Tuesday, November 7, 2023

We Will Pursue Money Laundering Crimes With Modern Technologies And Digitalization, 7 NOV

 We Will Pursue Money Laundering Crimes With Modern Technologies And Digitalization

Iraq   Tuesday, November 7, 2023 Baghdad/National News Center  Today, Tuesday, the Federal Integrity Commission confirmed its intention to prosecute crimes of illicit gain and money laundering using modern technologies and digitalization.

Integrity stated in a statement received by the National News Centre, that “The Chairman of the Authority, Judge Haider Hanoun, stressed in his speech at the launch ceremony of the (Laser Fiche) system, which was attended by the representative and advisor to the Prime Minister (Moayad Al-Saadi), the importance of benefiting from technological development and the information revolution.” ;

With the aim of digital transformation and electronic governance for its role in combating corruption, saving effort, speeding up work, reducing costs, and achieving administrative integrity and transparency in all state institutions.”

Judge Hanoun stressed “the importance of all state institutions shifting to automating their procedures and moving towards electronic governance,” pointing out that “this will prevent auditors from coming into contact with employees and reduce the chances of blackmailing them or demanding bribes from them in exchange for facilitating the completion of their transactions.”

He praised “the great and fruitful cooperation between the Authority and the United Nations Development Program (UNDP) in various fields, especially in the field of transition to digitization and achieving electronic governance,” noting that “the launch of the enterprise management system (Laser fiche) comes within a series of milestones.” Cooperation in this field.”

He pointed out, “The two parties cooperated in launching a project to establish a digital forensic laboratory (DFL), which seeks to support the Federal Integrity Commission in benefiting from the digital revolution and information technology in investigating corruption cases and prosecuting its perpetrators, and making it capable of tracking smuggled funds.

As a result of corruption crimes, it enhances its ability to detect corruption, fraud, and money laundering, investigate those crimes, and deter their perpetrators.”

Hanoun appreciated, “The efforts made by the Vice President of the Authority and the General Director of the Academy (Mazhar Turki Abd), its technical staff, and the rest of its employees in their seriousness and perseverance. In order to reach the start of automating all the academy’s procedures,”

he stressed that “this experiment, which he hopes will be successful, will be circulated among the rest of the authority’s departments and benefit from it in overcoming some of the obstacles that it may encounter,” while he explained that “the authority’s law allows it to carry out any work that contributes to combating Corruption or the prevention of it,

and also granting it the authority to use the means of scientific advancement, devices and machines for investigation, investigation, and evidence gathering, and to provide the requirements and requirements for their use in the field of detecting corruption crimes, preventing them, or prosecuting their perpetrators.”   https://nnciraq.com/235812/

An American Official From Erbil: Passing The Oil And Gas Law Is A Priority For Washington, 7 NOV

 An American Official From Erbil: Passing The Oil And Gas Law Is A Priority For Washington, 7 NOV

Political | 04:45 - 07/11/2023 Mawazine News – Baghdad  The new US consul in Erbil, Mark Straw, confirmed on Tuesday that addressing the revenue problem and passing the oil and gas law will be Washington’s priorities and agenda in Kurdistan.

A statement from the Ministry of Natural Resources, the regional government, said, “The Acting Minister of Electricity and Natural Resources, Kamal Muhammad Salih, received today the American Consul General in the Kurdistan Region, Mark Straw.”

The statement added, "The Minister of Electricity and Natural Resources thanked the United States of America for its role in resuming oil exports to the Kurdistan region, following up on solving oil and gas problems, expanding investment, and approving the federal oil and gas law with the Kurdistan region."

In turn, the American Consul confirmed, “We are closely following the process of resuming oil exports and we know that the suspension of oil has had a negative impact on revenues and citizens, and that addressing the revenue problem and passing the oil and gas law will be among the priorities of Washington’s policy and agenda.”

He expressed his "happiness with investing in the electricity, energy and oil sectors."

https://www.mawazin.net/Details.aspx?jimare=237428

It's Heating Up in Iraq!?💣Float or RI to $3.22?🤔Iraq Dinar RV Updates | ...

"RV UPDATE" BY MARKZ & KAPERONI, 7 NOV

MarkZ  

  Not a lot of RV news but, the overwhelming consensus is that they did their best to pull the trigger over Friday and Saturday. Their backup plan was Monday night or Tuesday....They feel very confident they will get this thing wrapped in the near future. There is a whole heck of a lot of expectations for the next 2 days.

Seems that things appear to be heating up …so many rumors.

Kaperoni

The dinar cannot go up in value until Iraq diversifies and creates significant economic growth.  The current conditions in Iraq will continue to keep the dinar weak…

Until they pass laws…there will be no change.  We have a window now over the next three years…

The Minister of Oil announces an increase in oil revenues in support of the financial budget , 7 NOV

  The Minister of Oil announces an increase in oil revenues in support of the financial budget

11/7/2023

Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayyan Abdul-Ghani, affirmed the keenness of the government and the ministry to advance the oil industry, work to increase oil and gas production, and the financial revenues achieved by supporting oil and gas field development projects and increasing export capacities.

Abdel Ghani said during his hosting of the Seventh Ambassadors Conference that: “The government program emphasized the importance of investing in associated and free gas to enhance national production to support the energy sector,” indicating “support for oil and gas field development projects through the announcement of the fifth (supplement) and sixth licensing round.”

He added, "The set of contracts for the Integrated South Project with Total Energy Company is an important addition to the oil and gas industry, infrastructure and renewable energy, and to support projects to increase export capacities from the South outlet."

Abdul Ghani continued, "An increase in the rate of oil exports from the southern fields was achieved by adding an amount of 350 thousand barrels per day, and the rehabilitation of the Al-Amaya port in the south to add an amount of 500 thousand barrels as export capacity."

He pointed out, "Activating the contract for the project to add a new single buoy with the aim of adding 900,000 barrels of new export capacity from the southern port. An increase in oil revenues was also achieved in support of the financial budget, and we also achieved an increase in increasing refining capacities."

Abdel Fanni stated, "Activating Iraq's role in OPEC Plus, working with producing countries to stabilize global markets, and working to enhance and increase the horizons of cooperation with neighboring countries, the region, and the world."   LINK

Iraqi dinar faces volatility: expert predicts stabilization amidst political tensions, 7 NOV

 Iraqi dinar faces volatility: expert predicts stabilization amidst political tensions

Iraq's currency market has been witnessing fluctuations recently, with the US dollar's exchange rate against the Iraqi dinar showing unpredictability. Amidst this backdrop, academic and economic expert Khaled Haider shared insights with Shafaq News Agency, shedding light on the factors contributing to the dollar's fluctuation and his expectations for future stability.

The global political landscape has a direct impact on the financial and economic stability of regions, and recent events, including the crisis in Gaza and accusations against Iran of supporting the Hamas movement, have added complexities to Iraq's economic scenario. Haider pointed out that these events, particularly concerns about Tehran's influence in Iraq, are key reasons behind the expectations of a dollar price rise. As a significant economic hub for its neighbor in the Eastern Province, Iraq has become a focal point in these financial developments.


Administrative and financial corruption within Iraq's system has exacerbated the exchange rate disparity. Haider highlighted how corruption has led to individuals benefiting from these differences, prompting the Central Bank of Iraq to inject substantial dollars into the currency auction. Despite the daily need for currency ranging from $190 to $200 million, the bank has been pumping more significant amounts to manage the exchange rate to reach $250 million daily.

Haider stated, "Near-term expectations may be inaccurate, but it is expected that the price of the dollar in the markets will approach the government pricing at the beginning of next year after the implementation of the Central Bank of Iraq's decision to ban financial transactions in anything other than the Iraqi dinar, and this will make the Iraqi dinar more powerful in local markets."

Regarding the impact of the fluctuating dollar exchange rate on citizens, Haider emphasized the negative consequences, especially in a country like Iraq, which is heavily reliant on imports. The widening gap between the official exchange rate and the black market rate, where the dollar reached above 160,000 dinars against 100 dollars, directly affects the prices of consumer goods, worsening the financial strain on Iraqi households.


Earlier reports from Shafaq News Agency revealed a slight decline in dollar prices, with rates dropping to 165,250 dinars against 100 dollars after the closure of Baghdad's central Al-Kifah and Al-Harithiya stock exchanges. The morning prices had stood at 166,000 dinars against 100 dollars.


https://shafaq.com/en/Economy/Iraqi-dinar-faces-volatility-expert-predicts-stabilization-amidst-political-tensions


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