ANTI-MONEY LAUNDERING OFFICE: IRAQI AUTHORITIES FACE DIFFICULTY TRACKING DIGITAL TRANSACTIONS, 16 FEB

 ANTI-MONEY LAUNDERING OFFICE: IRAQI AUTHORITIES FACE DIFFICULTY TRACKING DIGITAL TRANSACTIONS

The Deputy Director General of the Anti-Money Laundering and Terrorist Financing Office in Iraq, Hussein Al-Maqram, announced that the Iraqi authorities are facing difficulty in tracking digital transactions.

Al-Maqram said that the office is still working on updating the legal and legislative framework to meet emerging challenges.

He added, “Iraq is a critical area and is vulnerable to the growth of money laundering operations due to its heavy reliance on cash transactions in commercial transactions and slow progress in electronic payment operations, not to mention that the sales of the Central Bank of Iraq remain close to $300 million per day, which is a large number compared to the volume of goods entering Iraq.”

Al-Maqram said, “In light of these challenges, the relevant authorities in the Republic of Iraq are following several strategies to combat money laundering and terrorist financing using virtual currencies, including continuous cooperation and coordination with banking and non-banking financial institutions and reporting transactions of unknown origin, as well as preparing joint committees from relevant government agencies for the purpose of tracking down those dealing and speculating in them.”

(Am I missing something here. Isn’t the foreign correspondent banks providing the dollars for payment for imports. They told us that dinars are sent to these banks in other countries, they then convert to dollars and make the payments directly.

 No more currency auctions in the CBI.

  So, why in this article are they telling us about sales of the Central Bank of Iraq remain close to $300 million per day? 

These dollars no longer come out of the reserves. 

Also, this article tells us there is still a heavy reliance on “cash transactions”.

 What about all this electronic transfer stuff we have been reading about? 

Are they just bullshitting us? 

Why is there still so much cash being used for foreign business? 

But this goes hand in hand with the three zero notes as I told you there will still be a need to have these larger notes for foreign trade even after the Project to Delete the Zeros is completed.

 We also have to think about all the countries that have the three zeros notes now in their country’s foreign reserves.

 So these older three zero notes are  not going away. Ours will be valuable! )