US Finalises Measure Against Iraq-based Bank, 28 June

US Finalises Measure Against Iraq-based Bank

FinCEN Issues Final Rule Against Iraq-Based Al-Huda Bank to Combat Terrorist Financing Today, June 26, 2012, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury issued a final rule in accordance with section 311 of the USA PATRIOT Act (section 311). This rule prohibits domestic financial institutions and agencies from opening or maintaining a correspondent account for or on behalf of Al-Huda Bank, an Iraqi bank that serves as

Under Secretary of the Depository for Psychological oppression and Monetary Insight Brian E. Nelson said:

“We remain focused on preventing Iran and its proxies from utilizing these gaps to facilitate their destabilizing terrorist activities, even as Iraq continues to make progress in its efforts to address illicit finance-related vulnerabilities in its financial system.”

“The present last rule cuts off this critical channel for tax evasion and psychological militant funding, guaranteeing both the honesty of the Iraqi and global monetary frameworks as well as the proceeded with improvement of genuine business and exchange.”

Al-Huda Bank was identified by FinCEN as a foreign financial institution of primary concern for money laundering on January 31, 2024, in a finding and notice of proposed rulemaking (NPRM). Al-Huda Bank supported Iran’s Islamic Revolutionary Guard Corps (IRGC) and IRGC-Quds Force, as well as Iran-aligned Iraqi militias Kata’ib Hizballah and Asa’ib Ahl al-Haq, for years by taking advantage of its access to U.S. dollars, according to the finding.

Besides, the director of Al-Huda Bank is complicit in Al-Huda Bank’s unlawful monetary exercises, including illegal tax avoidance through front organizations that disguise the real essence of and parties engaged with illegal exchanges, eventually empowering the supporting of psychological oppression.

FinCEN is making this segment 311 move to safeguard the US monetary framework from Al-Huda Bank’s illegal action. Covered financial institutions are now required to take reasonable steps not to process transactions for the correspondent account of a foreign banking institution in the United States if such a transaction involves Al-Huda Bank, preventing Al-Huda Bank from having indirect access to the United States financial system as a result of this final rule. Covered financial institutions are also prohibited from opening or maintaining correspondent accounts for or on behalf of Al-Huda Bank.

In addition, covered financial institutions are required by this final rule to perform additional due diligence on their foreign correspondent accounts that is reasonably designed to prevent their use to process Al-Huda Bank-related transactions.

"RV UPDATE" BY MIKE BARA, 28 JUNE

 MIKE BARA

The situation as I understand it: This should have gone in April. That was Plan A. The USA stopped it. The window for Plan B opens tomorrow at "Sundown" and is a week long. There is no Plan C.

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Word from a source just received:

 He got a call from a high banking source at a major bank in the south. “You’ve been bugging me about this for ten years. Well, congratulations buddy. Your dream is about to come true.”

 SOURCE: “What do you mean?” 

BANKER: “We just got a letter from headquarters informing us to get ready because ‘The Iraqi Dinar is revaluing extremely soon.’”

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The situation as I understand it: This should have gone in April. That was Plan A. The USA stopped it. The window for Plan B opens tomorrow at "Sundown" and is a week long. There is no Plan C.

--

The "Bondholder" is once again certain he gets paid out on Tuesday, but he is returning to his city of origin tomorrow. He HAS to be in this location to get his payout. This means the payout COULD come sooner than Tuesday. More as I get it...

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https://dinarevaluation.blogspot.com/2024/06/the-iraqi-dinar-is-revaluing-extremely.html

Iraqi Dinar✅Get Prepared Exchange Rate Has Been Fixed | Iraqi Dinar News...

Al-Fateh: Washington is trying to justify its military presence in Iraq, 28 JUNE

Al-Fateh: Washington is trying to justify its military presence in Iraq

Today, Thursday, the agent of the Al-Fatah Union, Muhammad Karim, affirmed the American organization’s endeavor to legitimize its field military presence in Iraq.

“There are no signs of an actual American withdrawal from Iraq amid the continuing demands for the necessity of ending the military presence in the country,” Karim stated in an interview with

“The United States of America is determined to keep its forces under the pretext of defending its interests in the Middle East region,” he said in addition .

“The last thing the American administration is thinking about now is withdrawing from Iraq and Syria,” Karim remarked.

Famous, political and ancestral requests are expanding for the need of eliminating unfamiliar powers, drove by the American powers, from Iraq quickly, advance notice simultaneously of a hazardous heightening on the off chance that their wrongdoings against the security administrations and their encroachment on the country’s sway proceed.

"BANKS HAVE UNDERGONE SEVERAL STRESS TESTS THIS YEAR" BY GOLDILOCKS, 28 JUNE

 GOLDILOCKS

Banks have undergone several stress tests this year. They have, also, gone through a simulation of what is called a mirroring event of national news that would cause stress on the banking system.

Research has shown that the large banks are capable of undergoing extreme funding stress scenarios. For this reason, it is believed that a lessening of capital requirements will be needed to move forward.

This will enable more banks to be protected under new amended OCC and FDIC rules as we approach our transition from this economy to the next. Small to mid size banks are still at risk, and people need to be aware of these risks and able to mobilize their money if needed. 

Commercial real estate appears to be the largest concern, and plans are already in place to reset this portion of our economy. Basel 3 has long been delayed, but this new report is very encouraging to transition into these new banking regulations. 

As we have said several times in this room, Europe has a date of January 1st, 2025 to begin the implementation of their Basel 3 regulations. This is a target point for the rest of the world to reach, and many have come a long way. 

Currently, less predictable testing for Capital Requirements are being suggested. We have, also, talked about this being a period of time when Credit Valuation Adjustments would take place on every level of the market, banking system, and Forex. It looks like we are doing that right now. These will continue to provide the needed information for International Valuation Standards Committee (IVSC) to begin there task of currency valuations at the end of January 2025.

© Goldilocks 

https://www.nytimes.com/2024/06/26/business/bank-stress-tests.html

💥IRAQI DINAR & VIETNAM DONG RATES & BANK STORY💥 #iraqidinar #dinar #vie...

PM Al-Sudani calls for enhanced cooperation with NATO post Global Coalition withdrawal, 28 JUNE

PM Al-Sudani calls for enhanced cooperation with NATO post Global Coalition withdrawal

Shafaq News/ Prime Minister Mohammed Shi Al-Sudani received, on Thursday, the Commander of the NATO Mission in Iraq, Lieutenant General Lucas Schreurs, who recently assumed command of NATO Mission in Iraq.

According to the Prime Minister’s media office, the meeting discussed the security situation in the region and the NATO Mission's efforts and its cooperation with Iraqi security institutions in the fields of advisory, training, and intelligence coordination in tracking down remnants of ISIS terrorist gangs.

Prime Minister Al-Sudani emphasized the importance of developing bilateral cooperation with the NATO Mission in training and information coordination with the Iraqi armed forces, following ending the Global Coalition's mission in Iraq. "This cooperation is vital for enhancing security and contributing to the stability of the region."

Lieutenant General Schreurs, expressed his gratitude to the Iraqi government for its support for the NATO Mission and for providing the necessary facilities for its operations in Iraq, as per the statement.

Iraqi armed factions have issued a 40-day ultimatum to Prime Minister Al-Sudani, demanding a definitive plan for the withdrawal of US forces from the country, a political source revealed on Wednesday.

The ultimatum, conveyed by various armed groups, highlights mounting pressure on the Iraqi government to expedite the departure of American troops, whose presence has been a contentious issue since the US-led invasion in 2003.

"The factions have set a deadline until mid-July for the government to settle the issue of the US military presence," the source told Shafaq News Agency on condition of anonymity, adding that failure to comply would result in renewed military operations against American interests in Iraq and the region.

In early February, attacks by armed groups on US forces in Iraq and Syria had ceased temporarily following the killing of three American soldiers in Jordan by a drone strike, which prompted retaliatory airstrikes by the United States on Iraqi and Syrian targets.

Against the backdrop of these developments, a senior political source clarified to our agency that "several armed factions have instructed Al-Sudani and his government to provide a publicly announced and binding timetable for resolving this issue. Otherwise, military operations against US targets and interests will resume."

Earlier this year, Iraqi Kata'ib Hezbollah announced a halt to its operations against US forces "to avoid embarrassing the Iraqi government," instructing its fighters to adopt a temporary defensive posture.

Armed Iraqi factions have periodically conducted attacks on US military bases in Iraq and Syria since late October 2023, spurred by the war in Gaza.