AL-RAFIDAIN LAUNCHES THE PROJECT TO IMPLEMENT THE ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM LAW
Baghdad Today – Baghdad
Rafidain Bank announced on Thursday (January 18, 2024) the launch of the project to implement the Anti-Money Laundering and Combating the Financing of Terrorism Law and the Electronic Reporting System based on the requirements of the Central Bank and the Anti-Money Laundering Office and in compliance with the recommendations of the Financial Action Task Force (FATF).
The bank confirmed in a statement received by “Baghdad Today” that “the work began from today and continues until the achievement of all international and local financial requirements,” explaining that “the goal of this project is to upgrade the banking business to shift towards digital systems in financial transactions in line with the government’s steps to accelerate economic and financial reforms in the country.”
According to the statement, “the bank agreed with Capital B Solutions Ltd., which is contracted to implement the project, funded by the International Smart Card Company, the bank’s strategic partner, and the duration of the completion of the project within 6 months and Continue until achieving international goals and standards to eliminate fraud in money laundering and terrorist financing.”
“The project provides for increasing the effectiveness of the bank’s compliance system and maintaining the conduct of banking operations to be safer and to apply the highest level of compliance standards approved by the Central Bank of Iraq.”
“This system is an integrated software solution developed by the United Nations Office on Drugs and Crime (UNODC), to be used by Financial Intelligence Units ( FIU’s ) (including the Anti-Money Laundering and Combating the Financing of Terrorism Office), for the purpose of data collection, management, analysis, document management, workflow and other statistical needs.”
“This program is designed to receive, process and analyze reports submitted by financial institutions or other entities in accordance with the requirements of local anti-money laundering laws and regulations and international standards,” it is noted.
A scandal of high caliber. UN staff in Iraq took bribes to help businessmen
Baghdad Today - Follow-up
An investigation conducted by the British newspaper The Guardian revealed on Monday (January 22, 2024) that employees working for the United Nations in Iraq are demanding bribes to help businessmen win contracts in post-war reconstruction projects in the country, noting that United Nations employees Required 15% of the value of contracts.
The alleged commissions are one of a number of allegations of corruption and mismanagement revealed by The Guardian at the Stabilization Financing Facility, a $1.5 billion UNDP scheme launched in 2015 from more than 30 donors.
Interviews with more than two dozen current and former UN staff, contractors and Iraqi and Western officials suggest that the UN is nurturing the culture of bribery that has permeated Iraqi society since the overthrow of Saddam Hussein in 2003.
The Guardian found that "UNDP staff demanded bribes of up to 15 per cent of the contract value, according to three staff members and four contractors," and in return, the employee helps the contractor navigate the UNDP's complex bidding system to ensure that the vetting process passes.
The newspaper quoted one of the contractors, saying that "no one can get a contract without paying, and there is nothing in this country that you can get without paying, neither from the government nor from the United Nations Development Program," noting that " UNDP employees contacted them asking for bribes."
One UNDP staff member said the deals were made in person rather than on paper to avoid being discovered, with influential Iraqis sometimes acting as guarantors, noting that "the third party also takes a share of the bribes," adding that contractors "will choose people with connections and power."
Government officials entrusted by UNDP with supervision of construction projects are allegedly also receiving a share.
Contractors and UNDP staff who oversaw the projects explained that officials used that power to "extort" to obtain bribes from companies in exchange for signing projects completed, with two contractors tellingThe Guardianthat they were forced to make such payments.
The interviewees, many of whom spoke on the condition of anonymity for fear of retaliation, said the program had seen unwarranted expansion and extension that mostly preserved the UNDP footprint while relieving the Iraqi government of its own obligations to rebuild the country.
The newspaper also indicates that most of those interviewed described the training and workshops run by the United Nations Development Program within the framework of these initiatives as "trivial" and "lacking strategic coherence."
The Guardian was told that the sessions were attended by government officials and community members mostly to enjoy a free trip and cash in, with one former staff member saying: "UNDP just wants to burn money and show donors that they are doing workshops."
A former staff member described the UNDP Livelihood Initiative to teach displaced women to sew as "unrealistic" because Iraqis tend to buy cheap imported clothes from local markets: "They were trying to create an economy that doesn't exist." "It was like going back to the Middle Ages," they added.
UNDP said initiatives such as skills training were developed based on community needs and in full consultation with local authorities or community leaders.
Donors have appreciated the difficulty of tracking how their funding is and relying on UNDP to carry out monitoring and evaluation through an internal unit that the agency described as "fully independent", even though it is managed by UNDP.
Five interviewees familiar with the UNDP reported they did not reflect the reality on the ground.
One consultant who conducted an external audit of another UNDP program said: "A lot of these documents are mostly for PR purposes, when you actually go to these districts and sit down with the beneficiaries of these funds and actually look at the projects, it's very different from what you imagine by reading these reports."
Isolated behind concrete walls and allowed only limited field visits due to strict security protocol, embassy staff appear to lack the means to challenge the information, with a Western official noting, "Everyone only stays for two years, and when they find out, they leave " " "That's how these programs continue year after year."
Responding to the Guardian's request for comment, an advisor to the Iraqi prime minister, Mohammed Shia al-Sudani, said that if allegations of corruption at the UNDP and the involvement of government agencies were proven to be true, legal action would be taken. .
Farhad Aladdin added, "We will communicate with the highest authorities in the United Nations to discuss the details of these allegations, investigate them and refer those involved in corruption to the competent authorities." We will also review all programs to find out the truth."
MAINTAINING THE EXCHANGE RATE… PARLIAMENTARY FINANCE DETERMINES THE VARIABLES OF THE 2024 BUDGET
Today, Wednesday, the Parliamentary Finance Committee confirmed that the exchange rates of the dollar and a barrel of oil will be maintained in the budget for the current year 2024.
Committee member, MP Hussein Moanis, said in a statement to Al-Maalouma, “The government kept calculating the price of a barrel of oil, the quantity of oil exported, and the dollar exchange rate stipulated in the tripartite budget in the current year’s 2024 Without budget change.”
He added, “The Parliamentary Finance Committee has not yet received the changes that will occur to some tables in the current year’s budget in order to study them and then submit them to a vote in the House of Representatives.”
Muanis pointed out that “the changes that will occur in the current year’s budget will be made in the schedules without any change in their items,” noting that “the change in the schedules relates to added imports as well as spending.”
The House of Representatives approved, on Monday, June 12, 2023, after long deliberations between the government and parliament members that extended for months, the financial budget law for the three years 2023, 2024, and 2025, as the budget approved more expenditures and Investments as a direct result of the increase in oil revenues, which constitute 90% of the country’s revenues.
Note: If any certain podcast is mainly about politics and social opinions or any political –type picture posted on Marks videos I will not do many notes. So if the notes are short or non- existent….…that may be why.
Monday News with MarkZ
Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Can you clarify who has the authority and final say on the RV of the Iraqi Dinar? Is it the IMF, CBI, UST or who?
MZ: It is the US Treasury. But the UST is controlled by the western banking world elites ….That’s who has been stalling it. Iraq and BRICS has been doing everything to force them into a corner where they have no choice but to go. That is what we have been watching. It would have gone years ago if it wasn’t for the western banking world. Here in the US – the western banking elites representatives is the US Treasury.
MZ: MilitiaMan did a good video yesterday…Iraq is again discussing the change in dinar value openly. This makes more than 4 articles ect… in the last week. They are expecting a major change in the valuation of their currency soon. Also still talking about pegging to a basket of middle eastern currencies in order to compete with the US dollar.
MZ: Also in the news there seems to be big happenings in the Iraqi currency auctions. Bringing in much more dinar. They are making all the moves we expect to see just before a revaluation. They are telling us it is coming…
MZ: If we follow all the processed they have done in the last few months- it is very clear how close we are. .
MZ: IMO they are doing everything right to force the US treasuries hand. Iraq told us in Dec. they would totally de-dollarize after Jan 1….
MZ: From Zimbabwe: “ Govt set to announce new measures to stabilize Zimbabwe dollar” The inflation beast has reared its ugly head again. They have been tying more of its currency to gold in the past 2 years….. Look for an announcement in the coming days….possibly this week on the Zimbabwe dollar being gold backed. That is what I was told
MZ: I don’t know timing but can tell you that my bond folks are expecting a whole heck of a lot by the 24th which is in 2 days. Many of them are expecting to get 1% in fiat…..if this occurs we are arguably within days….
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Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary, medical opinions or many guests on this stream……just RV/currency related topics.
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Sudani: Victory over ISIS necessitates changing the mission of the international coalition
Information/BaghdadPrime Minister Mohammed Shia al-Sudani stressed on Monday his rejection of any aggression on Iraqi soil or prejudice to its autonomy, while pointing out that the reason for the expansion of the conflict in the region is due to the continuation of the war in Gaza.
The media office of the Prime Minister, in a statement received by the information, that "Sudanese, received today the Dutch Minister of Defense Casey Olonggreen and her accompanying delegation."He added that "during the meeting, they discussed bilateral relations between the two countries, and ways to enhance cooperation in all fields, as well as the joint files that will be discussed during the Prime Minister's visit to the Netherlands, based on the official invitation submitted by the Dutch Prime Minister."
The prime minister praised "the efforts of the Netherlands in helping Iraq during its war against terrorism, within NATO," stressing his rejection of "any aggression on the territory of Iraq or prejudice to its autonomy."He renewed "the government's commitment to providing protection for diplomatic missions and advisors working in Iraq," pointing to "the government's decision to rearrange the relationship with the international coalition and move to another level of bilateral relations and cooperation with the coalition countries."
The Prime Minister stressed that "the reason for the expansion of the conflict in the region is due to the continuation of the war in Gaza and the brutal crimes committed by the occupation authorities against the Palestinian people," calling on "the international community to exert Pressure to stop genocide and policies of killing and starvation, as well as pressure to limit the opening of other fronts that lead to destabilization in the region and the world.
"For her part, Olonggren expressed her thanks "for the efforts of the Prime Minister in maintaining security and stability, and activating the good relations between Iraq and the Netherlands."