AL-ALAQ ANNOUNCES THE SUCCESS OF THE ELECTRONIC TRANSFER PLATFORM IN ANTI-MONEY LAUNDERING
Shafaq News/ Governor of the Central Bank of Iraq Ali Al-Alaq announced on Thursday the successful use of the electronic external transfer platform in combating money laundering.
This came during Al-Alaq’s participation, in the Arab Forum of Anti-Corruption Authorities and Financial Investigation Units in the Kingdom of Saudi Arabia, according to a statement issued by the bank’s media and received by Shafaq News.
Al-Alaq delivered a speech on the efforts of the Central Bank of Iraq in spreading financial transparency and collecting and exchanging information on the real beneficiary at the international level, stressing the recent measures taken by the Central Bank of Iraq, represented in the use of the electronic external transfer platform, which effectively contributed to determining the identity of the real beneficiary and prevented the use of external transfers as a means of money laundering operations.
He pointed out that the use of the cash sale platform contributed to the arrival of foreign currency to real beneficiaries of travelers or students outside Iraq, as well as other cases that need foreign exchange according to the law.
The Chairman of the Integrity Commission, Haider Hanoun, also participated in the same forum, and will present Iraq’s measures to combat corruption and its role in achieving development and economic growth.
We are seeing a renaissance take place over in Iraq. But the same issues that are keeping it from really taking off and giving Iraq the type of boom it really needs in its economy and its growth is being held down by the same corrupt politicians that have been holding Iraq back for the past 20 plus years...
But overall the report from Jeanine Plasschaert was very very uplifting and praising. It showed a lot of positive things taking place in Iraq so don't let the bad things overshadow all the progress Iraq has made...We look forward to Sudani continuing this for at least another four years we hope.
I said it a million times. I'm saying the deletion of the zeros is a possibility. I want the same thing you do. I own Iraqi dinar. I'd rather they keep the zeros on and change the exchange rate to $3. I would love that. Or even 1 to 1. I want the same thing you do. What I'm saying to you is you guys should understand that there's another possibility that's likely to happen. That's all I'm saying...
Question: "Why are you investing in the Iraqi dinar?"
Because I think it's going to change in value and I can benefit from it.
Let's hope it [ascension to full WTO member] happens quickly but it's not going to be done by [the end of] 2024.
There are a ton of reforms especially in the banking sector. They're getting there but they're not 100% there yet as far as confidence in the currency. Nobody has confidence in it besides those who are invested in it. It's not that they have confidence in Iraqi dinar, they're hoping there's a big difference..
.There's years and years of history shows you Iraq constantly screws up and ends up back on square one. You can't blame people for being negative. IMO Iraq has taken all the steps necessary to get there but they're not there yet. Give it time...
ARAB BANKS SWEEP THE DOLLAR PLATFORM.. WASHINGTON SANCTIONS FREEZE THE IRAQI GOVERNMENT AND THE CENTRAL BANK IS CONTENT WITH SILENCE
The false and twisted policy of the United States of America towards Iraq is being exposed day after day in many cases, including the dollar crisis that Washington created to impose dictates and blackmail the government publicly after punishing Iraqi banks in two installments and imposing strict measures in exchange for obtaining the dollar from the electronic platform.
This made the opportunity available for Arab banks to invade the platform and dominate the sale of the dollar with clear laxity and in violation of the law from the Central Bank, which abandoned the matter of lifting sanctions on Iraqi banks and continued to grant licenses to Jordanian, Emirati, Gulf and foreign banks, which undermined the work of the local.
*Central violations
Speaking about this file, Al-Fath Alliance member Ali Al-Zubaidi criticizes the Central Bank’s controls for granting licenses to foreign and Arab banks to operate in the Iraqi banking sector, while he stressed that continuing to grant the dollar at reduced prices to these banks amounts to wasting the country’s share of the dollar.
Al-Zubaidi said in an interview with the Maalouma Agency, “Granting licenses to these banks should be in the field of investment, construction, loans, and initiatives, and not working on the electronic platform,”
noting that “these banks have undermined the work of Iraqi banks to a very large extent.”
(Now you know why the Jan 2023 electronic platform is going away in June 2024)
He continues, “The entry of Jordanian, Emirati, and Gulf Arab banks into the dollar selling platform will make them compete directly with Iraqi banks,” calling on “the Central Bank to reconsider these licenses or limit the points they offer in general.”
Al-Zubaidi continues his speech: “These banks’ possession of the dollar must be ended by buying the dollar at reduced prices and selling it at a higher price,” pointing out that “there is a clear error in the Central Bank’s controls in granting licenses to foreign and Arab banks to work in the Iraqi banking sector.”
Arab banks sweep the dollar platform.. Washington sanctions freeze the Iraqi government and the Central Bank is content with silence ?
(You can clearly see now the manipulation the Iraqi dollars and how they used the electronic platform even to get it)
*US sanctions
In addition, economic expert Nabil Al-Marsoumi confirms that the US Federal Reserve’s sanctions revealed the falsity of the strict US administration on Iraqi banks only, while he stressed that the current central bank law has made Arab banks dominate Iraqi banks.
Al-Marsoumi said in an interview with the Maalouma Agency, “The American ambassador contradicts the statements by talking about the development of the Iraqi banking system at a time when the Federal Reserve continues to issue sanctions,” noting that “the recent sanctions reduced the number of Iraqi banks to only five banks on the electronic platform.”
He continues, “Arab capital opened banks with Iraqi names and management in order to enter the currency auction and the electronic platform,” adding that “the issue of granting licenses requires reconsideration of Arab and foreign investments within the country.”
Al-Marsoumi continues his speech: “The basic law stipulates that the percentage of Arab banks is not allowed to increase by more than 49%, but the current Central Bank law allows Arab banks a percentage of up to more than 80%,” adding that “the current Central Bank law has made Arab banks dominate the Iraqi banks.
*Bank profits
For its part, an informed source reveals that Jordanian, Kuwaiti, and Qatari banks operating in Iraq achieved profits estimated at 200 billion dinars in just three months, while he confirmed that the Kuwaiti-owned Bank of Baghdad recorded profits worth 88.3 billion dinars, while the National Bank (of Jordan) recorded profits worth 88.3 billion dinars. Its profits amounted to 84.4 billion dinars.
(The goose that is laying the golden eggs strikes again …… ☹)
The source, who preferred to remain anonymous, said in an interview with the Maalouma Agency, “During the same period, Al-Mansour Bank, which belongs to Qatar, achieved profits amounting to 27 billion dinars,” indicating that “the error began with granting licenses to Arab banks to work in… The Iraqi Financial Market.
He added, “The Central Bank’s policy will contribute to losing control over the banking system, which will remain in the hands of the United States and Jordanian banks,” warning against “exploiting this file politically in the future.”
Many political and popular parties criticized the courtesy shown by the Iraqi governments towards the Jordanian, Emirati and Gulf banks and granting them privileges, facilities and illegal licenses, in light of their hostile policy towards the country on many issues, as well as their support for the usurping Zionist entity against the Palestinian people who have reached… use of airports, equipment and military aircraft.
(Now you can see why there is no RV until this is cleared up. This is part of the political corruption I am talking about. Get it?)
...we got some pretty good information...from...one of the very most top people in our lead bank which is Wells Fargo... “Looks good for a shotgun start over the next two days”. ...the green light so to speak is given... And that was said Wednesday...What is interesting is we know we're super close.
--
[via PDK] ...we know we're super close... Most banks...have been fully trained all the way down to the teller level about currencies. And now it's a matter of throwing the switch and getting us toll free numbers and setting our appointments...I think we're very close to ...going...
Somebody put something out about taxation, or this this would be a taxable situation for us - it is not a taxable event...It's BS don't buy it - not a taxable event period.
We're looking for 3 green lights – military - Treasury – and Wells Fargo in that 0rder...They got the green light from the military...we did receive confirmation that we have the Treasury's green light in the last couple of days...we did get the green light from Wells Fargo yesterday...
So in other words, we have all three green lights now covered - military - Treasury - Wells Fargo. The banks are bringing all employees in the banks up to speed on what we're about to witness and it's called Currency Training Protocols - They have been teaching to get everybody down to the teller level. Which remember the tellers didn’t know anything about this...the point is, it's really coming down to the wire.
ADVISER TO THE PRIME MINISTER: A REFORM PROCESS IN IRAQ BEGINS WITH THE GOVERNMENT BANKING SECTOR
Today, Wednesday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, stressed the importance of moving to reform the banking sector in Iraq, while noting that depriving some banks of foreign currency is an opportunity to restructure and organize them. Saleh told the Iraqi News Agency (INA): “Prime Minister Muhammad Shiaa Al-Sudani has a keenness to protect national capital, in addition to the fact that banking institutions need reform,” indicating that “what happened in depriving some banks of foreign currency is an opportunity to restructure and organize them.” “.
He added, “There is a program to reform the banking sector by starting with the government sector because the government banking sector dominates 85 percent of banking work and the rest of the small emerging markets, even though their capital constitutes 78 percent of the banking system’s capital, but they need to be reorganized and restructured to transform into… “Sound market institutions are integrated into the global economic system and have a role in finance and economic development.”
He pointed out that “there is a reform process in Iraq that begins with the government banking sector and then the private sector,” pointing out that “the injustice that happened to the banks is an opportunity for reform.”
