Saturday, August 17, 2024
It Attracts Investors And Limits Currency Smuggling.. A Specialist Explains The Importance Of “Digitizing” Iraqi Banks, 18 AUGUST
Economy | Yesterday, 15:00 | Baghdad today – Baghdad Today, Friday (August 16, 2024), Nawar Al-Saadi, an expert in financial and economic affairs, revealed the
importance of the benefits of “digitizing” the financial transactions of Iraqi banks, while noting that
digitization can enhance financial inclusion by attracting users who do not deal with traditional banks remotely. By providing services that are accessible and easy to use. Al-Saadi told “Baghdad Today” that
“digitizing financial transactions in Iraqi banks can provide great benefits, especially with regard to reducing cases of currency smuggling,” noting that
“by adopting digital systems, banks can track all financial transfers with greater accuracy and transparency.”
This means that every transaction is automatically recorded and saved in a central database that can be reviewed at any time.
This allows the relevant authorities to quickly monitor and detect suspicious financial activities, making it difficult for smugglers to exploit the financial system to smuggle currency.”
He added,
"The digitization of the banking system contributes to reducing cases of money laundering, as these operations usually depend on exploiting loopholes in traditional systems,
but with the presence of an advanced digital system, these operations become more complex, and
digitization allows the use of advanced technologies such as artificial intelligence to analyze patterns." in banking data and identifying any abnormal or suspicious transactions,” stressing that
“this helps prevent money laundering by early identifying unusual activities and reporting them to the competent authorities.” Al-Saadi explained,
“To implement this digital transformation in Iraq, there is a need for investments in technological infrastructure and developing the institutional capabilities of banks,” noting that
“this requires providing modern technology, training employees to use it effectively, in addition to developing legislation and laws that protect users and encourage On digital transactions,
it is also important to enhance customers’ awareness of the benefits of digital transactions and build their confidence in the new systems.” He stressed that
"digitalization in banks contributes to achieving more transparency and credibility in the financial system, as every transaction can be easily tracked and reviewed.
It also works to improve the operational efficiency of banks by completing transactions more quickly and at a lower cost.
From a security standpoint, digitization provides higher levels of security." Protection against fraud and theft through advanced encryption technologies. The expert in financial and economic affairs concluded by saying,
“Digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services.
The digitization of financial transactions in Iraqi banks also carries great potential to enhance economic stability and reduce the risks associated with it.” Money laundering and currency smuggling, leading to a safer and more efficient financial system.”
https://baghdadtoday.news/255745-تجذب-المستثمرين-وتحد-من-تهريب-العملة.-مختص-يبين-أهمية-رقمنة-المصارف-العراقية.html
Q & A WITH FRANK26, 18 AUGUST
Frank26
Question: "How long do you think the US Treasury will be in Iraq? Are they staying to see the finish?"
IMO yes.
Question: "As far as the training videos, are there any more subjects remaining with the RI and monetary reform that the Iraqi have not seen?"
Yes. Right now they're teaching them about the float. They hadn't seen that up until two days ago.
CBI document released [Sunday] This is good. What is the reason why we don't have the monetary reform?Digital Banks... Fears Of Money Laundering And Currency Smuggling To Banks That Do Not Have Branches (Witness), 18 AUGUST
Special Sumerian 2024-08-15 | Source: Sumerian 1,697 views Alsumaria News - Local
Fears have been raised recently that so-called digital banks are being used for the purposes of money laundering and currency smuggling, especially since
they are nothing more than electronic pages that do not have branches on the ground,
thus opening a new door to corruption that directly harms the country's economic reality.
Economic affairs specialist Ali Tamer said in an interview with Al-Sumaria that
merchants and manipulators are lurking to exploit this (digital) card, as
this card has adopted the secret numbers of its holders, but these numbers can be adopted by other people as they are a number and not a handprint, indicating that the bank’s oversight The Central Bank has established a mechanism for dealing with this card that can limit these manipulations and currency smuggling outside Iraq.
Also, the issue of conducting financial transactions through a phone application and digital cards, some believe that it may open a wider door to corruption, especially since this process is not subject to close monitoring, and this facilitates making deposits at home, withdrawals from abroad, and smuggling money.
In an interview with Al-Sumaria, an economic affairs specialist, Duraid Al-Anazi, said that
money could be smuggled under the pretext of importing goods, but these goods did not arrive and the money was smuggled.
On the other hand, economists confirm that the idea of establishing digital banks that provide their services through electronic channels without the presence of real branches on the ground raises suspicion and fear that it will contribute to confusing the economic situation through incomprehensible operations that could be exploited to harm the country’s economy.
To view the report, see the main image above
https://www.alsumaria.tv/news/alsumariaspecial/497144/المصارف-الرقمية-تخوفات-من-غسيل-اموال-وتهريب-عملة-لبنوك-ليس-لها-فروع-شا
LATEST FROM NADER FROM MID EAST, 17 AUGUST
Nader From The Mid East
1310...1160...1400 never worked. They just come out with number and give it to us and sometime you wake up and they take 1310 and sometime you can wake up and they tell you 1160 and sometime 1400...Don't tell me it worked because I know in my heart it's not 1310. It never worked for 21 years. It made the people poor. It made the economy bad. If it's going to stay like that the next couple of years it's going to make the economy worse. They're going to have to change it.
[Iraq former government/UN employee friend Imad from Basra update]Results of the War on "Hard Currency" Smuggling in 2024, 17 AUGUST
Results of the War on "Hard Currency" Smuggling in 2024
As of August 17, 2024, the global war on hard currency smuggling has seen significant advancements and challenges. The decline of physical cash usage worldwide has accelerated, primarily due to the increasing preference for digital transactions. This shift has been driven by the convenience and security of digital payment methods, which have become the norm in many countries, making traditional cash less relevant.
Digital Currency Experiments
To keep their monetary systems relevant, central banks around the world have been experimenting with digital versions of their currencies. Unlike private cryptocurrencies like Bitcoin, central bank digital currencies (CBDCs) are issued by the state and function similarly to traditional money. The goal is to introduce these digital currencies in limited circulation, alongside physical cash, and gradually expand their use as cash usage diminishes.
China, Japan, and Sweden have been at the forefront of CBDC trials, while the Bank of England and the European Central Bank have been preparing their own digital currency experiments. The Bahamas has even launched the world's first official digital currency. These developments signal the impending end of cash as a primary medium of exchange, with far-reaching implications for economies, finance, and society.
Security and Digital Payments
One major benefit of digital currencies is enhanced security. Cash can be lost or stolen, posing risks for individuals and businesses. Digital currencies, while not immune to hacking, can be made more secure with advanced technologies.
United States and the Digital Dollar
In contrast to the actions of other countries, the U.S. Federal Reserve has been more cautious in its approach to digital currencies. However, there is a growing argument that the United States should develop its own digital dollar. The benefits of a digital currency, including improved security and reduced transaction costs, outweigh the potential costs. The move toward a digital dollar is not driven by international competition but by the intrinsic advantages of digital currencies.
Global Conflicts and Economic Shifts
The global landscape in 2024 is marked by ongoing conflicts and significant geopolitical shifts. These conflicts have affected core European interests and the global economy, particularly maritime routes. The changing dynamics have forced European countries to reassess their foreign policies and economic strategies.
The Syrian Regime and Captagon Trafficking
In the Middle East, the Syrian regime under President Bashar al-Assad has been using the trafficking of Captagon, a synthetic stimulant, to exert pressure on Gulf states, particularly Saudi Arabia. This illicit trade has become intertwined with the interests of powerful groups within Syria, complicating efforts to curb drug supplies. The Syrian regime's cooperation would require significant concessions from Saudi Arabia, addressing the regime's need for financial resources and political support against Western demands for change.
Conclusion
The war on hard currency smuggling, driven by the global shift toward digital payments, has had a multifaceted impact on economies and international relations. While digital currencies promise enhanced security and efficiency, the transition is not without challenges. In regions like the Middle East, illicit activities such as drug trafficking have emerged as new forms of leverage, complicating diplomatic and economic strategies.
SOURCES:
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...