Sunday, October 27, 2024
Combating Money Laundering.. Why Doesn't Iraq Establish A Financial Intelligence Unit? - Urgent, 27 OCT
Combating Money Laundering.. Why Doesn't Iraq Establish A Financial Intelligence Unit? - Urgent
Economy |Baghdad Today – Baghdad Professor of International Economics, Nawar Al-Saadi, revealed today, Sunday (October 27, 2024), that there are failures in the file of combating money laundering inside Iraq, wondering about the reasons for not establishing a financial intelligence unit.
Al-Saadi said in an interview with Baghdad Today, "Despite the presence of the Anti-Money Laundering and Terrorist Financing Office within the structure of the Central Bank of Iraq since 2007, this office suffers from a lack of resources and the absence of full support and coordination with other agencies, which limits its ability to combat money laundering effectively, especially in light of the challenges related to currency smuggling and the exploitation of security companies as outlets for illicit financing."
He explained that "establishing an independent financial intelligence unit could play a decisive role in unifying the efforts of multiple institutions to track financial crimes related to currency smuggling and terrorist financing, and achieving integration between intelligence analysis operations and financial information.
This unit will enhance Iraq's ability to cooperate internationally, especially with international organizations, which support the exchange of information between financial intelligence units globally, and enhance oversight of the banking system and combat money smuggling and terrorist financing practices through security companies and other channels."
He added, "From a security perspective, leaving the tasks of monitoring financial mafias within the jurisdiction of general military commands specialised in combating terrorism and criminal crime is a major challenge.
Financial crimes require a different methodology that includes financial analysis and investigation of transfers and properties, while criminal and terrorist crimes focus on methods and tactics related to immediate arrest and deterrence of violent activities."
“From an economic and financial perspective, financial crimes and terrorist crimes are fundamentally different; the former seek to camouflage and convert illicit funds into legitimate funds using legitimate economic channels, while terrorist crimes focus on achieving political goals through intimidation.
Separating these two types of crimes will enable Iraq to build an effective oversight system that is appropriate to the nature of each type of crime and will help protect the Iraqi economy from the challenges associated with money laundering and terrorist financing,” he added.
The professor of international economics concluded by saying that “with better integration between institutions and independent financial intelligence units, Iraq will have a greater ability to reduce financial crimes, increase transparency and enhance its position within the international economic system, which is essential to advance the local economy and restore confidence in the domestic financial system.”
On January 9, 2022, the Ministry of Foreign Affairs announced the removal of Iraq from the European Union’s list of high-risk countries in the field of combating money laundering and terrorist financing, according to a letter received by the former Prime Minister from the European Commission mission.
In May 2020, the European Commission classified Iraq, along with other countries, including Afghanistan, Pakistan, Syria, Yemen, Iran and North Korea, as countries that pose financial risks to the European Union, due to shortcomings in combating money laundering and terrorist financing.
On February 18, 2020, the Terrorist Funds Freezing Committee of the Cabinet Secretariat issued a list of 84 individuals and entities whose funds were frozen on charges of financing terrorism, at the request of the UN Security Council. LINK
ABOUT THE DINAR ON FOREX WENT FROM $1320 TO $745 ON TUESDAY FROM PIMPY, 27 OCT
Pimpy
[Reference Guru Nader post ]
It [The dinar on Forex] went from 1320 to 745 for every dollar so that's 54% increase in value. Woo! Man that's really good. It's not where everybody wants to be but still a nice jump in value.
It's looking good.
I really think it's looking good. I just try to keep people grounded...There is weird activity.
Nobody really knows what it means but that is one hell of a jump, a 54% increase in value...I don't know what's going on...
It is exciting because this is right on the heels of the information...that they're lifting restrictions [on foreign exchange in Iraq] and then all of a sudden this happens. This is like one day apart...
All of a sudden next day there's a spike. Could be something, could be nothing...
Everybody knows it's close so it's hard not to get excited.
For The First Time Since June 2023.. The Central Bank Of Iraq Reduces The Interest Rate, 27 OCT
For The First Time Since June 2023.. The Central Bank Of Iraq Reduces The Interest Rate
Time: 2024/10/26 Read: 2,210 times {Economic: Al Furat News} The Central Bank of Iraq decided to reduce the interest rate and reactivate the use of securities in the country's banks, for the first time since June 2023.
Useful summary.. In important news you can find it on Al Furat News channel on Telegram.. To subscribe click here
According to a document issued on Thursday by the Central Bank of Iraq and addressed to banks operating in Iraq, the bank decided to reduce the interest rate from 7.5% to 5.5%, in addition to reactivating the securities (Islamic certificate of deposit and money transfers) according to an annual plan and with two terms: with a return of 4% for a period of 14 days and a return of 5.5% for a period of 182 days.
The maximum investment ceiling was set at no more than 50% of the total private sector deposits in the bank, and the bank’s investment ceiling in a single auction should not exceed (500) billion Iraqi dinars.
This decision comes within the framework of the Central Bank’s preparations to end direct monitoring of financial transfers at banks, after launching an electronic platform in early 2023, which aims to enhance proactive monitoring of financial transfers.
According to an informed source in the bank, in a previous press statement, dealing in dollar transfers was limited to only six banks, while 13 banks will trade in other currencies, while the banks subject to US Federal Reserve sanctions remain under review by international auditing companies. LINK
ABOUT THE DINAR POPPED UP AT $ .1094 ON TUESDAY BY MARKZ, 27 OCT
MarkZ
[via PDK]
...[Guru] Nader talked about that on Tuesday the IQD popped up at .1094…
We are starting to see those fluctuations regularly on forex etc. to give you an idea of what he saw.
Your one million IQD would have gone from about $800 to about $14,000 just like that!!
This is enormous but nothing compared to what we hope and expect…
but, it is clear they are testing and priming that system.
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