"The Central Bank of Iraq has decided to restore the mechanism of financing Iraq’s foreign trade, starting next March."
Look what we have here. Iraq is planning to move forward with financing their foreign trade mechanism.
March 1st, 2024 is the day they expect to begin this process. They are telling their banks that they expect to do this with all currencies.
Iraq has been working with Governmental Agencies and Technological Developers to get them to this point.
They have tested their money and in process of testing their money this month on electronic mechanisms that will help them to move forward in the new Digital asset-based Trading System.
We are on the verge of witnessing them move into a global implementation stage of their currency.
Information/private.. Member of the Parliamentary Investment Committee, Hussein Ali, revealed today, Monday, that the final touches have been put in place to approve the Industrial Investment Law in the House of Representatives, while confirming that the upcoming sessions will witness a vote on the second reading and then a full vote on it.
Ali said in an interview with the Maalouma Agency, “Approval of this law will support investment and provide many facilities to investors,” noting that “it is necessary to move to stimulate investment in the industrial sector, which lacks many basics.”
He continued, “The law contains many articles and legislation that will contribute to the success of the industrial investment sector, which Iraq lacked during previous years,” pointing out that “approval of this law will be consistent with the government program and the steps that the current government is taking.”
He added, “The Investment Committee worked to add paragraphs that will contribute to creating a qualitative breakthrough in the investment sector in Iraq,” noting that “the final touches have been put in place to approve the Industrial Investment Law in the upcoming Parliament sessions.”
In previous years, Iraq lacked the adoption of such laws that would create an attractive environment for investment and advancement of this sector.
The financial World buzzing... Iraq is now making headlines with its own investment fund the AFC Iraq fund managed by Asia Frontier Capital limited has emerged as the top performing long only unleveraged actively managed generalist Equity Fund in the world in 2023 boasting a net performance of over 110%.
This remarkable feat can be attributed to the funds investment strategy that focuses on long-term drivers of the transformation of the Iraqi economy...Iraq's investments in streams of income outside of the oil industry goes a long way in helping the country to gain economic stability and to increase the value of their currency.
Text of the US Treasury’s decision to impose sanctions on Al-Huda Bank of Iraq
The US Treasury Department announced on Monday that it had imposed sanctions on Al-Huda Bank of Iraq and its owner, on charges related to money laundering and financing of the Iranian Revolutionary Guard and armed groups.
FinCEN identifies Al-Huda Bank as a major money laundering concern because it acts as a conduit for terrorist financing by Iran.
OFAC imposes sanctions on the bank owner.
Washington Today, the US Treasury Department uses powerful tools to protect the Iraqi and international financial system from abuse by terrorist financiers, fraudsters, and money launderers. The Treasury Department issues a Finding and Notice of Proposed Rulemaking (NPRM) designating Al-Huda Bank, an Iraqi bank operating as a terrorist financing conduit, as a Foreign Financial Institution of Major Concern for Money Laundering. Along with its findings, the Financial Crimes Enforcement Network (FinCEN) proposed a rule that would separate the bank from the U.S. financial system by prohibiting domestic financial institutions and agencies from opening or maintaining a correspondent account for or on behalf of Al Huda Bank. In addition, the Office of Foreign Assets Control (OFAC) imposes sanctions on the bank owner.
Al-Huda Bank and its foreign sponsors, including Iran and its proxy groups, transfer funds that can support the legitimate businesses and economic aspirations of the Iraqi people. These bad actors are fueling violence that threatens the stability of Iraq and the lives of American and Iraqi citizens alike. The Treasury Department remains committed to its long-term joint work with the Government of Iraq to strengthen the Iraqi economy and protect the U.S. and Iraqi financial systems from abuse.
The Under Secretary of the Treasury for Terrorism and Financial Intelligence said: “Iraq has made significant progress in rooting out illicit activity from its financial system, but unscrupulous actors continue to seek to take advantage of the Iraqi economy to raise and move funds to conduct illicit activities.” Brian E. Nelson. “By identifying Al-Huda Bank as a major money laundering conduit for destabilizing Iran’s terrorist activity, proposing a special measure that would cut off access to correspondent banking, and imposing sanctions on its owner, we can help protect the Iraqi financial system and its legitimate institutions. companies, as well as the international financial system, from abuses by Iran and other illicit actors.
Andrea Jacki, Director of the Financial Crimes Enforcement Network, said, “The evidence available to the Financial Crimes Enforcement Network showed that Al-Huda Bank served as an important channel for financing foreign terrorist organizations.” He added: “We will continue to utilize the full range of Treasury powers to target terrorist financing, while at the same time supporting the legitimate use of the international financial system.”
Last week, OFAC designated the Iraqi airline FlyBaghdad and its CEO for providing assistance to the Iranian Revolutionary Guard Corps-Qods Force (IRGC-QF) and its regional groups by transporting fighters and weapons. OFAC also designated three Kataib Hezbollah leaders and supporters and a company that served as a cover for Kataib Hezbollah to move and launder funds. On November 17, OFAC designated six individuals affiliated with Kataib Hezbollah following the group’s attacks against US personnel and partners in Iraq and Syria.
Al-Huda Bank discoveries As explained in the finding, Al-Huda Bank has for years exploited its access to US dollars to support designated foreign terrorist organizations including the Iranian Revolutionary Guard, as well as Iraqi militia groups allied with Iran including Kataib Hezbollah and Asaib Ahl al-Haq. The Board of Directors of Al Huda Bank is complicit in the illicit financial activities of Al Huda Bank including money laundering through front companies that conceal the true nature of the parties involved in the illicit transactions, ultimately enabling the financing of terrorism.
Since its establishment, Al-Huda Bank has been controlled and operated by the IRGC and the IRGC-QF. After establishing the bank, the head of Al-Huda Bank began money laundering operations on behalf of the Quds Force of the Iranian Revolutionary Guard and Kataib Hezbollah. Additionally, Al-Huda Bank provides access to the U.S. financial system to known actors using fraudulent documents, fake deposits, deceased identity documents, fake companies, and counterfeit Iraqi dinars, providing opportunities to conceal the identities of transaction counterparties to reporters. Banking relationship providers. It should be noted that the Chairman of the Board of Directors of Al-Huda Bank is also the owner of the bank and Chairman of its Board of Directors.
To protect US banks from Al Huda Bank’s illicit activities, FinCEN is taking this action in accordance with Section 311 of the USA Patriot Act. Section 311 actions alert the US financial sector to foreign institutions, such as Al Huda Bank, that pose a primary money laundering concern and, through the general rulemaking process, prevent direct and indirect access to the US financial system.
The proposed fifth special measure would prohibit domestic financial institutions and agencies from opening or maintaining a correspondent account for or on behalf of this foreign financial institution.
The full NPRM as submitted to the Federal Register is available here. Written comments on the NPRM may be submitted within 30 days of publication of the NPRM in the Federal Register.
OFAC sanctions Today, OFAC designated Ahmed al-Moussawi, owner and chairman of Al-Huda Bank of Iraq, for his support of the IRGC-QF, including by supporting its militia groups in Iraq. Al-Huda Bank has exploited its access to the US dollar to support foreign terrorist groups, including the Iranian Revolutionary Guard-Qods Force and Kataib Hezbollah. Today’s actions underscore the IRGC-QF’s abuse of the Iraqi banking sector to access the US dollar and the international financial system.
Al-Moussawi maintains ties with the Quds Force of the Iranian Revolutionary Guard and Kataib Hezbollah and launders money for them. He received directives from the Quds Force of the Iranian Revolutionary Guard to establish Al-Huda Bank to conduct money laundering operations for the benefit of Kataib Hezbollah, which has a prominent role in laundering money for the Quds Force of the Iranian Revolutionary Guard. Al-Moussawi used unaffiliated individuals in part to carry out the purchase of US dollars during currency auctions conducted by the Central Bank of Iraq using their identity documents to circumvent restrictions on currency purchases. Since its founding, Al-Huda Bank has used forged documents to execute at least $6 billion in wire transfers outside Iraq.
Hamad al-Moussawi is being designated under Executive Order 13224, as amended, for providing material assistance, sponsorship, or provision of financial, material, or technological support, goods, or services to the IRGC-QF.
Effects of sanctions As a result of today’s OFAC action, all property and interests in property of the above persons that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, in general, any entities owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more of the blocked persons are also blocked. Unless permitted by a general or specific license issued by OFAC, or exempt, OFAC regulations generally prohibit all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests On the property of specified or prohibited persons.
In addition, non-U.S. financial institutions and other persons who engage in certain transactions or activities with sanctioned entities and individuals may expose themselves to sanctions or be subject to enforcement actions. The prohibition includes making any contribution or providing money, goods or services by, to or for the benefit of any specified person, or receiving any contribution or providing money, goods or services from any such person.
“IT WAS MUCH MORE THAN THAT… AND THIS WAS MAINLY DUE TO THE CONTRACTS SUDANI SIGNED IN 2023.”…………F26
The Credit Bank of Iraq achieves a profit of 17.5 billion dinars during the year 2023
1/26/2024
The Credit Bank of Iraq achieved a profit of 17.5 billion dinars during the year 2023.
The bank announced its financial budget for the year 2023. Its assets rose to 507.7 billion dinars, while it was 406.7 billion dinars in the year 2022, a growth rate of 24.8%.
The bank’s revenues amounted to 27.1 billion dinars, divided into 18.3 billion dinars resulting from banking interest revenues and 3.7 billion dinars through banking commission revenues, in addition to revenues from the dollar and capital platform.
The bank’s profits grew by 63.5% during the year 2023 compared to the year 2022, which reached 10.7 billion dinars. LINK
"ANALYSIS OF IRAQ NEWS: “THE NEW EXCHANGE RATE OF THE NEW MONETARY REFORM IS DEVELOPING MANY NEW ECONOMIC PARTNERSHIPS!" BY FRANK26, 29 JAN
“THE NEW EXCHANGE RATE OF THE NEW MONETARY REFORM IS DEVELOPING MANY NEW ECONOMIC PARTNERSHIPS!!!”………..F26
The Prime Minister confirms that Iraq is moving towards major development and strategic projects and productive economic partnerships
1/25/2024 Baghdad
Prime Minister Muhammad Shiaa Al-Sudani confirmed on Thursday that Iraq is moving towards major development and strategic projects and productive economic partnerships.
The Prime Minister’s Media Office stated in a statement, seen by Al-Iqtisad News, that “Prime Minister Muhammad Shiaa Al-Sudani received, this evening, Thursday, a delegation of secretaries and governors of Arab capitals headed by the Secretary-General of the Arab Cities Organization, Abdul Rahman Hisham Al-Asfour, and Al-Sudani welcomed the The meeting began with the Arab guests and their meeting that was held in Baghdad after a break that lasted more than three decades, stressing Baghdad’s permanent readiness and ability to host all its guests, whether they are Arab brothers or friends.
The Prime Minister affirmed – according to the statement – “Iraq is moving towards major development and strategic projects and productive economic partnerships,” noting that “the government in Iraq has placed as its top priority the comprehensive improvement of Baghdad and the rest of Iraqi cities, as well as openness to the successful experiences of brothers and friends, in Regarding reliance on technology and advanced methods for urban development and all service sectors.”
Al-Sudani stated, “At a time when we are searching for the best ways to develop and advance our cities, Gaza stands out before us because of the systematic destruction and devastation it is suffering from, and the lack of the most basic means of livelihood, due to the aggression and inhumane crimes committed by the occupation authorities against our Palestinian people there.” He reiterated his support for “establishing a fund to support and reconstruct the Gaza Strip after the cessation of the aggression, which is the initiative launched by Iraq during the 2023 Cairo Peace Summit, which was held last October, and was greatly welcomed.” LINK
