Friday, August 2, 2024
Iraq Arrests Another Suspect Involved in ‘Heist of the Century’, 2 AUGUST
The Iraqi Integrity Commission has announced the arrest of a suspect linked to the "heist of the century," with gratitude extended to the Kurdistan Region's Ministry of Interior for their assistance in arresting the individual.
Without disclosing the suspect's name, the commission confirmed the arrest of a key figure in the high-profile theft case, praising the collaborative efforts of both the federal government's Interior Ministry and the Kurdistan Regional Government (KRG).
Four additional defendants, already suspended by the High Criminal Court, were part of the former government of Prime Minister Mustafa al-Kadhimi and are implicated in the case.
According to Iraqi officials, the charges against these individuals stem from their involvement in extracting approximately $2.5 billion in cash from the General Tax Authority. This sum, lost between September 2021 and August 2022, represents a significant amount of money in a country that consistently ranks among the world's most corrupt.
The "theft of the century" has been described as the disappearance of $2.5 billion in tax revenue, shedding light on the extent of corruption within Iraq's financial systems. link
Coffee with MarkZ, MM and Mr. Cottrell. 08/02/2024
Adviser To The Prime Minister: We Are Heading Towards Reforming The Government Banking Sector, 2 AUGUST
Economical 08/01/2024 Baghdad: the mainstay of the emirate The Financial Advisor to the Prime Minister, Dr. Mazhar Muhammad Saleh, stated that
reforming the banking system is one of the most prominent priorities of the government’s approach, because of its positive effects in all aspects of the economy, indicating that the
first steps of that reform began through the government banking sector,
which currently dominates more than Of 85 percent of the assets of the banking system, its
banking operations and activities account for approximately the same percentage of total deposits and credit.
Earlier, Prime Minister Muhammad Shiaa Al-Sudani chaired a special meeting to develop the work of government banks, and directed to resolve the procedures for developing the work of Rafidain Bank.
The Prime Minister's Media Office said that Al-Sudani was briefed during the meeting, which was attended by representatives of Ernst & Young for auditing and financial consulting, on the technical and administrative procedures for the Rafidain Bank development project, which were taken during the period that followed the signing of the contract with the company specialized in structuring and developing work in the banking sector.
It is noteworthy that the development plan of Rafidain Bank includes a comprehensive review and evaluation of the bank’s work, and the implementation of structural administrative reforms, aiming to provide a package of integrated banking services to citizens and companies, in which advanced electronic programs and modern technology are adopted in all banking transactions, and the optimal use of human and technical resources, and the transition to... Automated work, which helps the bank’s ability to meet banking requirements Globalism. Counselor Saleh told “Al-Sabah”:
“the reform principles upon which the government program was founded and which the House of Representatives approved are based on On regular executive priorities, at the forefront of which is reforming the banking sector, as the Prime Minister’s vision was focused on economic reform through reforming the government banking sector, which currently dominates more than 85 percent of the assets of the banking system, and its banking operations and activities account for approximately the same percentage of total deposits and credit. "The banker."
Saleh pointed out that this beginning came because these banks are large and important, but
they are burdened with a legacy left by the conflicts of the past half century and their repercussions on the efficiency of this large banking system, whose capital base still constitutes only a low percentage that does not exceed 22 percent of the total capital of the banking system, indicating that
“In view of this banking dominance, which is burdened with inherited problems, our country suffers from limited growth in the activity of the banking market and its division between private banks, the number of which exceeds more than 50 banks, but
they are limited in their activity in deposits and credit, but
they do not have a unified and homogeneous competitive banking market with government banks, as they dominate
“Governmental banks are in great pain in their market shares and in their banking activity, and
they live in their activity on sovereign banking liquidity, as
they are banks of a purely rentier nature that deal with large government deposits that affect their liquidity.” The government advisor explained,
“In order to advance the Iraqi banking market, the
first reform steps have inevitably begun with government banks, especially major commercial banks such as Al-Rafidain Bank, and
based on the above, with the aim of making government banks operate in accordance with capital efficiency standards and lead financing and development activity in the country and with competitive foundations that provide Financial inclusion
At the same time, the study, which is being prepared by the international auditing and accounting firm Ernst Young, is based on the principle of creating a highly efficient government commercial banking sector that takes the lead with the rest of the banking market in financing market activity and with digital foundations and financial and accounting technologies in accordance with modern financial engineering. He pointed out that
this leads to the
birth of a government bank that
specializes in managing government banking operations exclusively and
is considered a cornerstone in organizing the treasury account and stabilizing government cash flow budgets, meaning that
it will at the same time be the public finance arm of the government banking organization. Saleh believes that
these steps can achieve the
goals that lead to “the birth of a homogeneous banking market that
operates according to competitive principles and can
integrate with the local and international financial and banking system with
high credit and banking efficiency required by the sustainable development goals and the
requirements of the availability of market institutions and their
integration between financing services on the one hand and real investment.” And production growth on the one hand Other. https://alsabaah.iq/100342-.html
RV UPDATE BY MIKE BARA, 2 AUGUST
MIKE BARA
UPDATE
Here is the situation as I understand it, Friday morning 8/2/2024. "They" are still processing German historic bonds. They are finding many fakes. They have a quota to meet for "real" authentic German bonds before they can move onto the Chinese (Dragon) bonds.
"They" (UST) expect that threshold to be reached sometime this weekend. Once "They" move to Dragon bond payouts, that's when the "bondholder" should receive his commission. That's when we're on, because my understanding is that is the "end" of Tier 3 and Tier 4a. None of this is connected to the revaluation of the Iraqi Dinar, which could still happen anytime. UST is said to want that to happen imminently.
The Cabal is broke and needs the influx of funds from Tier 4 to continue the war. But the reality is the war is all but over. I suggest you think of this terms of World War II. It's late 1944. The Battle of the Bulge (Trump assassination attempt) has just failed.
The Germans have been driven back to the Rhine, and it's only a matter of time before Patton gets across and finishes the job. TNT Tony's 48-hour window has passed. Let's see if he has any new or corroborating information on his call today. That's where we're at. At least as far as I can tell. — Mike
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