DINAR REVALUATION REPORT: Corruption in Iraq: The Complex Issue of Political Protection, 3 SEPT

 Corruption in Iraq: The Complex Issue of Political Protection

Corruption in Iraq is a pervasive issue that has long hindered the country's development and stability. As of September 3, 2024, the problem remains deeply entrenched, with political protection serving as a significant barrier to holding the corrupt accountable. 2

Iraq's Struggle with Corruption

Iraq has been grappling with corruption for decades. Despite some progress in key areas such as combatting corruption, addressing unemployment, and improving public services under Prime Minister Mohammed Shia al-Sudani's administration. 2 the issue remains a major stumbling block in the country's efforts to achieve lasting peace and prosperity.

Political Protection: A Shield for the Corrupt

One of the most significant challenges in addressing corruption in Iraq is the phenomenon of political protection. This refers to the shielding of corrupt individuals from legal consequences by those in power. 2 Members of parliamentary blocs have expressed their frustration, stating that they can identify the corrupt but are unable to hold them accountable due to the political protection they receive.  2

Impact on Governance and Society

The issue of corruption, compounded by political protection, has far-reaching consequences for Iraq. It undermines public trust in government institutions, erodes the rule of law, and exacerbates social and economic inequalities. 2 This, in turn, fuels further unrest and instability, as seen through the ongoing protests and social unrest. 2

Efforts to Combat Corruption

Despite the challenges, there have been concerted efforts to combat corruption in Iraq. Prime Minister al-Sudani has made it a central part of his agenda, aiming to address the issue through structural reforms and anti-corruption measures. 2However, progress has been slow, and significant obstacles remain in the form of entrenched political interests and the lack of political will to fully address the problem.  2

The Role of International Community

The international community has also played a role in supporting Iraq's efforts to combat corruption. Assistance in the form of technical expertise, capacity building, and financial aid has been provided to strengthen institutions and promote transparency. 2 However, the effectiveness of these efforts is limited by the persistence of political protection and the broader political climate in Iraq. 2

The Way Forward

Addressing corruption in Iraq requires a multifaceted approach that tackles the issue at its roots. This includes strengthening legal frameworks, improving the capacity of law enforcement agencies, promoting transparency and accountability, and fostering a culture of integrity among public officials. 2 Most importantly, it necessitates the political will to hold the corrupt accountable, even when it involves powerful individuals or political allies. 2

Corruption In Iraq With “Political Protection”.. Parliamentary Bloc: We Identify The Corrupt And Cannot Hold Them Accountable, 3 SEPT

 Corruption In Iraq With “Political Protection”.. Parliamentary Bloc: We Identify The Corrupt And Cannot Hold Them Accountable

Politics | Yesterday, 10:02 |Baghdad today – Baghdad  Today, Monday (September 2, 2024), the Parliamentary Amal Bloc confirmed that there is protection for some corrupt and negligent people that prevents the Iraqi Council of Representatives from exercising its role in holding them accountable.  

The head of the bloc, Representative Yasser Al-Husseini, told “Baghdad Today” that “there are negligent people and there are many great suspicions of corruption in various ministries and on the work of some ministers, but
 
at the same time there is political protection that prevents these people from being held accountable and interrogated in the House of Representatives, by the controlling parties.” On the governmental and parliamentary scene.  Al-Husseini stated,
 
“Many of the representatives and parliamentary committees identify many cases of negligence and suspicions in the work of the ministries and some officials,
 
but any move by these representatives results in pressure to prevent any move for accountability or interrogation, and
 
for this reason you find the House of Representatives without a real oversight role due to the political protection of negligent and corrupt people.”.
 
Iraq is classified among the most corrupt countries in the world, in the Corruption Perceptions Index for 2023 issued by Transparency International, as Iraq ranked fifth among the most corrupt countries in the world.
 
The former Special Representative of the Secretary-General of the United Nations in Iraq, Jeanine Plasschaert, confirmed during her recent briefing on Iraq before the UN Security Council that corruption is still continuing in Iraq, noting at the same time that its treatment is not at the required level.

This was also confirmed by the German Ambassador to Iraq, Christiana Homann, in her first appearance after assuming the position, where she said,
 
“Yes, there are German investors who were asked to pay some kind of bribes and royalties in exchange for obtaining contracts, but they did not pay, as the matter is illegal in our country and they will be punished.” The law if they do so.
 
Iraqi officials do not deny the existence of rampant corruption in state agencies, through their political speeches and seminars to the media.
 
Everyone knows that the only issue that the political forces participating in the government have agreed upon is dividing the ministries and state institutions and turning them into sources of  rent for them.
 
This deep-rooted corruption is a serious obstacle to the country's development, undermining people's confidence and paralyzing all efforts to provide basic services to citizens, according to observers.   
 
https://baghdadtoday.news/257005-الفساد-في-العراق-بـحماية-سياسية.-كتلة-نيابية-نشخص-الفاسدين-ولا-نستطيع-محاسبتهم.html   

Coffee with MarkZ and Andy Schectman. 09/03/2024

Coffee with MarkZ and Andy Schectman. 09/03/2024

MarkZ  Update- Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context.  Be sure to consult a professional for any financial decisions

Member: Good morning Mark, Mods and RV family

Member: So another 3 day weekend bites the dust. 

Member: Hoping Mark has big RV news today .

Meber: What is your feeling on why this never comes to fruition? Are we now waiting for the election. Man this is hard.

MZ: I don’t think we are waiting on the election. I think things are being forced through as we speak. 

Member: The Greatest Stall of All-Time...Iraq

Member: I'm super positive that this is our WEEK. I'm feeling "by Friday" for notifications to make appointments. My vibes.

MZ: I would not be surprised if your feelings are accurate. 

MZ: “Iraq admitted by the order of the IMF that they have to back up their currency”  Currencies with gold to face the fluctuations of currencies. The IMF is pushing Iraq to purchase ore gold. 

MZ: For anybody paying attention….We are going to a gold standard. Just like Denmark Central bank told you- “we are preparing for the inevitable creation of a new Gold Standard.”

MZ: It is coming. The Philedelphia office of the Fed penned a similar article saying “The only answer to all of this os to go to a gold backed currency. That is where we are headed. 

MZ: Iraq is being pushed by the IMF to do this. The IMF is seeming going counter to the Federal Reserve right now and pushing commodity rich nations to go gold backed. Read the writing on the wall. The fiat world is coming to an end. 

MZ: We do not know the timing …but we know it is happening. Some time in the next week or two we could see a massive correction in our markets- which would most likely force this event…..The closer we get to this -the more I think they are going to implode the markets to reset them and make re-pricing easier…. . 

MZ I am very curious to see what progress they have made today. 

MZ: I have a number of excited Bond people, Group people and Indian Nation People, Prosperity Package People and CMKM people going into today…..They say the next 24-48 hours should be very telling of where we are at in the process…..

Member: I heard Zimbabwe is already gold backed???. 

MZ: Zimbabwe has done something in between. When you look at what Zimbabwe, BRICS and CIPS has done….Look at the new MBridge and XRP has done with cross-border payments…..The plan 20 or so years ago was to create a fail-safe system that would occur on its own if the fiat world refused to do the right thing  and reset…So a plan was put in place to bypass the SWIFT system ,The Federal Reserve, and Rothschilde banks that refuse to go quietly into this good night….……and we see that happening…

MZ: CIPS is for moving money and an asset backed options that people will naturally want to use when inflation starts running…..Which system do you want to keep your money??? This system was created to be a safety net under the worlds finances…..and alternative for when fiat crashes…..and I very much believe it will look like doomsday or an apocalypse in the financial markets…. And then we will get the official reset. I think that trigger will hit us this month..I could be wrong…but think the trigger hits this month and forces the change….

Member: Personally  I wish we all could join BRICS. 

Member: Will the RV wipe out debt?

MZ:  It is my understanding –yes. If we look at this historically –every time they have gotten off fiat for god backed or commodity backed money…it has wiped out debt. Part of the reason they have to reset is debt has become untenable. This is a worldwide bankruptcy. They have to erase debt before they can reset…..to get to an even starting point…and start again.. 

Member: I hear we are waiting on bond folks to get their background check completed?

Member: Heard Bond holders have exchanged their bonds, BUT, they have yet to be ALL receipted in the QFS. Bondholders go through a a series of background checks and have their bonds verified.

Member: Receipted in the QFS means the bonds are assigned a physical serial number based on lot size (gold bar) and gets registered to that bar or asset.

Member: That bond now becomes a 'soliditity of funds' and is ready for disbursement by the QFS. This is what I call logistics of funding.

Member: October 1st all banks must be Basel 3 compliant

Member: October 1st is also the first day of the new US fiscal year…..

Member: A prayer before I go: Dear God, please show Iraq Dinar and VND on Forex later today with wonderful news for us all. in Jesus' name. Amen! 

Member: Wishing all the most beautiful day you have ever had!!!

Andy Schectman from Miles Franklin joins the stream today. Please listen to the replay for his opinions and information.  

THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY

FOLLOW MARKZ : TWITTER . https://twitter.com/originalmarkz?s=21. TRUTH SOCIAL . https://truthsocial.com/@theoriginalm...

Mod:  MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM

MARKZ DAILY LINKS: https://theoriginalmarkz.com/home/

Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, medical opinions or many guests on this stream……just RV/currency related topics.

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THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!

Q & A TO ASK A WEALTH MANAGER BEFORE OR AFTER YOUR EXCHANGE BY FREEDOM FIGHTER & GOLDILOCKS, 3 SEPT

 🚨SPECIAL: Wiley M TOP Questions to Ask A Wealth Manager Before OR After Your EXCHANGE

02/09/2024, 19:30:03

5:36

Thank you for tuning into our channel, Goldilocks Global Banking news.

All right, so the first question that you propose for the people is, are you a fiduciary when speaking to the wealth manager?

This is important, but if I can, I want to back up just one step real quick.

If I can absolutely talk about when they go do an exchange with that banker, whoever they've already done that introduction with or have that relationship with, or even if they don't and they go to do this exchange in a bank, I would bet just about everything they're going to say, hey, 

would you like to talk to one of our financial planners or would you like to talk to our, our wealth manager?

Kind of same name, just different lingo.

Inside the bank, we know that they have all kinds of different titles, but that's the opportunity to say, yes.

Yes, I would not mind listening to that.

And that door, that way, that door is open for them.

And there's 50% of the battle.

They've already gave you the introduction.

All you have to do is walk through.

So what you're saying is that it's very beneficial for, for them to establish the relationship upfront at some point, even way before it's time to exchange.

That's, that's what I'm hearing, correct?

Well, they don't necessarily have to, but if they've already established that relationship with the bank, why not ask, do you have wealth management internally?

There's possibly I could visit with one of them quickly.

Do they have a minute to speak with me?

And then that's when you get their card or ore say, hey, can I, can I at some point sit down with you and talk about some different things?

Because you're going to pick up more information from them because they're more in tune to this than the true banker is because they have different roles.

Their role is to make you money.

Because the way they make money is.

The banker is more of a administrative executive role.

And with that said, I'm sorry to backtrack on you a little bit.

Yeah, but as far as the fiduciary.

Just, I think we talked about it the other day.

Fiduciary is just somebody who works in your best interest.

And they're gonna, they're gonna talk to you about this.

They're gonna disclose how they get paid or compensated, you know, and know that they work for you.

Now if they work for the entity or whoever, they will have to disclose that as well.

They don't want to get caught in some issues with you or anything.

And let this flow like a conversation you're having with a personal friend.

It's, it's, it's not as challenging.

I've had people dm me thinking it is so.

Because ultimately the wealth manager that they're interviewing that person works.

Now if it's a scenario we spoke of just a little bit ago, now if they work for the bank, right, and they're, they're part of the bank in the wealth management division, they work for the bank, but they have to work on your best interest.

That's their fiduciary responsibility.

Which, which leads me into what I was talking about a little bit, that they're going to work in your best interest.

So one of those things that I'd ask is like, hey, I'm, hey, how much is this?

Do I have to pay upfront fees?

And these are, ask these however you want, but they will explain that to you.

But what I want to give you all tonight is just a base foundation of just a common, like, freedom.

And I talking here tonight, just having a conversation back and forth.

And that's what it should be like.

And just the easy flow with like you, like you're sitting down talking to.

Talking to a friend that you're looking to get information from.

Because you're going to visit with this guy quite a little bit as you get ramped up and as you get going to do different things and as you start learning more about what it is they can do for you and how your money is working.

And there's no such thing as a stupid question.

US Treasury Applauds Iraq's Banking Reforms! #iraqidinar

@DINARREVALUATION

https://www.youtube.com/shorts/6M7vhT4-1DY

DINAR REVALUATION REPORT: THE PROPOSAL BY THE CBI TO REPLACE THE SWIFT SYSTEM, 3 SEPT

The recent proposal by the Central Bank of Iraq to replace the SWIFT system with direct banking relations through international correspondent banks is a significant development with potential implications for Iraq’s financial system. Here are some key takeaways and implications of the proposed changes:

Key Points

1. Objective of the Change: The primary goal is to transition from the SWIFT system to a model based on direct banking relations. This shift aims to enhance transparency, efficiency, and stability in Iraq’s foreign trade financing operations.

2. Progress and Improvements: The Central Bank of Iraq has made notable progress in controlling foreign transfers and dollar cash sales. This progress has been recognized by the US Treasury Department and the Federal Reserve Bank, indicating improvements in the country’s financial and economic stability.

3. International Collaboration: The proposal involves discussions with international auditing firms and the Federal Reserve Bank. The aim is to ensure that Iraqi banks meet the necessary standards for opening accounts with international correspondent banks.

4. Impact on Private Banks: The transition could impose stricter restrictions on Iraqi private banks, potentially reducing competition and favoring banks in neighboring countries like Jordan, which already have established correspondent banking relationships.

5. Consulting and Reform: The Central Bank is reportedly close to signing a contract with Oliver Wyman for consulting services. This study is expected to provide a roadmap for reforming the Iraqi banking sector, focusing on how private banks can adapt to the new system.

6. Market Reaction: The proposed changes have led to a slight increase in the exchange rate of the dollar in local markets, with fluctuations in Baghdad and Erbil stock exchanges reflecting market responses to the anticipated reforms.

Implications

• Stability and Transparency: The move aims to bolster the stability and transparency of foreign trade operations, which could improve investor confidence and contribute to economic stability.

• Operational Challenges: Iraqi banks will need to adapt to the new system, which may involve significant changes in their operations and compliance procedures. This could be challenging, particularly for smaller or less established banks.

• Impact on Competition: If the transition results in increased restrictions on local private banks, it could reduce competition and potentially drive more business to foreign banks, particularly those in Jordan.

• Monitoring and Compliance: Enhanced supervision by the Central Bank and Federal Reserve could lead to better compliance with international standards, reducing risks related to money laundering and financial crimes.

Overall, while the transition from SWIFT to direct banking relations represents a strategic move to enhance Iraq’s financial stability and efficiency, it also presents challenges that will require careful management and adaptation by Iraqi banks.

US Treasury Praises Iraq's Progress In Monitoring Transfers And Selling Dollars, 3 SEPT

 September 1, 2024   Proposal to cancel SWIFT and replace it with relations with the international banking network

Baghdad - Qusay Munther   New York - Morsi Abu Touq  The US Treasury Department praised the remarkable progress made by the Central Bank of Iraq in strengthening control procedures over foreign transfers and cash sales of the dollar, while considering that these steps contribute to strengthening financial and economic stability in the country.

Auditing Companies

A statement by the bank received by (Al-Zaman) yesterday said that (a high-level negotiating delegation headed by Governor Ali Mohsen Al-Alaq held a series of intensive meetings in New York City, USA, which included discussions with the US Treasury Department and the Federal Reserve Bank,

in addition to meetings with a group of companies, including international auditing companies, who praised the major transformations achieved by the Central Bank, represented by the remarkable progress in the procedures for monitoring foreign transfers and cash sales of the dollar currency),

adding that (this led to improving systems, policies and procedures in accordance with international and local standards, enhancing transparency in covering foreign trade and providing protection for the banking and financial sector from the risks of money laundering, financing terrorism and financial crimes),

and pointed out that (a meeting will be held between bank officials and its international partners by the end of this year regarding the major transformation in ending the work of the electronic platform for foreign transfers and replacing it with direct banking relations between Iraqi banks and the network of international correspondent banks, according to the plan developed by this bank,

and implemented internationally, which will allow the Central Bank and the Federal Reserve Bank to exercise their supervisory roles Away from the executive procedures, this transformation will have important repercussions on the stability, fluidity and transparency of the country’s foreign trade financing operations,” he continued, adding that “this step will contribute to achieving the required stability in exchange rates, which in turn will enhance the efficiency of the financial system in Iraq.

” The statement stressed that “the meetings also addressed mechanisms for expanding the network of international correspondent banks and qualifying Iraqi banks to meet the necessary requirements for opening their accounts with international correspondent banks, with the aim of enabling them to complete their financial transactions, whether through external transfers in US dollars or other foreign currencies.”

A source had previously revealed an unannounced visit by the Central Bank to the United States of America to discuss developments in the Iraqi banking sector.

Banking Sector

The source said in a statement yesterday that (a delegation from the Central Bank, led by Al-Alaq, and a number of general managers, visited the United States of America, since the 26th of last month, to discuss developments in the banking sector and the restrictions on the use of the dollar imposed on a large number of private banks),

and he continued that (the Central Bank delegation discussed canceling the platform at the beginning of next year, and relying on correspondent banks, which will increase the imposition of restrictions on Iraqi private banks, and completely eliminate competition in favor of Jordanian banks that have American correspondent banks),

noting that (the Central Bank is close to signing a contract with Oliver Wyman, the consulting company for the Iraqi Development Road, to conduct a study on reforming the Iraqi banking sector, and in order for it to be approved by the bank as a roadmap for reforming the private banking sector).

The dollar exchange rate rose slightly in the Baghdad and Erbil stock exchanges. Money exchange office owners said yesterday that “dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 149,200 dinars for every hundred dollars.

” They added that “selling prices in exchange offices in the local markets in Baghdad stabilized at a selling price of 150,000 dinars, while the purchase price reached 148,000 dinars for every hundred dollars. As for Erbil, the stock exchange does not trade on official holidays, but the dollar recorded a slight increase there.”   LINK