Friday, June 28, 2024
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.
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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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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
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