Tuesday, October 15, 2024
Currency Auction Likely To Be Cancelled In Response To International Pressure To Combat Financial Smuggling, 15 OCT
Currency Auction Likely To Be Cancelled In Response To International Pressure To Combat Financial Smuggling
October 14, 2024 Baghdad/Al-Masala: As part of the efforts made to reform the financial and economic system in Iraq, the Central Bank is moving towards canceling the currency auction, in response to international pressures aimed at regulating the circulation of the dollar and reducing illicit flows.
At the same time, the digital banking sector faces challenges related to the lack of legal legislation regulating its work, in light of the growth of this financial technology. In addition, there is increasing oversight of the real estate and gold markets to prevent money laundering operations, with the imposition of new mechanisms that limit suspicious transactions in this field.
Financial analyst Safaa Al-Shammari said that the Central Bank of Iraq is moving towards implementing a decision to cancel the currency auction, noting that these measures come in response to international pressure and strict negotiations. Al-Shammari also highlighted the need to develop the legislative framework for digital banks, which have begun to emerge without sufficient legal oversight.
Speaking on a TV show, Al-Shammari explained that “the Central Bank of Iraq will work to stop the currency auction as part of its commitment to the conditions imposed at the New York meeting,” adding that “the United States refuses for the dollar to reach entities subject to sanctions, which affects unofficial import operations, especially from Iran and Syria.”
Regarding digital banks, Al-Shammari stressed the urgent need for legal legislation to regulate the work of these new financial institutions, pointing out that there is a digital bank in the Kurdistan Region that has not obtained a license from the Central Bank. He also pointed to tightening control over the real estate market to combat money laundering, adding that “the gold trade has also come under strict control to prevent any violations.”
Tightening control over the real estate market to prevent money laundering requires a set of regulatory and supervisory measures in coordination between financial and banking bodies and legal entities.
These measures include imposing financial limits on real estate transactions that require additional monitoring, such that any purchase or sale exceeding a certain amount is subject to intensive financial investigations to ensure the legitimacy of the source of the funds.
Buyers and sellers must also be required to provide documents proving the source of funds used in transactions, and here banks play an important role in examining financial accounts and detecting suspicious transfers.
Analysts say it is essential to create a national database for all major real estate transactions to track financial movements related to real estate, making it easier to detect unusual patterns that may indicate money laundering. Cooperation between banks and regulatory bodies should also be enhanced, with banks monitoring accounts and financial transactions related to real estate transactions and reporting any suspicious activity to the relevant authorities.
In addition, strict laws are required to require parties involved in the real estate market to disclose the identity of the beneficial owner of a real estate transaction to track down parties that may seek to hide illicit funds.
The analysis indicated that international asset auditing is also important to ensure transparency of foreign investors’ investments and cross-border transactions. Banks play a pivotal role in combating money laundering by examining financial transactions related to real estate deals and verifying the sources of large amounts of money used in purchases. https://almasalah.com/archives/103271
WHEN IRAQ ANNOUNCE THE OFFICIAL WTO ASCENSION WE WILL SEE A PUBLIC RATE BY MARKZ, 15 OCT
Q & A WITH MARKZ
Coffee with MarkZ. 10/15/2024
Evening News with MarkZ. 10/14/2024
Monday Evening Chat With MarkZ
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 Evening mark, mods and members
Member: Are you surprised Mark that it hasn’t gone? Seems odd.
Member: I really thought we would’ve seen it by now
MZ: Let’s start with this one from the WTO: “Congratulations to 23 participants (Iraq being one of those) for completing WTO ascension training and market access negotiations on goods” This tells us Iraq is preparing for that ascension.
MZ: I continue to hear out of Iraq that they hope for that announcement this week.
MZ: “Government advisor: “The financial life of this country in 2024 is going smoothly” Things are going well
MZ: “Parliamentary finance: 2025 budget tables must be realistic” They are reining in excess spending and bringing in more revenues.
MZ: Still waiting for a response on Bonds. Bond folks were supposed to be getting a solid update today on if they are getting paid this week or not. I will let you know when I get that answer.
Member: German Bonds?
Member: All the news I am waiting for right now are on the German bonds. Things are very quiet on Chinese bonds.
MZ: I do know of a group trying to get boxes of Zim notes processed. These are like ours but boxed in sequential order. They want to get them processed before next week because they expect those to go within a week after the German bonds. I think there are 1,000 100T notes per box.
Mark…is the skyrocketing of the market a sign of it crashing soon??
Member: My local Wells Fargo said they have tried to find out if they were a RC (Redemption Center) since they’ve been asked a lot lately. “Its like they don’t want us to know” they said they got no answer
Member: We got some good BRICS news coming out today of local currencies and them coming to a solid agreement…
Member: Read an article that said Cuba applied to join BRICS
Member: Also Austria applied…..wish we could join
Member: What is a s**t gun start? I thought it was Bond holders, 4a and 4b goes at once
Member: Shotgun start is they all go when we get notifications to make our appointments ……our exchange will be close behind
Member: Thank you, Mark! Thank you, Mods! Have a great evening, Patriots!
Member: Be blessed
INTEL INFO ROOM: Link: https://t.me/+K_GNVfTI0gFkZWYxDESCRIP…A room for newcomers to find information and answer your questions regarding the RV process.
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
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.
THANK YOU ALL FOR JOINING. HAVE A BLESSED NIGHT! SEE YOU ALL IN THE MORNING FOR COFFEE @ 10:00 AM EST ~ UNLESS BREAKING NEWS HAPPENS!
Finance: Automation Plays A Vital Role In Reducing Financial And Administrative Corruption, 15 OCT
Finance: Automation Plays A Vital Role In Reducing Financial And Administrative Corruption
Local | 06:24 - 10/14/2024 Mawazine News – Baghdad Finance Minister Taif Sami confirmed on Monday that automation plays a vital role in reducing corruption and financial loss.
The ministry said in a statement received by Mawazine News that "Finance Minister Taif Sami met with the Strategic Planning and Federal Service Committee, and important issues related to following up on the government program implemented in the various formations of the ministry were discussed, in addition to following up on mechanisms for developing institutional
performance and activating automation systems in sectors related to the ministry's work and developing banking work in accordance with the comprehensive banking system and applying it in all banks in a way that ensures simplifying account opening procedures as well as transfer operations, and represents a step towards moving from paper transactions to electronic ones to provide the best services to citizens."
The statement added that "Sami reviewed during the meeting the measures taken to improve the efficiency of work at customs ports, enhance revenues and facilitate the movement of goods," noting that "automation plays a vital role in reducing corruption and reducing financial loss, in addition to the electronic payment system (pos) as a step to accelerate the completion of transactions, reduce financial and administrative corruption, save a lot of time and effort, and implement the unified treasury account project, which represents a qualitative leap in the management of public funds in order to keep pace with financial and economic progress."
Sami continued, according to the statement, that "the ministry has reached advanced stages in automating taxes in coordination with the Supreme Committee for Tax Reform, which ensures improving efficiency, reducing errors, enhancing transparency and ensuring tax compliance, which has contributed to increasing government revenues and improving services provided to citizens."
The statement added that "the retirement sector and the most important steps taken to facilitate and simplify salary disbursement procedures and ensure the provision of services in a faster and more transparent manner were highlighted," indicating that "the Minister called on the advanced cadres to implement the remaining reforms in accordance with the government program to improve administrative and financial performance in federal institutions," adding that "the meeting addressed the aspect of combating corruption, as the Ministry has made great strides in this aspect through the use of modern methods, systems and advanced electronic programs to reduce this scourge."
He pointed out that "the mechanisms for developing human cadres in various sectors were addressed, by providing the necessary training and qualification to enhance the capabilities of employees and achieve the highest levels of performance."
The Minister of Finance stressed "the importance of cooperation between government agencies to ensure the achievement of national goals and drive economic and social development."
For her part, the head of the Parliamentary Planning Committee praised "the Ministry's performance in implementing the paragraphs of the government program and its great role in developing the financial sector and maximizing budget revenues through advanced and modern programs."
The meeting was attended by the head and members of the Sovereign Strategic Planning Committee, the Undersecretary of the Ministry of Finance and the general managers of all the Ministry's formations," according to the statement. https://www.mawazin.net/Details.aspx?jimare=255974
" IRAQ IS UP NEXT TO SWING" BY ARIEL, 15 OCT
Ariel
Hot Off The Press
Money
Freedom
Sovereignty
Iraq is up next to swing. Who’s ready to cash out?
Listen, I will dedicated an entire thread for all my followers who have IQD. And you all can upload all the new things you either bought or invested in. We will have our own hashtag. #IQDRich4Eva
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