Iraqi central complete legal procedures to protect its assets by Washington

[Sara Johnson]

Iraqi central complete legal procedures to protect its assets by Washington

13/06/2011 12:33

Baghdad June 13, June (اكانيوز) – the Iraqi central bank confirmed that Iraq has completed all the legal procedures and banking to Iraqi funds under the protection of the White House until next June.

Prime Minister nouri Al-Maliki, has confirmed earlier that Iraqi funds are still in danger are not speed up legal requirements to protect the White House of funds in Iraq.

The central bank's advisor said the appearance of Mohamed Saleh told news Kurdistan (اكانيوز) that " Iraq has completed all the legal procedures and to Iraqi funds to protect the White House until next June for fear of manipulation trade creditors fake."

He added that " the protection of the White House, the risk of manipulation of Iraqi funds for one year by creditors and businesses who claim that they have financial problems with the former regime."

He added that " the committee for the protection of Iraqi funds will be discussed during this year to find ways to get rid of to trade creditors, Bank Accounts oil revenues of Iraq."

The Iraqi central bank said that the decision of the president of the United States متثملة President اوبابا on the protection of Iraq, especially the oil revenues held the Federal Bank, the way to trade creditors.

On 6 March the Iraqi central bank confirmed that Iraq followed a high-level political in the economic, as did not face legal problems.

He declared in 23 February last the Central Bank of Iraq that Iraq paid debts of 3 thousand and five hundred commercial creditor with a value of 2,7 billion dollars as a means to protect its manipulation of foreign trade companies.

It is hoped that the present Iraq to the UN Security Council a report in detail in next May, is discussing the most important pillars of the protection of Iraqi funds.

The Iraqi Ministry of Finance revealed on the seventh of last January that the work of the Committee on the protection of Iraqi funds abroad would be secret to avoid bogus companies that claim to be requests Iraq money.

In Iraq, the Ministry of Finance said the first of last January that the Commission on the government تتولت the development of mechanisms for the protection of Iraqi funds in foreign banks, following the decision of the UN Security Council in mid-November, last November, which has to be protected from Iraqi funds at the end of June next June.

, The UN Security Council voted unanimously in mid-January last December, three resolutions concerning the lifting of the embargo imposed on Iraq on the import of nuclear materials for peaceful purposes, and the operation of the oil-for-food program, and extended special immunity وللمرحلة of recent imposed by the seventh article until the end of June next June.

Former Iraqi president, Saddam Hussein has ordered to invade Kuwait in 1990,

Sanctions were imposed on Iraq following which the international community and punishable under Article Seven, which makes the country poses a threat to security and peace of the world.

International sanctions included to prevent him from the import of chemical and nuclear technology that could be used in nuclear, chemical and biological secret programs.

Of the United Nations in 1995 and has allowed Iraq to sell oil in return for getting food, called the "oil-for-food," he said.

From allunan jaafar, having: peace Baghdadi

http://www.aknews.com/ar/aknews/2/246234/

[HYDRANT]

A NOTHER YEAR

[FXStockpiling]

Think about this, if someone was to claim being owed they would have to prove it, and even then wait till next year to be paid... also giving them a limited time to make such claims, and an option of settling now rather than wait... it didn't say this was a continuation of the DFI, only the protection of the White House...

[Dalite]

EO 13303 is what it sounds like he is trying to stumble over in this almost press release.

[bigcity Bob]

does that mean DFI protection or something else

[Dalite]

does that mean DFI protection or something else

The DFI protection funds are reported to be turned over to the UST on June 30

They will be protected by EO 13303, which will expire May 22 2012, unless terminated early, which is the POTUS choice.

Within EO13303 is EO13315, which protects seized assets from Saddam and his cronies.

These comprise 2 separate funds.

There are separate accounts for DFI funds and to contain 5% of oil revenue to meet CH VII requirements to Kuwait.

The seized assets are separately held.

These are the broad strokes. Others may be able to offer corrections or more elaborate descriptions.

There is nothing that promises Iraq will be exposed to lawsuits on June 30. Neither are there any promises that EO13303 will run full term.

There is no hidden RV in this box of Cracker Jack...

[misty969]

ok, does this affect the RV. I see the assets are protected, but does that allow them to BS for another year? This is a bunch of crap. I hope this is just to protect everything that is going to get this RV going.

[speculatorsRIDE]

The DFI protection funds are reported to be turned over to the UST on June 30

They will be protected by EO 13303, which will expire May 22 2012, unless terminated early, which is the POTUS choice.

Within EO13303 is EO13315, which protects seized assets from Saddam and his cronies.

These comprise 2 separate funds.

There are separate accounts for DFI funds and to contain 5% of oil revenue to meet CH VII requirements to Kuwait.

The seized assets are separately held.

These are the broad strokes. Others may be able to offer corrections or more elaborate descriptions.

There is nothing that promises Iraq will be exposed to lawsuits on June 30. Neither are there any promises that EO13303 will run full term.

There is no hidden RV in this box of Cracker Jack...

Obama extended EO13303 till June 30th 2011 and said he would revisit it at that time for possible extension. Not sure where you got the date of May 22, 2012.

The UN protection of these funds runs out on the 30th of June as well and can't be extended again.

Resolution 1956 (2010)

Adopted by the Security Council at its 6450th meeting,

on 15 December 2010

The Security Council,

Noting the letter from the Prime Minister of Iraq to the President of the

Security Council, dated 8 December 2010, which is annexed to this resolution,

Recognizing the positive developments in Iraq and that the situation now

existing in Iraq is significantly different from that which existed at the time of the

adoption of resolution 661 (1990), recognizing that Iraqi institutions are

strengthening, and further recognizing the importance of Iraq achieving

international standing equal to that which it held prior to the adoption of resolution

661 (1990),

Welcomes the letter from the Prime Minister of Iraq which reaffirms the

commitment by the Government of Iraq not to request any further extensions of the

Development Fund for Iraq arrangements; and recognizing that the letter from the

Prime Minister of Iraq also reaffirms the commitment by the Government to ensure

that oil revenue would continue to be used fairly and in the interests of the Iraqi

people, and that transition arrangements would be in keeping with the constitution

and with international best practices in respect of transparency, accountability and

integrity,

Recognizing the significant role of the Development Fund for Iraq and the

International Advisory and Monitoring Board, and the provisions of paragraphs 20

and 22 of resolution 1483 (2003) in helping the Government of Iraq to ensure that

Iraq’s resources are being used transparently and accountably for the benefit of the

Iraqi people, and stressing also the need for Iraq to finalize transition to successor

arrangements for the Development Fund for Iraq and the International Advisory and

Monitoring Board,

Acting under chapter VII of the Charter of the United Nations,

1. Decides to terminate, on 30 June 2011, the arrangements established in

paragraph 20 of resolution 1483 (2003) for depositing into the Development Fund

for Iraq proceeds from export sales of petroleum, petroleum products and natural

gas and the arrangements referred to in paragraph 12 of resolution 1483 (2003) and

paragraph 24 of resolution 1546 (2004) for the monitoring of the Development Fund

for Iraq by the International Advisory and Monitoring Board and further decides

that, subject to the exception provided for in paragraph 27 of resolution 1546

(2004), the provisions of paragraph 22 of resolution 1483 (2003) shall continue to

apply until that date, including with respect to funds and financial assets and

economic resources described in paragraph 23 of that resolution;

2. Welcomes and affirms the Government of Iraq’s decision not to request

any further extensions of the Development Fund for Iraq arrangements; and further

decides this is the final extension of the Development Fund for Iraq arrangements;

3. Decides that after 30 June 2011, the requirement established in paragraph

20 of UNSCR 1483 (2003) that all proceeds from export sales of petroleum,

petroleum products and natural gas from Iraq be deposited into the Development

Fund for Iraq shall no longer apply, and affirms that the requirement established in

paragraph 21 of UNSCR 1483 (2003) that 5 percent of the proceeds from all export

sales of petroleum, petroleum products and natural gas shall be deposited into the

compensation fund established in accordance with resolution 687 (1991), and

subsequent resolutions, shall continue to apply, and further decides that 5 percent of

the value of any non-monetary payments of petroleum, petroleum products and

natural gas made to service providers shall be deposited into the compensation fund,

and that unless the Government of Iraq and the governing council of the United

Nations Compensation Commission, in the exercise of its authority over methods of

ensuring that payments are made into the compensation fund, decide otherwise, the

above requirements shall be binding on the Government of Iraq;

4. Calls upon the Government of Iraq to work closely with the Secretary-

General to finalize the full and effective transition to a post-Development Fund

mechanism by or before 30 June 2011, which takes into account IMF stand-by

arrangement requirements, includes external auditing arrangements and ensures that

Iraq will continue to meet its obligations as established in the provisions of

paragraph 21 of resolution 1483 (2003); further requests that the Government of

Iraq provide a written report to the council no later than 1 May 2011 on progress

towards the transition to a post-Development Fund mechanism;

5. Directs the transfer of the full proceeds from the Development Fund for

Iraq to the Government of Iraq’s successor arrangements account or accounts and

the termination of the Development Fund for Iraq no later than 30 June 2011 and

requests written confirmation to the Council once the transfer and termination are

completed;

6. Requests the Secretary-General to provide written reports on an ongoing

basis to the council every six months, with the first report due no later than

1 January 2012, about the United Nations compensation fund, evaluating the

continued compliance with the provisions of paragraph 21 of resolution 1483

(2003);

7. Decides to remain actively seized of the matter.

Annex

Letter dated 8 December 2010 from the Prime Minister of Iraq

addressed to the President of the Security Council

I should like to refer to my letter dated 13 December 2009 addressed to the

President of the Security Council, in which I explained that in 2010 the Government

of Iraq would put in place appropriate arrangements, in keeping with the

Constitution, for the Development Fund for Iraq and the International Advisory and

Monitoring Board, with a view to ensuring the continued equitable use of oil

revenue in the interests of the Iraqi people, in accordance with international best

practices with regard to transparency, accountability and integrity.

Pursuant to Security Council resolution 1905 (2009), the Government of Iraq

submitted in its first quarterly report the requisite action plan and timeline for the

transition to the successor arrangements for the Development Fund for Iraq and the

International Advisory and Monitoring Board. It subsequently submitted its second

and third reports on the progress that had been made. In the third report, details

were given of the parts of the action plan that had been completed and those that

remained incomplete. Reference was also made to the situation in Iraq and the fact

that the delay in the formation of a new Government after the legislative elections

that took place on 7 March 2010 had, in one way or another, affected the ability of

Government institutions to take rapid and effective action with regard to the

comprehensive implementation of the action plan.

On the basis of the foregoing, and in order to make it possible to ensure the

comprehensive implementation of the action plan and a smooth transition to the

successor arrangements, the Government of Iraq is once more in need of the

assistance of the international community. It therefore hopes that the Security

Council will extend for a further and final six months immunity for the

Development Fund for Iraq, on the basis of the arrangements set forth in Security

Council resolution 1483 (2003), paragraph 20.

I should be grateful if you would circulate this letter to the members of the

Council with the greatest possible expedition and include it as an annex to the

resolution currently being drafted on Iraq.

(Signed) Nuri Kamel al-Maliki

Prime Minister of the Republic of Iraq

Baghdad, December 2010

[Dalite]

Obama extended EO13303 till June 30th 2011 and said he would revisit it at that time for possible extension. Not sure where you got the date of May 22, 2012.

The UN protection of these funds runs out on the 30th of June as well and can't be extended again.

http://www.archives.gov/federal-register/executive-orders/2003.html

May 22 is the anniversary date of the original EO13303.

It was first written by George W Bush . It was signed May 22, 2003.

Federal Register page and date: 68 FR 31931, May 28, 2003

It was revisited:

Notice of May 20, 2004;

Notice of May 19, 2005;

Notice of May 18, 2006;

Notice of May 18, 2007;

Notice of May 20, 2008;

Notice of May 19, 2009;

Notice of May 12, 2010

I left a gap where the yearly renewal was picked up by Obama.

I believe this shows a clear path of yearly renewals; it is the very nature of Executive Orders.

They are used to give the President Extra Constitutional powers to act without Congressional Approval, in response to a perceived emergency. They are a part of the War and Emergency Powers act. The very nature of emergencies is that they don't operate on schedule. An EO, once written, must be renewed before the year lifespan expires, as indicated above.

The President may, however, terminate an EO early, as a situation changes and the president feels the EO is no longer needed.

Obama sent seperate letter to be read into the Congressional Record that he would review this EO on June 30, for possible early termination.

I believe I am accurate in stating that this renewal of the EO will carry the same yearly renewal period that all other renewals since 2003 have.

May 22, 2012 is the drop dead date on this EO, unless renewed prior to then.

It can be terminated at any time by the president.

The DFI will expire on June 30, 2011.

There may be overlap of fund protection between the DFI and EO13303, but they are 2 separate edicts.

I know this is a little disjointed, but hope it will bring some clarity...