Parliamentary Integrity: Iraq Can Track Money Laundering Crimes Even Abroad
Politics/Security |Today, 16:40 |Baghdad today – Baghdad The Parliamentary Integrity Committee confirmed today, Sunday (April 28, 2024), that Iraq can track money laundering crimes, through its supervisory bodies, even outside the country.
Committee member Duraid Jamil Ishou told “Baghdad Today” that “Iraq, through its competent oversight bodies in the Integrity Commission as well as its competent security agencies from the Intelligence Service and others, can track all money laundering crimes,” noting that “Iraq has achieved success in this file during the last period".
Ishua stated, “Some of the movements of these agencies in this file are secret to ensure the success of the tracking operations, and there is coordination with the country in which the money is being moved, in addition to tracking the fleeing corrupt people in coordination and cooperation with the international police,” noting that “Iraq’s foreign relations are good with all countries.”
This contributed to achieving success in pursuing the fleeing corrupt people and recovering Iraq’s smuggled money.”
The Integrity Commission had announced that international arrest warrants had reached 19, and the number of requests for legal assistance related to seizing smuggled funds outside Iraq had reached 17 requests, while smuggled funds and their financial transfers amounting to 400,000 US dollars, 22 real estate, 8 shares in companies, 9 bank accounts, and one wheel were followed.
While the value of corruption funds smuggled outside Iraq amounted to 1,400,500 US dollars, and 10 real estate properties in one investigative case, according to the Integrity Report for 2023 activities.
Article quote: "...anticipating the impact of the central bank agreement with the US Treasury on exchange rates...it is hoped the Central Bank of Iraq will announce the measures that were agreed upon in Washington which could have positive impact on the exchange rate..." The key focus is they're talking about the exchange rate, positive impacts, the US Treasury on exchange rates. That is fascinating.
There's clear signals the dinar and dollar relationship are going to be different in the future.
They state specifically the dinar will be better. It's going to be stronger than the dollar, al-Sudani said it.It's going to be better because of what? Because of all these actions they're talking about now...It's huge.
Will the agreements signed with the US Treasury reflect positively on the exchange rates?
Money and business Economy News – Baghdad Today, Thursday, economic expert Abdul Rahman Al-Mashhadani stated the possibility of Iraqi getting a green light to contract with Iranian companies that are not sanctioned by the United States, while anticipating the impact of the Central Bank’s agreement with the US Treasury on exchange rates.
Al-Mashhadani said, in an interview with Al-Iqtisad News, “The visit of the Prime Minister, Muhammad Shiaa Al-Sudani, to America is very positive, but so far the results of what was agreed upon in Washington have not appeared.” He added: “It is hoped that the Central Bank of Iraq will announce the measures that were agreed upon in Washington, which could have a positive impact on the exchange rate,” pointing out that “the real problem of exchange rates has not yet been solved, which is dealing in trade with banned countries.”.
The economic expert explained, “The economic aspect was the main focus of Sudanese’s visit to Washington, and it became clear through the meetings and discussions held by the Central Bank of Iraq, with the US Treasury regarding the sanctions imposed on Iraqi banks or even the issue of financial transfers to Iran, in addition to the required investments, which "It is possible to sign in the energy field."
He stressed, "Iraq got the other light by contracting with unsanctioned Iranian companies, which allowed the Ministry of Electricity to sign a contract to recover Iranian gas for a period of five years,
Evidence Suggests Stablecoins Are Emerging as a Worldwide Asset Class | Globe Echo
Stablecoin adoption is rapidly increasing, with research firm rwa.xyzreporting a 15% increase in the number of addresses holding both dollar and crypto-pegged stablecoins in 2024. Chainalysis also found that stablecoins are becoming more prominent in overall on-chain transaction activity, with increasing importance in various nations and regions.
Stablecoins, cryptocurrencies with values pegged to an external reference like the U.S. dollar, have represented over half of all on-chain transaction volume, highlighting their growing importance in the cryptocurrency market.
The adoption of stablecoins is being propelled by their ability to provide anyone with an internet connection access to the U.S. dollar, unlocking new pathways for financial inclusion. The U.S. leads in stablecoin purchases, but global demand is high, with over $40 billion purchased in March alone across diverse nations and regions.
Stablecoins are serving as a critical bridge between traditional finance and cryptocurrency, with the stablecoin market currently valued at around $150 billion and expected to exceed $2.8 trillion by 2028.
The stablecoin market has become more competitive, with Ripple announcing plans to launch a USD-backed stablecoin on the XRP Ledger. This move is expected to generate more use cases, liquidity, and opportunities for developers, as well as provide additional crypto liquidity to service cross-border payments demand.
Stablecoins like PYUSD and Tether are being used for cross-border payments, remittances, and facilitating transactions in regions such as Latin America and the Caribbean, promoting dollar dominance and increasing access to U.S. dollars.
The growing demand for stablecoins has prompted lawmakers to focus on stablecoin legislation, with proposed regulatory frameworks aimed at maintaining the U.S. dollar’s dominance, promoting responsible innovation, protecting consumers, and combating money laundering and illicit finance. Legislation such as The Lummis-Gillibrand Payment Stablecoin Act seeks to establish a regulatory framework for payment stablecoins, requiring issuers to maintain one-to-one reserves and prohibiting unbacked, algorithmic stablecoins.
This legislation, if passed, could accelerate institutional blockchain innovation and drive stablecoin adoption.
Despite the potential impact of stablecoin legislation on adoption, experts believe that stablecoins will continue to rise as a global asset regardless of regulations. Stablecoins provide a crucial solution for individuals in countries facing currency volatility, offering stability and facilitating commerce.
While regulations may provide more comfort for institutions using stablecoins and potentially bring banks into the stablecoin market, stablecoins have already surpassed all other types of cryptocurrencies in usage and represent over half of all transaction volume in recent months.
Overall, the adoption of stablecoins is on the rise globally, driven by their ability to provide access to the U.S. dollar, promote financial inclusion, and facilitate cross-border payments. Stablecoins are becoming increasingly important in the cryptocurrency market, with their market value expected to grow significantly in the coming years.
While stablecoin legislation may influence adoption in certain regions, experts believe that stablecoins will continue to play a crucial role in the cryptocurrency ecosystem and serve as a bridge between traditional finance and digital assets.
People still continue to claim a re-denomination or the deletion of the zeros is somehow different than a LOP. It's not. It's the same thing...
We all want the same thing. I'm telling you we do. Would I love for the rate to change to $3.22 per dinar? Would I love for them to keep the current currency they have without deleting the zeros when they change that exchange rate?
Of course I would. But what I'm saying to you is there are many possibilities you should at least be aware of them.I'm not saying it's going to happen one way or another for sure, I'm just saying to you there's some things out there that they're hiding from you...