ladies post. Add gurus being right.