US to work with Iraqi government, CBI, Financial Intelligence to prevent sanction evasion: spokesperson, 25 SEPT

 US to work with Iraqi government, CBI, Financial Intelligence to prevent sanction evasion: spokesperson, 25 SEPT

Shafaq News/ The US recognizes "opportunities" in Iraq's financial sectors and works with the Iraqi government, Financial Intelligence Unit, the Central Bank of Iraq (CBI), and other banks to prevent fraud, sanction evasion, and terrorism funding, a spokesperson to the US embassy in Iraq revealed on Sunday. 

"The United States and Iraq have a strong working partnership, and the U.S. Treasury relationship with Iraq is important," US Diplomat Danielle Korshak told Shafaq News Agency, "For years, Treasury has worked with Iraq to improve transparency in financial transactions, prevent criminal and corrupt actors from accessing the international banking system and smuggling their illegal proceeds, and to bring Iraqi banks into compliance with international standards."

"Iraq has made significant progress since then in taking due diligence requirements seriously," she explained, "one positive example is the work done on international wire transfer requests; the Central Bank of Iraq is ensuring banks are acting transparently and in line with international practices."

In addition to creating new opportunities, these joint efforts, according to Korshak, have provided protection to the resources of Iraqi people and a trajectory towards "increased connectivity" between Iraqi banks and the international financial system. 

Korshak said that the U.S. Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg traveled to Baghdad, Iraq, September 12-13.

Rosenberg, according to Korshak, met with Iraqi Prime Minister Mohammed Shia al-Sudani and leaders at the Central Bank of Iraq, Trade Bank of Iraq, the Iraqi Financial Intelligence Unit, as well as representatives from the Iraqi private banking sector.

"Both sides, recognizing the opportunities and challenges ahead for further improving the Iraqi financial sector," she said. 

They also agreed to "continue working together and take positive steps towards meaningful and lasting reforms that will raise Iraq to international standards and prevent fraud, sanctions evasion, terrorist financing, and other illicit activities."

The US diplomat said that Prime Minister Sudani also met with U.S. Department of Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson on the sidelines of the United Nations General Assembly in New York on September 18. 

The meeting discussed "the continued progress toward strengthening Iraq’s financial sector."

"The U.S. Treasury continues to work closely with the Government of Iraq as it seeks to implement meaningful reforms to strengthen the Iraqi financial sector against fraud, sanctions evasion, terrorist financing, and other illicit activities," Korshak concluded.

LINK

Iraq's central bank to curtail international transfers in 2024, governor says, 25 SEPT

 Iraq's central bank to curtail international transfers in 2024, governor says, 25 SEPT

Shafaq News/ The Central Bank of Iraq is set to abandon international transfers in the coming year, focusing on domestic transactions conducted in the Iraqi dinar, announced the Bank's Governor, Ali Mohsen Al-Alaq, on Sunday.

The policy change, exempting funds allotted for travelers, comes amid efforts to streamline and enhance the country's financial operations.

Al-Alaq confirmed that transfers through correspondent banks accounted for 60% of the total (outside the Central Bank's electronic platform) with a realization rate exceeding 95%.

The shift was precipitated by an agreement between the Iraqi and the U.S. Federal Reserve Banks, aligning Iraq with global banking standards that centralize oversight and regulation.

"This initiative is part of a phased effort to open direct communication channels for Iraqi banks with their foreign counterparts in correspondence and trade exchanges," Al-Alaq stated in a meeting with bank officials.

He said that the ongoing process will help initiate transfer channels in various currencies, including the Emirati Dirham, Turkish Lira, Indian Rupee, and the Euro.

Al-Alaq attributed the control over general price levels and a reduction in inflation rate to the majority of traders entering official transfer channels, stabilizing the dollar at a rate of 1320 dinars. He emphasized that the black market rate is not a suitable indicator as it pertains to cash transactions for non-essential operations, not designated for legitimate trading purposes.

The new foreign transfer and dollar sale system, according to Al-Alaq, offers comprehensive risk protection for all transaction parties, and aligns with anti-money laundering and counter-terrorist financing laws. "It lays an essential foundation for direct relations between Iraqi banks and globally accredited banks, receiving international acknowledgment and praise." 

According to the Central Bank’s statement, the meeting also explored the establishment of "Riyada Bank." It will serve as a window for those eager to launch small production and commercial projects, contributing to local economic development and reducing unemployment with direct support from the Central Bank, in sync with the Prime Minister’s vision and directives. LINK

JUDY NOTES, 25 SEPT

 Judy Note:

With that said, this next week was expected to be very dramatic.Bankruptcy of the world’s largest real estate company, China’s Evergrande, plus expected Oct. 1 shutdown of the US Government due to bankruptcy of US Inc, and with an ever-growing demise of the fiat US Dollar, a Global Financial Crisis was on the horizon – that appeared bound to instigate a Global Currency Reset very, very soon.

• Black Swan Event #5 US Government Shutdown: US Inc. is bankrupt. BRICS countries were no longer internationally trading with the fiat US Dollar. If the bankrupt Congress failed to provide funding for the fiscal year beginning October 1, US government services would be disrupted and hundreds of thousands of federal employees would be furloughed without pay. https://amg-news.com/this-is-huge-usa-inc-bankruptcy-usa-inc-bankruptcy-sparks-global-upheaval-worldwide-avalanche/

Global Currency Reset:

• Sun. 24 Sept. Wolverine: The funds have been released and have been placed on the Quantum Financial System. Redemption Centers have announced the official date: The US will start on Monday 25 September 2023 , while Asia and Europe will start Tuesday 26 September 2023.
• On Fri. 15 Sept. Iraq officially RVd their Dinar. On Mon. 18 Sept. Iraq presented their Dinar RV and Sovereignty to the UN. On Wed. 20 Sept. the new Dinar Rate was published in the Iraqi Gazette and on Fri. 22 Sept. Iraq announced the new Iraqi Dinar International Rate as $11.90. On that same Fri. 22 Sept. the Quantum Financial System took over the Global Financial System, while Exchange Centers staff were placed on High Alert.
• By Sun. 1 Oct. all banks were required to be on the gold/asset-backed Quantum Financial System rather than the old SWIFT System that was based on the fiat US Dollar.
• By Tues. 10 Oct. the bulk of redemption appointments and exchanges were expected to be done.
• It was the goal to have Currency Exchanges and Zim Bond Redemptions completed by Wed. 1 Nov, at which time the US Federal Dollar would be considered worthless.
• Sat. 23 Sept. Intel of the Masters Update: Iraqi Dinar News, RV & Investment in Iraq and Sudan – Taxation and Possible New Rates – American Media Group (amg-news.com)

by JUDY

Sudani is Back in Iraq?💣Waiting on Announcement?!🤔Iraq Dinar RV Updates ...

Central Bank of Iraq: Important transformations in external transfer mechanisms , 24 SEPT

 Central Bank of Iraq: Important transformations in external transfer mechanisms

September 24, 2023

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, announced that the bank will proceed to dispense with external transfers “next year” and that banks licensed in Iraq will rely on correspondent banks in external transfer operations, as transfers through correspondent banks reached 60% of the total transfers ( outside the Central Bank’s electronic platform), while the implementation rate of verified transfers reached more than 95%.

This came after an agreement between the Central Bank of Iraq and the US Federal Bank, similar to countries around the world, where central banks do not perform executive duties, and their role is focused on supervision and control.

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His Excellency confirmed, during the meeting with the heads of the boards and authorized directors of the banks licensed in Iraq, that the Central Bank’s endeavor to open direct channels of communication for Iraqi banks with their foreign counterparts in correspondence, commercial exchange, etc. came in intensive stages, while what is currently underway is opening transfer channels in various currencies, including ( UAE Dirham, Turkish Lira, Indian Rupee, Euro).

His Excellency stressed that the coming year will witness the restriction of all internal commercial and other transactions to the Iraqi dinar instead of the dollar, except for those delivered to travelers.

He pointed out that the entry of most merchants into the official transfer channels and the provision of the dollar at a price of (1320) dinars was a direct reason for controlling the general level of prices and lowering the inflation rate, which is a basic indicator of the effectiveness of monetary policy, and that the black market price is not suitable as an “indicator” because it It relates to cash dollars for non-fundamental transactions, and is not intended for legitimate trade purposes.

Al-Alaq pointed out that the new system of external transfer and sale of the dollar provides protection from risks for all parties of operations, enjoys international acceptance and praise, is consistent with the law on combating money laundering and terrorist financing, and achieves an important initiative for direct relations between Iraqi banks and accredited international banks.

The meeting reviewed the mechanism for establishing “Riyadah Bank” and the societal importance that the bank will have, especially since it is consistent with the directives and vision of the honorable Prime Minister. Discussions were raised on this topic, including the banks’ contributions to establishing “Riyadah” and the working mechanisms of this bank, which will be effective for those wishing to open projects.

Productive and small businesses that contribute to developing the local economy and reducing the unemployment rate with direct support from the Central Bank.

Central Bank of Iraq 
Information Office 
September 24, 2023

https://cbi.iq/news/view/242

"WAITING FOR CONFIRMATIONS" BY TEXAS SNAKE, 24 SEPT

Waiting for confirmations.... It would be an excellent time...!!

9/24/2023

While it's been some time since my last information post, I have two different confirmations that next week it's finally our turn and we might find out the start date today. 

The banker is anticipating Tuesday, however, he told me this morning that he has 100% of his trading staff available immediately. Let us pray this in the people and be prepared.

Texas Snake

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TRANSLATION IN ENGLISH:

Esperando confirmaciones.... Seria Excelente momento...!!

9/24/2023

Si bien ha pasado algún tiempo desde mi última publicación de información, tengo dos confirmaciones diferentes de que la próxima semana finalmente es nuestro turno y podríamos conocer la fecha de inicio hoy.

El banquero está anticipando el martes, sin embargo, me dijo esta mañana que tiene al 100% de su personal de intercambio disponible de inmediato. Oremos esto en la gente y estemos preparados.

Texas Snake

Tree good new for the iqd and Iraqi people BY NADER FROM MID EAST, 24 SEPT