Iraq ~ Timeline ~ Protection of Funds Abroad ~ Amazing ...

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Iraq and the protection of funds abroad.

For anyone who has followed Iraq's progress and witnessed how far they have come, you'll find the timeline below interesting.

If you will recall, in 2009 and 2010 Iraq reported that they were going to open accounts for the transfer of their funds from the existing development fund to a private account.

It was reported in 2009 that they would keep their funds in the U.S. Federal Reserve Bank under a different name (remember what a big deal that was and also reassuring).

Anyway, It's awesome to know that Iraq is approaching the finish line. The next step we are waiting for is the response and approval from the United Nations on the report submitted regarding the 2 new bank accounts and the UN Development Fund for Iraq. (kel)

The Iraqi government opened two accounts at a U.S. bank for the deposit of oil money

Baghdad, An adviser in the Iraqi government Wednesday, that Iraq chose U.S. Bank for the deposit of oil revenues.

Salam al-Quraishi, a Kurdish news agency, "The Iraqi government opened two accounts in one of the well-known American banks for the deposit of the proceeds of Iraqi oil from companies that deal with Iraq."

He added that "accounts will be protected by the Board of oil reserves to prevent the trade creditors to provide the courts against the Iraqi funds in and out of the general plan by Iraq to pay its creditors."

He noted that "the Iraqi government completed its plan for the protection of Iraqi money which will be presented to the Security Council in June will close an account the next Development Fund for Iraq, which depends upon Iraq at the present time financial trading."

And that "the Iraqi government instructed the Central Bank to supervise the process of transforming Iraq's account of the Development Fund accounts to the government."

She Paradise economic fears in the House of Representatives from the inability of the committee formed for the protection of Iraqi funds after June next meet in the task of trade creditors in accordance with the Paris Club agreement.

The Paris Club is an informal group of financiers from 19 countries of the world's richest countries, notably the United States, Britain, Australia, Italy, Japan, the Netherlands, Germany, Ireland, provides service to cancel debt for debtor and creditor countries.

The IMF had identified the names of those States, after alternative solutions have failed, with the change of methods of payment of outstanding debt.

Revealed the Iraqi Finance Ministry on the seventh of January last, the work of the Committee to Protect Iraqi funds abroad will be secret, to avoid the fictitious companies which Iraq claims it requests funds.

The Ministry of Finance of Iraq, the first of January last that the Commission on technical government took over the development of mechanisms to protect Iraqi funds in foreign banks, after the UN Security Council resolution mid-November last, who spent lifting of protection for the money to Iraq the end of June next.

The UN Security Council voted unanimously in mid-January last three resolutions concerning the lifting of the embargo imposed on Iraq on the import of nuclear material for peaceful purposes, and cancel the oil for food program, also extended the immunity of and for the last phase compensation imposed under Chapter VII until the end of June / June.

The former Iraqi president Saddam Hussein ordered the invasion of Kuwait in 1990, and the impact of sanctions imposed on Iraq from the international community and put under Chapter VII, which makes it a country threatening world peace and security.

Included international sanctions prevented the import of chemicals, nuclear technology that could be used in a secret nuclear programs, chemical and biological weapons.

Has allowed the United Nations in 1995 for Iraq to sell oil in return for food, called "oil-for lunch."

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A source in the Office of Financial Supervision by the agency reported, "Nina" news: The Court Chief Abdul Basit Turki, who arrived in Paris at the head of the delegation of Mali will participate in the meetings along with delegations from the United Nations and the International Monetary Fund, the Arab Monetary Fund and the Committee of Financial Experts Iraqis.

Approval of the government report on the Development Fund for Iraq

Baghdad morning

Council of Ministers approved the report of Iraq on the transition to successor arrangements to the Development Fund for Iraq, to ​​be presented to the UN Security Council for discussion and adoption of the beginning of next July in preparation for the exit of Chapter VII resolutions.

He said government spokesman Ali al-Dabbagh said in a statement yesterday that this endorsement comes in order to protect the people's funds to repay debt and to meet international obligations and the completion of items that resulted from Iraq as a result of previous policies, with the adoption of fully automated to ensure the protection of Iraqi funds after the expiration of the mandate of the Development Fund for Iraq the end of 2010 in preparation for the exit of Chapter VII resolutions.

Dabbagh said in the statement which was received by the (morning) that "a special account on behalf of the Iraqi government will be launched in the United States to receive all revenue and funds belonging to the Iraqi state, that the Iraqi Central Bank managed in full without any international trusteeship, with the allocation of 5% of oil revenues to fund Compensation Kuwait, according to Iraq's international obligations.

"According to Skinner," displays this report to the members of the UN Security Council for discussion and adoption of an international resolution to begin in July 1, 2011, to begin a new era in Iraq's role regionally and internationally.

"Meanwhile, began in the French capital Paris on Monday work of the regular meeting of the International Advisory and Monitoring to discuss the report on the accounts of the Development Fund for Iraq.

A source in the Office of Financial Supervision by the agency reported, "Nina" news: The Court Chief Abdul Basit Turki, who arrived in Paris at the head of the delegation of Mali will participate in the meetings along with delegations from the United Nations and the International Monetary Fund, the Arab Monetary Fund and the Committee of Financial Experts Iraqis.

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