Did some searching today on the Exchange Glitches...

[Nothing-Ventured]

Hi Everyone!

I just keep thinking about the wild ride yesterday concerning the unusual Glitches, and video captures of the Currency Exchanges...I still really want to know WHY that is/was happening, don't you?

I don't have an answer (yet), but I love to research, so this afternoon I asked Mr. Google this question "Unusual Currency Activity", and he replied....

What came up First was the link to "Bank Secrecy Act Anti-Money Laundering Examination Manual", which describes the overview of suspicious activity. Included descriptions of the BSA reporting system, FinCEN, SAR filing decisions, ATM, ACH, and a Banks need to file a CTR for deposited amounts over $10,000.00 (USA) Even though I don't understand a lot of it, I did learn a little.

http://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_015.htm

But my next thought was about the number of Iraq articles that have come out with verbage of money laundering and the financing of terrorism, etc. Many of you probaly knew what those articles were talking about, or referring to, but I didn't until now! I poked around to try and find one of those news articles and came up with this one from May 31, 2011:

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.

One thing that stood out to me is this, american's are flagged for $10,000, while there seems to be a special consideration for Iraqi accounts over $50,000.00? I may be reading it wrong, but that is how I understood it to read.

Anyway, what an amazing adventure this has been, to say the least, what a learning curve it has been!!!!!

P.S. I really like the part in this particular article that equates the USD as being $1.3 U.S. dollars to one Iraqi Dinar......

Welcome all comments ;}

Edited July 23, 2011 by Nothing-Ventured

[cisole]

thanks for the post Nothing-Ventured

[Nothing-Ventured]

thanks for the post Nothing-Ventured

A SUPER Thanks to You...! Always love reading your comments and posts.....funny too

[littlefeet]

$1.3 would be NICE !!!!!!!!

[cisole]

A SUPER Thanks to You...! Always love reading your comments and posts.....funny too

Thanks for the compliment!

[Mack0121]

I remember this article being posted here some time ago. The $1.30 rate did raise a lot of eyebrows then, but I seem to remember this being some kind of university study. Good find, and let's hope they get this done yesterday!

[oneremedy]

Nice job! Thanks!

[bodeen]

Thanks for the post NV!!!!!!!

And your time trying to get to the upper ( not the bottom ) part of this investment......

Thanks friend

Bodeen

[Nothing-Ventured]

Thanks for the post NV!!!!!!!

And your time trying to get to the upper ( not the bottom ) part of this investment......

Thanks friend

Bodeen

Ohhhhh Bodeen my friend....you are amazing! Love seeing your user name pop up....you have been hanging around for quite some time! Been learning a lot? Bless You!

[bodeen]

Ohhhhh Bodeen my friend....you are amazing! Love seeing your user name pop up....you have been hanging around for quite some time! Been learning a lot? Bless You!

I've been apart of the dinar jungle for toooo long.... Again, thanks for your time and post....... i enjoy reading them... Blessings to you and yours....

Bodeen

[anothernewbie]

Great post N-V. I'm wth ya, love that last line 1.3 USD would certainly make me happy!................Now.........JUST DO IT ALREADY!!!!!

[cisole]

Great post N-V. I'm wth ya, love that last line 1.3 USD would certainly make me happy!................Now.........JUST DO IT ALREADY!!!!!

My personal "guess" is $1.38

[tommyboy]

Yes, any bank transaction over $9,999.99 and you have to fill out special forms where it's reported to the IRS. Been that way as long as I can remember. Now where can I get that $1.30 for some of my Iraqi dinar? Love to know that !