Iraq seeks to regulate the financial sector in order to avoid the financing of terrorism and money laundering

[pleasantvalleySunday]

Iraq seeks to regulate the financial sector in order to avoid the financing of terrorism and money laundering

Tuesday, May 31, 2011

BAGHDAD - Naseer goldfinch

Financial sector is still suffering Iraqi Anflata as a result of lack of oversight and the absence of laws organized, especially remittances abroad, which amounted to $ 30 billion in 2010, according to Central Bank of Iraq. After 2003, and found a large proportion of cash in Iraq on its way out of the country, especially neighboring countries, did not work any governmental or private to determine the size of these funds. After the government's control over key ports, and because of the difficulty of transporting money to the deteriorating security situation on the roads, picked up what is known as foreign exchange offices, which began its work in the form of natural and without any approvals, laws or censorship.

Says the owner of «the sun for conversion» Diaa Mohamed told «life», the regulators on the work of office conversion in most cities in Iraq is security, not financial, Kalmsrv Central or the Finance Ministry or local governments, but there are reports of transfers the information of the intelligence service in each province To see the size of the balances that prevent some of the names to make sure that their association with the financing of terrorism. He added: «We are a small office space, do not turn the money over 50 thousand dollars», pointing out that the work of the offices in Iraq through the systems of money transfer companies.

The first expert in the Iraqi Central Bank the appearance of Mohammed Saleh told «life» that the bank, or any other Iraqi, can not prevent foreign transfers or rationing system, as Iraq is committed to the laws of the International Monetary Fund, which provides free current account in the system of payments to companies and individuals. He stated that «every citizen the right to transfer funds, on condition that the intersection with the financing of terrorism and money laundering, so we added a condition for conversion represented by the request and the documents showing the reasons for the conversion of the amounts in excess of 50 thousand dollars».

Central Bank Sales

He stressed that the bank sells in the form of daily between 150 million and $ 180 million, and prevents the private sector each year, about $ 35 billion, representing two thirds of the proceeds of Iraqi oil. He reported that it is not plausible that all of the conversions are intended to cover foreign trade, the imposition of the Central Bank to add an item requires another regulatory review of the General Authority for taxes on amounts in excess of 50 thousand dollars for the organization of the conversion process and the pursuit of tax evaders. He disclosed the presence of people turning $ 100 million, while they recognized that tax indicates otherwise.

In regard to the activity office conversion confirmed the appearance of it «adopt in its work on the Central Bank as a source of foreign currency», pointing out that Iraq's economy, Rei, and dependent on oil revenues transferred to the «Development Fund for Iraq» and then to the Central Bank to sell those currencies covering the needs of the budget. He said the bank's policies have contributed to the stability of the Iraqi market, even the Iraqi dinar has become one of the best currencies in the region because it is equal to 1.3 U.S. dollars, therefore the possibility of expansion content in the market during this phase.

[cbisinger]

Iraq seeks to regulate the financial sector in order to avoid the financing of terrorism and money laundering

الثلاثاء, 31 مايو 2011 Tuesday, May 31, 2011

بغداد - نصير الحسون BAGHDAD - Naseer goldfinch

Related Nodes: Related Nodes:

اختيار «الستوم» الفرنسية لإنشاء شبكة مترو في بغداد Select «Alstom» French to create a metro network in Baghdad

لا يزال القطاع المالي العراقي يعاني انفلاتاً نتيجة انعدام الرقابة وغياب قوانين تنظمه، خصوصاً التحويلات المالية إلى الخارج التي بلغت 30 بليون دولار عام 2010، بحسب المصرف المركزي العراقي. Financial sector is still suffering Iraqi Anflata as a result of lack of oversight and the absence of laws organized, especially remittances abroad, which amounted to $ 30 billion in 2010, according to Central Bank of Iraq. فبعد عام 2003، وجدت نسبة كبيرة من السيولة النقدية في العراق طريقها إلى خارج البلاد، خصوصاً دول الجوار، ولم تنجح أي جهة حكومية أو خاصة في تحديد حجم هذه الأموال. After 2003, and found a large proportion of cash in Iraq on its way out of the country, especially neighboring countries, did not work any governmental or private to determine the size of these funds. وبعد سيطرة الحكومة على المنافذ الرئيسة، وبسبب صعوبة نقل الأموال لتردي الأوضاع الأمنية على الطرق الخارجية، انتعش ما يُعرف بمكاتب التحويل الخارجي التي بدأت أعمالها في شكل طبيعي ومن دون أي موافقات أو قوانين أو رقابة. After the government's control over key ports, and because of the difficulty of transporting money to the deteriorating security situation on the roads, picked up what is known as foreign exchange offices, which began its work in the form of natural and without any approvals, laws or censorship.

يقول صاحب مكتب «الشمس للتحويل» ضياء محمد لـ «الحياة»، إن الجهات الرقابية على عمل مكاتب التحويل في معظم مدن العراق هي أمنية وليست مالية، كالمصرف المركزي أو وزارة المال أو الحكومات المحلية، بل هناك تقارير بالتحويلات يطلع عليها جهاز الاستخبارات في كل محافظة لمعرفة حجم الأرصدة التي تحول لبعض الأسماء للتأكد من عدم ارتباطهم بتمويل الإرهاب. Says the owner of «the sun for conversion» Diaa Mohamed told «life», the regulators on the work of office conversion in most cities in Iraq is security, not financial, Kalmsrv Central or the Finance Ministry or local governments, but there are reports of transfers the information of the intelligence service in each province To see the size of the balances that prevent some of the names to make sure that their association with the financing of terrorism. وأضاف: «نحن كمكاتب صغيرة، لا نحوّل مبالغ تزيد على 50 ألف دولار»، موضحاً أن عمل المكاتب في العراق نظّم عبر شركات التحويل المالي. He added: «We are a small office space, do not turn the money over 50 thousand dollars», pointing out that the work of the offices in Iraq through the systems of money transfer companies.

وأكد الخبير الأول في المصرف المركزي العراقي مظهر محمد صالح لـ «الحياة» أن المصرف، أو أي جهة عراقية أخرى، لا تستطيع منع التحويلات الخارجية أو تقنين نظامها، إذ أن العراق ملتزم بقوانين صندوق النقد الدولي التي تنص على تحرير الحساب الجاري في نظام المدفوعات للشركات والأفراد. The first expert in the Iraqi Central Bank the appearance of Mohammed Saleh told «life» that the bank, or any other Iraqi, can not prevent foreign transfers or rationing system, as Iraq is committed to the laws of the International Monetary Fund, which provides free current account in the system of payments to companies and individuals. وأفاد بأن «لكل مواطن الحق في تحويل الأموال، شرط عدم تقاطعها مع تمويل الإرهاب وغسيل الأموال، ولذلك أضفنا شرطاً للتحويل متمثّلاً بطلب وثائق تبيّن أسباب التحويل للمبالغ التي تزيد على 50 ألف دولار». He stated that «every citizen the right to transfer funds, on condition that the intersection with the financing of terrorism and money laundering, so we added a condition for conversion represented by the request and the documents showing the reasons for the conversion of the amounts in excess of 50 thousand dollars».

مبيعات المصرف المركزي Central Bank Sales

وأكد أن المصرف يبيع وفي شكل يومي ما بين 150 مليون دولار و180 مليوناً، ويحوّل القطاع الخاص كل سنة نحو 35 بليون دولار، ما يمثل ثلثي عائدات النفط العراقي. He stressed that the bank sells in the form of daily between 150 million and $ 180 million, and prevents the private sector each year, about $ 35 billion, representing two thirds of the proceeds of Iraqi oil. وأفاد بأن من غير المعقول أن تكون كل التحويلات تهدف إلى تغطية تجارة خارجية، ما فرض على المصرف المركزي إضافة بند رقابي آخر يحتم مراجعة الهيئة العامة للضرائب عن المبالغ التي تزيد على 50 إلف دولار بهدف تنظيم عملية التحويل وملاحقة المتهربين من الضرائب. He reported that it is not plausible that all of the conversions are intended to cover foreign trade, the imposition of the Central Bank to add an item requires another regulatory review of the General Authority for taxes on amounts in excess of 50 thousand dollars for the organization of the conversion process and the pursuit of tax evaders. وكشف عن وجود أشخاص يحوّلون 100 مليون دولار، في حين أن إقرارهم الضريبي يشير عكس ذلك. He disclosed the presence of people turning $ 100 million, while they recognized that tax indicates otherwise.

وفي شأن نشاط مكاتب التحويل أكد مظهر أنها «تعتمد في عملها على المصرف المركزي لأنه مصدر العملات الأجنبية»، لافتاً إلى أن اقتصاد العراق ريعي ويعتمد على عائدات النفط التي تحول إلى «صندوق تنمية العراق» ثم إلى المصرف المركزي ليبيع هذه العملات ويغطي حاجة الموازنة. In regard to the activity office conversion confirmed the appearance of it «adopt in its work on the Central Bank as a source of foreign currency», pointing out that Iraq's economy, Rei, and dependent on oil revenues transferred to the «Development Fund for Iraq» and then to the Central Bank to sell those currencies covering the needs of the budget. وتابع أن سياسات المصرف ساهمت في استقرار السوق العراقية حتى بات الدينار العراقي من أفضل عملات المنطقة لأنه يساوي 1.3 دولار، ولهذا فإن إمكان التوسع في السوق مضمون خلال هذه المرحلة. He said the bank's policies have contributed to the stability of the Iraqi market, even the Iraqi dinar has become one of the best currencies in the region because it is equal to 1.3 U.S. dollars, therefore the possibility of expansion content in the market during this phase.

link http://translate.google.com/translate?hl=en&ie=UTF8&prev=_t&rurl=translate.google.com&sl=ar&tl=en&twu=1&u=http://international.daralhayat.com/internationalarticle/272519

[HYDRANT]

THANKS PVS----GOOD READ

[kinglizzy99]

I like that last sentence! Thanks cbisinger

[pleasantvalleySunday]

Iraq seeks to regulate the financial sector in order to avoid the financing of terrorism and money laundering

Tuesday, May 31, 2011

BAGHDAD - Naseer goldfinch

Financial sector is still suffering Iraqi Anflata as a result of lack of oversight and the absence of laws organized, especially remittances abroad, which amounted to $ 30 billion in 2010, according to Central Bank of Iraq. After 2003, and found a large proportion of cash in Iraq on its way out of the country, especially neighboring countries, did not work any governmental or private to determine the size of these funds. After the government's control over key ports, and because of the difficulty of transporting money to the deteriorating security situation on the roads, picked up what is known as foreign exchange offices, which began its work in the form of natural and without any approvals, laws or censorship.

Says the owner of «the sun for conversion» Diaa Mohamed told «life», the regulators on the work of office conversion in most cities in Iraq is security, not financial, Kalmsrv Central or the Finance Ministry or local governments, but there are reports of transfers the information of the intelligence service in each province To see the size of the balances that prevent some of the names to make sure that their association with the financing of terrorism. He added: «We are a small office space, do not turn the money over 50 thousand dollars», pointing out that the work of the offices in Iraq through the systems of money transfer companies.

The first expert in the Iraqi Central Bank the appearance of Mohammed Saleh told «life» that the bank, or any other Iraqi, can not prevent foreign transfers or rationing system, as Iraq is committed to the laws of the International Monetary Fund, which provides free current account in the system of payments to companies and individuals. He stated that «every citizen the right to transfer funds, on condition that the intersection with the financing of terrorism and money laundering, so we added a condition for conversion represented by the request and the documents showing the reasons for the conversion of the amounts in excess of 50 thousand dollars».

Central Bank Sales

He stressed that the bank sells in the form of daily between 150 million and $ 180 million, and prevents the private sector each year, about $ 35 billion, representing two thirds of the proceeds of Iraqi oil. He reported that it is not plausible that all of the conversions are intended to cover foreign trade, the imposition of the Central Bank to add an item requires another regulatory review of the General Authority for taxes on amounts in excess of 50 thousand dollars for the organization of the conversion process and the pursuit of tax evaders. He disclosed the presence of people turning $ 100 million, while they recognized that tax indicates otherwise.

In regard to the activity office conversion confirmed the appearance of it «adopt in its work on the Central Bank as a source of foreign currency», pointing out that Iraq's economy, Rei, and dependent on oil revenues transferred to the «Development Fund for Iraq» and then to the Central Bank to sell those currencies covering the needs of the budget. He said the bank's policies have contributed to the stability of the Iraqi market, even the Iraqi dinar has become one of the best currencies in the region because it is equal to 1.3 U.S. dollars, therefore the possibility of expansion content in the market during this phase.

[RV on my mind]

I like that last sentence also. So what does this mean " IQD = 1.3 USD?

Thanks cbisinger!

[tcjams]

Iraq seeks to regulate the financial sector in order to avoid the financing of terrorism and money laundering

Tuesday, May 31, 2011

BAGHDAD - Naseer goldfinch

Financial sector is still suffering Iraqi Anflata as a result of lack of oversight and the absence of laws organized, especially remittances abroad, which amounted to $ 30 billion in 2010, according to Central Bank of Iraq. After 2003, and found a large proportion of cash in Iraq on its way out of the country, especially neighboring countries, did not work any governmental or private to determine the size of these funds. After the government's control over key ports, and because of the difficulty of transporting money to the deteriorating security situation on the roads, picked up what is known as foreign exchange offices, which began its work in the form of natural and without any approvals, laws or censorship.

Says the owner of «the sun for conversion» Diaa Mohamed told «life», the regulators on the work of office conversion in most cities in Iraq is security, not financial, Kalmsrv Central or the Finance Ministry or local governments, but there are reports of transfers the information of the intelligence service in each province To see the size of the balances that prevent some of the names to make sure that their association with the financing of terrorism. He added: «We are a small office space, do not turn the money over 50 thousand dollars», pointing out that the work of the offices in Iraq through the systems of money transfer companies.

The first expert in the Iraqi Central Bank the appearance of Mohammed Saleh told «life» that the bank, or any other Iraqi, can not prevent foreign transfers or rationing system, as Iraq is committed to the laws of the International Monetary Fund, which provides free current account in the system of payments to companies and individuals. He stated that «every citizen the right to transfer funds, on condition that the intersection with the financing of terrorism and money laundering, so we added a condition for conversion represented by the request and the documents showing the reasons for the conversion of the amounts in excess of 50 thousand dollars».

Central Bank Sales

He stressed that the bank sells in the form of daily between 150 million and $ 180 million, and prevents the private sector each year, about $ 35 billion, representing two thirds of the proceeds of Iraqi oil. He reported that it is not plausible that all of the conversions are intended to cover foreign trade, the imposition of the Central Bank to add an item requires another regulatory review of the General Authority for taxes on amounts in excess of 50 thousand dollars for the organization of the conversion process and the pursuit of tax evaders. He disclosed the presence of people turning $ 100 million, while they recognized that tax indicates otherwise.

In regard to the activity office conversion confirmed the appearance of it «adopt in its work on the Central Bank as a source of foreign currency», pointing out that Iraq's economy, Rei, and dependent on oil revenues transferred to the «Development Fund for Iraq» and then to the Central Bank to sell those currencies covering the needs of the budget. He said the bank's policies have contributed to the stability of the Iraqi market, even the Iraqi dinar has become one of the best currencies in the region because it is equal to 1.3 U.S. dollars, therefore the possibility of expansion content in the market during this phase.

[tevye02]

Did I read that right? Where did they get 1 iqd = 1.3 usd. More Importantly where can I get 1.3 usd for each of my 1iqd?

Thanks PVS! Here's to hopin this means something!

[JMcFarland]

I was prepared for .86 cents....So I am way cool with $1.3

RV Already!!!!

[Crow]

Kinda jives alittle with what okie was saying!! Scary!!

[SushiLovr2]

Are we there yet? 40 years in this wilderness, is that the Jordan River I see?

Edited May 31, 2011 by SushiLovr2

[debratzz]

Link please. thank you

[2fast4u2c]

Interesting....where did the 1.3 come from?

[tooter39]

DITTO on the last sentence....

[harrysmug]

So PVS could you give your interpretation of this as to where we are at now?

[JohnnyZ]

I am also hearing that this could be a bad translation, and it could be the transaction cost of 13 dinars. We will have to wait and see. Go RV!!!!

Edited May 31, 2011 by JohnnyZ

[pleasantvalleySunday]

So PVS could you give your interpretation of this as to where we are at now?

I only share em I don't interpret them

sorry!!

[thatoneguy]

SMOKE! :lol::lol: Nah, just playin'.... Let's get it on!

[joekooltrips]

Good news getting better thanks for the post...

[tjmunson]

I am also hearing that this could be a bad translation, and it could be the transaction cost of 13 dinars. We will have to wait and see. Go RV!!!!

I would buy that if in the original arabic text it did not also say 1.3. That leads me to believe that the translation is correct.

IMO one of two things is happening here. Either Saleh is up to his old tricks and is blatently full of pooey, or else we have just been given a rate without the date. Guess we just have to wait and see.

Peace

[dinarmamma]

Don't get me wrong $1.30 is ^great but why in the world would they give that information to reporters when they are constantly trying to keep their business quiet and out of the hands of reporters? I'm so confused...

GO RV!!!

[Darin]

Where's BondLady? She is excellent at interpreting the articles that we read...

I'll wait to see how she translates it to more layman's terms.

Could be this is how we are seeing it.

[Psych]

I'm too jaded to say that this means anything...probably somebodys sticky fingers hitting the wrong keys on their Apple 2e computer...but, if this were the rate, then I would expect it to also to be RVed effective today....but it is Iraq...so who knows.

[Chuck Norris]

I'd take $1.30, albeit begrudgingly.

[Rumorbroozer]

Where do I cash in at I need to pay some bills!!!