Friday, May 24, 2024
Iraq reiterates commitment to anti-money laundering efforts, seeks investment for Development Road, 24 MAY
Iraq reiterates commitment to anti-money laundering efforts, seeks investment for Development Road
Shafaq News/ Wadih Al-Hanjal, head of the Iraqi Private Banks Association, reiterated Iraq's commitment to combating money laundering and called for international support for investments in the Development Road project during his participation at the Arab-Turkish Summit in Istanbul on Thursday
Al-Hanjal led an Iraqi delegation to the summit, which focused on discussions surrounding the Development Road, a major infrastructure project linking Turkiye to the Gulf via Iraq.
According to a statement from the association, Al-Hanjal urged for swift decisions to "change the economic face of the region."
He emphasized Iraq's policy of "economic openness to all countries," seeking to establish a robust network of economic partnerships and attract foreign investment for infrastructure development.
Al-Hanjal commended the flourishing state of bilateral relations between Iraq and Turkiye, citing a trade volume of $20 billion in the past year and strong cooperation between Iraqi and Turkish companies on strategic projects within Iraq.
He expressed optimism that the recent visit of Turkish President Recep Tayyip Erdogan to Iraq would yield positive results for the Arab region, particularly regarding the Development Road initiative.
"The Development Road project has the potential to revolutionize cargo transportation between East Asia and Europe and significantly reduce shipping duration from Faw Port to Europe by 15 days compared to existing routes," he said. "Additionally, it would lead to cost reductions in insurance and transportation fees, ultimately benefiting consumers through lower final product prices. Beyond its economic impact, the project is expected to generate over 100,000 direct jobs through the establishment of large-scale factories within Iraq."
The Development Road envisions a network of land and rail routes connecting China, India, the United Arab Emirates, Qatar, Iraq, Turkiye, and ultimately Britain. This ambitious project, estimated to cost $17 billion, has the potential to transport 15 million passengers and over 22 million tons of cargo annually, while generating an estimated return of $5 billion annually for Iraq.
Al-Hanjal called on Arab and foreign banks to participate in financing these investments, emphasizing the importance of sovereign guarantees to expedite project development and achieve regional growth. He acknowledged the successful collaboration between the Central Banks of Iraq and Turkiye in adopting the Turkish lira and the euro for financing bilateral trade.
Despite the challenges, Al-Hanjal highlighted "resilience" of the Iraqi private banking sector. He noted that some banks facing difficulties with dollar transactions continue to operate using other currencies to meet customer needs. "The sector is actively expanding its range of services, contributing to a rise in financial inclusion rates across the country."
Al-Hanjal commended the Central Bank of Iraq's successful monetary policies, which have brought inflation down from 7.5% to 3.8%. He said "Iraq's robust foreign currency reserves exceeding $111 billion and its gold holdings surpassing 145.6 tons, solidify its position as the fifth-wealthiest Arab nation in terms of reserves."
Al-Hanjal called for decisive action to "change the economic face of the region" and offer hope to populations grappling with inflation, rising prices, and foreign investor flight. He reaffirmed Iraq's commitment to combating money laundering and financing terrorism, citing its compliance with the Middle East and North Africa Financial Action Task Force (MENA FATF) standards. He also praised the Central Bank and the Iraqi judiciary for their role in maintaining Iraq's international standing in the fight against money laundering and terrorist financing.
"THE IQD COULD BE BOUGHT AND SOLD ON FOREX" BY GOLDILOCKS, 24 MAY
GOLDILOCKS
" Chairman of the Securities Commission in Iraq, Faisal Al-Haims, confirmed today, Wednesday, that the authority is studying the possibility of licensing brokerage companies to trade in shares on international stock exchanges."
Forex is sold "in shares" through exchange-traded products (ETPs) and exchange-traded notes (ETNs).
Licensing brokerage companies to trade on the global exchange, also known as a foreign exchange (forex) market, is a necessary process that allows companies to operate in the market.
As long as global financial standards and International digital norms/regulations are followed, a forex license can be issued by regulatory authorities.
This procedure guarantees a company's compliance with International regulatory standards. Without a license, a broker's work is considered illegal.
These procedures will allow the Iraqi Dinar to be bought and sold on Forex when they are done. At the present time, banks are in process of learning how to do foreign currency exchanges through an electronic process.
Now, it makes sense why my friend told me they were doing foreign currency exchange training with every currency except the dinar, but this is about to change with the reclassification of the Iraqi dinar by the end of this month.
© Goldilocks
https://economy-news.net/content.php?id=43449
https://gofaizen-sherle.com/forex-license#:~:text=The%20timeframe%20for%20issuing%20a,are%20considering%20for%20your%20business.
https://finjuris.ae/forex-licence-consulting?gad_source=1&gclid=Cj0KCQjw0ruyBhDuARIsANSZ3wppVe13stDYj4UEd5PGV-gwfQB6g1uGqINmFHEZpR2dpC1H6cNRb28aAj7REALw_wcB
"KTFA FAMILY WHAT DOES THIS TELL YOU?" BY FRANK26, 24 MAY
Statement issued by the Presidency of the Anti-Money Laundering and Terrorist Financing Council
May 22, 2024
Statement issued by the Presidency of the Anti-Money Laundering and Terrorist Financing Council
The report stressed understanding the risks of money laundering and terrorist financing, and the effectiveness of implementing measures to combat these crimes, including international cooperation and confiscation of proceeds of crime, as well as investigation and prosecution.
The Presidency of the Anti-Money Laundering and Combating the Financing of Terrorism Council takes advantage of the opportunity to extend sincere thanks and appreciation to His Excellency the Honorable Prime Minister and the Honorable President of the Judicial Council, for the support they provided to raise the evaluation process, as well as to extend its thanks to the members of the Anti-Money Laundering and Terrorist Financing Council and the Anti-Money Laundering and Terrorist Financing Office. Money and terrorist financing, and all judicial and governmental bodies and all formations of the Central Bank of Iraq, which have contributed and worked over the past two years to provide the evaluation requirements in a way that reflects the real reality of effective judicial and government procedures in developing the system to combat money laundering and terrorist financing.
Chairman of the Anti-Money Laundering and Terrorism Financing Council,
Governor of the Central Bank of Iraq
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An International group removes Iraq from the “notorious” financial list
5/22/2024
On Wednesday, the Middle East and North Africa Financial Action Task Force (MENAFATF) classified Iraq as a country highly committed to the recommendations for combating money laundering and terrorist financing.
The media center of the Iraqi Supreme Judicial Council stated, in a statement received by Shafaq News Agency, that the organization decided, in its general meeting held in the Kingdom of Bahrain for the period from May 19 to 23, to consider Iraq as one of the countries highly committed to the recommendations of the Financial Action Task Force (FATF). The field of combating money laundering and terrorist financing.
He stated, "The residents' report on Iraq and the adequacy of the procedures followed by the Iraqi authorities in the field of combating money laundering and terrorist financing was accepted."
He pointed out that accepting the residents’ report “means that Iraq will continue to not be included on the gray list, which is the list of high-risk countries in the field of combating money laundering and terrorist financing, after the Iraqi team succeeded in convincing the general meeting of the MENA FATF of the adequacy of the measures taken by it in this field.” ".
The media center explained that the two deputy presidents of the Karkh Court of Appeal, Judges Ali Hussein Jafat and Dhia Jaafar, and the deputy president of the Rusafa Court of Appeal, Judge Iyad Mohsen, participated in the meeting with a group of representatives of the Anti-Money Laundering Office at the Central Bank of Iraq, as well as representatives of the rest of the relevant Iraqi institutions. Relevance.
"RV UPDATE" BY FRANK26, 24 MAY
Frank26
A second set of books is a normal business action. Many companies, many firms for financial projections, for balances, for audit purposes, for changes whatever it may be, run a second set of books. The second set of books is simple business practice. It's not illegal unless you're doing it illegally under the table...This second set of books is not hidden...they [Iraq] expose it [their second second set of books] to the right people, IMF, World Bank, US Treasury...
Question "What does your gut say the rate will be in the end?" Remember I said IMO the float would probably be between $3.36 and $4.25 would be a good place to cap it.
Is Iraq a member of the WTO?
'Well, Frank you say they're a member of the WTO, they qualified for it.' But do you see any official paper that tells you they're a member of the WTO. 'No.'
Why not?
Until you see the new exchange rate. 'But you don't have to have a high exchange rate to join the WTO. Why do you say something like that?' Because commitments were made in contracts that were guaranteed by Sudani for all these people through the WTO investments for the economic reform of Iraq.