CBI warns of spread of the phenomenon of money laundering

[Sara Johnson]

CBI warns of spreadof the phenomenon of money laundering

Tuesday, August 23, 2011

BAGHDAD - Naseer Goldfinch

Download the Iraqi Central Bank money transfer companies andsome private banks full legal responsibility for the promotion of externaltransfers, fall within the scope of the activities of money laundering.

The official currency in an auction of the day's «Central»that auction currency is the only window through which feed the local market inforeign currency and convert oil revenues into cash, is instrumental insecuring the expenses of the public budget. He explained that «the rate of theauction sale of currencies a day up to between 150 and $ 180 million, with amonthly trading between 3 billion and $ 3.5 billion, and exceed $ 40 billion ayear». He pointed out that «the part of the money raised doubts in its use inmoney laundering, and investigating this possibility in the bank».

The expert said in the first appearance of the Central Bankof Iraq in favor of a statement to «life, that« a large proportion of theamounts mentioned above, ie, about 80 percent of them, foreign remittances gothrough the remittance companies and some private banks ». He added: «TheCentral Bank is suffering from a very big problem is the follow-up ofsuspicious».

And the reasons for lack of follow-through securityservices, expert explained that the central bank includes the so-called «theIntegrity Committee», which operates a daily basis for the exclusion ofapplications is questionable, either made on behalf of fictitious companies oroffices is very small, but you want to transfer large sums of money, orprovided by companies, the names of many divided, lost to follow-up to the massof the subject reviews. Warned the money transfer companies «not comply withrequests to transfer funds abroad», demanded that subject them to scrutinybefore they are submitted to the Central Bank.

He added: «It is true that the country is suffering a stateof weakness in security controls, but these institutions and banks bear a moralresponsibility and the protection of the local economy, washing of funds meansplundering the wealth of the country and transferred abroad». He continued: «Weare not able to monitor thousands of shops that banking funds are transferredto the outside».

In turn, explained the owner of an office of foreignexchange that «money out of Iraq continues on a daily basis and in accordancewith prior agreements between the banks, Iraqi and other Arab and foreign». Headded: «After the central bank raised the value of the amount allowed by convertingit to the outside, from 10 thousand to $ 50 thousand for the people andmerchants and factory owners and capital, have resorted offices to use themethod of sharing the amount to pass through censorship, that is, the person isnot allowed to remove one million dollars, for example, resort to theseoffices, which graduated him one million dollars during one hour ofuninterrupted, as opposed to the proportion of high commission ».

He continued: «there are a thousand means can becircumvented through the law, such companies are foreign exchange receivedrequests for conversion of the arms of subsidiaries represented by officesspread in the cities of all of Iraq, and execute the request for conversiondirectly in the exchange rate of certain profits, and add the amounts andfictitious contracts merchants.

http://international.daralhayat.com/internationalarticle/300208

[drox]

He added: «It is true that the country is suffering a stateof weakness in security controls, but these institutions and banks bear a moralresponsibility and the protection of the local economy, washing of funds meansplundering the wealth of the country and transferred abroad». He continued: «Weare not able to monitor thousands of shops that banking funds are transferredto the outside».

Does this article make anyone else nervous? I thought the Dinar Broker's received Dinar directly from the CBI but this article makes me wonder if they are getting it through "other" banks without the CBI's knowledge. If that is the case....

Where did you go Ali? hmmmm? If someone sees this as meaning something else please let me know. Thanks.

[easyrider]

Just maakesure your notes are authentic. Have them checked i have had my all checked and they were straight fom Ali from dinartrade.. So who the heck knows whats going on.

Edited August 23, 2011 by easyrider

[aliciadogz]

It wouldn't matter were came from as long as good. I hope !!!

[fastarnie]

Does this article make anyone else nervous? I thought the Dinar Broker's received Dinar directly from the CBI but this article makes me wonder if they are getting it through "other" banks without the CBI's knowledge. If that is the case....

Where did you go Ali? hmmmm? If someone sees this as meaning something else please let me know. Thanks.

Is it considered what we're doing money laundering? I thought that Ali was getting his dinar from Bank of Iraq or Bank of Bagdad. I don't remember.

[easyrider]

Is it considered what we're doing money laundering? I thought that Ali was getting his dinar from Bank of Iraq or Bank of Bagdad. I don't remember.

No, think of it this way why would the banks here in the U.S be selling dinar????

Edited August 23, 2011 by easyrider

[FrankenSLI]

Seeing more and more of these articles about laundering, and speculators ruining their economy. Honestly why would they even care if they were just going to do a 1000 old dinar to a 1 new dinar RD/LOP... They would lose nothing in that scenareo... Maybe all of these RD articles are just smoke and we may have a little hope here....

Go RV ALL!!!

[estewart]

Scary City!

[fastarnie]

No, think of it this way why would the banks here in the U.S be selling dinar????

I didn't think so. I looked it up, and what we're doing isn't listed under methods of money laundering.

Seeing more and more of these articles about laundering, and speculators ruining their economy. Honestly why would they even care if they were just going to do a 1000 old dinar to a 1 new dinar RD/LOP... They would lose nothing in that scenareo... Maybe all of these RD articles are just smoke and we may have a little hope here....

Go RV ALL!!!

Agreed

[Markinsa]

They're still looking for those BILLIONS that were misplaced. If these people can get it out of the country, there is no way the CBI can track it after that.

-

[drox]

I am sorry I am not trying to create any panic... I was just wondering if this pertained to us. Not that we laundered but perhaps were the end receivers of these notes some how. I highly doubt it but I wasn't sure what the article is insinuating. Easy makes a good point about 5/3rd bank and our notes being authentic. Not sure if the CBI tracks those though some how. I just read a thread that said Frank gets his notes to sell from a bank in Jordan. Made me say hmmmm???

Edited August 23, 2011 by drox

[Darin]

I am sorry I am not trying to create any panic... I was just wondering if this pertained to us. Not that we laundered but perhaps were the end receivers of these notes some how. I highly doubt it but I wasn't sure what the article is insinuating. Easy makes a good point about 5/3rd bank and our notes being authentic. Not sure if the CBI tracks those though some how. I just read a thread that said Frank gets his notes to sell from a bank in Jordan. Made me say hmmmm???

I noticed E-bay has sellers out of Jordan selling IQD.

Wonder if he is just buying from e-bay...

[onerighthand]

I did not invest more than I could afford to lose. I don't want to lose, but it won't bring me down. Make sure the bills are real, and pay your taxes, though this is not laundering money on your part. Not that we need it, but I do have receipts. It will be a blessing if this investment works out.

Go RV!

[retirementafterrv]

Great post, Thank you.

[zigmeister]

Just maakesure your notes are authentic. Have them checked i have had my all checked and they were straight fom Ali from dinartrade.. So who the heck knows whats going on.

Easy how did you check for authenticity?

I am sorry I am not trying to create any panic... I was just wondering if this pertained to us. Not that we laundered but perhaps were the end receivers of these notes some how. I highly doubt it but I wasn't sure what the article is insinuating. Easy makes a good point about 5/3rd bank and our notes being authentic. Not sure if the CBI tracks those though some how. I just read a thread that said Frank gets his notes to sell from a bank in Jordan. Made me say hmmmm???

These articles are interesting aren't they? If they are RD'ing why should it matter. It seems they are concerned people will make money off of their RV IMO.

[OregonHopeful]

Sounds to me like they don't like the idea of "foreigners" profiting off their currency. I think we're getting close.

The "money laundering" may be meant to scare us. Plus, I'm sure there were some "not so honest" people

buying and selling dinar. I wouldn't even think of buying any on eBay.

They are also probably trying to track any other ministers that have set up phony companies like the Electricity Minister that got caught.

I think they are trying to plug any holes they can and stop more speculators when they are ready to RV. And I think they are ready!!!

GOOO RVVVV

[suzieQ]

Does this article make anyone else nervous? I thought the Dinar Broker's received Dinar directly from the CBI but this article makes me wonder if they are getting it through "other" banks without the CBI's knowledge. If that is the case....

Where did you go Ali? hmmmm? If someone sees this as meaning something else please let me know. Thanks.

My thoughts "exactly"

[tning70]

I like the last two posts. Go RV!

[Butifldrm]

Well, as far as I'm concerned the CBI has made alot of money off of our so called money laundering (speculation). To me just one more scare tactic. Do they want the Dinar to be an internationally traded currency or not.

[uncirculd]

Before you could buy them from the banks, you could buy them for numismatic collections. Coin and Currency dealers sold them and banks sell them now. Hmm, even the bank at Walmart .

Well a Warka account would make folks feel more at ease.

Edited August 24, 2011 by uncirculd

[Doc31]

Does this article make anyone else nervous? I thought the Dinar Broker's received Dinar directly from the CBI but this article makes me wonder if they are getting it through "other" banks without the CBI's knowledge. If that is the case....

Where did you go Ali? hmmmm? If someone sees this as meaning something else please let me know. Thanks.

Hello my friend ... DT got theirs out of Dubai and GID Associates got theirs out of Syria ... CBI not involved to my knowledge

At first blush this article reads like my favorite minister of propaganda ... Mohamed Salih/Saleh ... he only makes appearances; don't you know! ... lol ... also, he has been known to be the Chancellor ... a position the CBI doesn't seem to have according to their website.

Did I miss it or is "he" the only reference to where they got the info for this?

You know my rule ... if it's Saleh/Salih ... stop reading and don't consider anything until it's been corroborated by 2-3 extraneous sources!

Peace my friend

Doc31

PS Easyrider is right ... do you due diligence and authenticate your investment ... all of this money laundering concerns me most of all ... it's crap but could be used to whack us ... all you can do is be sure that yours IS authentic. Although we've not seen a bogus bill!

Edited August 24, 2011 by Doc31

[fastarnie]

Hello my friend ... DT got theirs out of Dubai and GID Associates got theirs out of Syria ... CBI not involved to my knowledge

Read more:

Right on Doc31 I really wasn't sure. Thanks for the clarification

[MoneyMoney7]

Sounds to me like they don't like the idea of "foreigners" profiting off their currency. I think we're getting close.

The "money laundering" may be meant to scare us. Plus, I'm sure there were some "not so honest" people

buying and selling dinar. I wouldn't even think of buying any on eBay.

They are also probably trying to track any other ministers that have set up phony companies like the Electricity Minister that got caught.

I think they are trying to plug any holes they can and stop more speculators when they are ready to RV. And I think they are ready!!!

GOOO RVVVV

ebay would be the best to buy from other than a bank, because the purchase is covered by ebay, and paypal. If they are no good dinars, they will pay the money back.

I would not have purchased any Iraqi dinars from the mideast due to the theft and counterfeiting that was done there. These notes from the mideast could be counterfeit, or stolen. That is why I bought mine from an ebay source who had them verified by the la Rue machines, and I got documentation also. So if they turn out bad, ebay and paypal will pay up.

Edited August 24, 2011 by MoneyMoney7

[Schaeferelli]

Just maakesure your notes are authentic. Have them checked i have had my all checked and they were straight fom Ali from dinartrade.. So who the heck knows whats going on.

Easy,

Could you inform me where and how you had them checked?