ERBIL (Kurdistan24) – On Sunday, the Central Bank of Iraq (CBI) issued a decree to all licensed banks and financial institutions to halt all monetary transactions, either deposition or transfers, of TikTok company agents within Iraq.
This is a significant financial development in Iraq as it could obligate the TikTok Company to abide by the Iraqi laws and regulations for monetary transfers.
Iraq, like other regions of the world, has seen a surge in TikTok users. However, there is a growing trend to transfer money to the ‘TikTokers’ and content creators on this social platform.
The Central Bank of Iraq’s decree proves to be a legal effort to regulate all the monetary movements within Iraq and the social media users in Iraq.
Iraq's Parliamentary Finance Committee to discuss amending Budget Law
Shafaq News/ Iraq’s Parliamentary Finance Committee is set to discuss amendments to the country's public budget law in the coming days, with officials from both the federal government and the Kurdistan Regional Government (KRG).
Faisal Al-Naili, a member of the committee, told Shafaq News that the committee would hold a meeting soon to discuss the proposed changes to the budget law. “Following the meeting, several officials from the Ministry of Finance and Ministry of Oil, as well as KRG representatives, will be invited to attend discussions.”
Al-Naili explained that after reviewing the amendments and hearing from officials, a date for the second reading of the law will be set.
In late November, the committee examined the draft of the first amendment to the federal budget law for 2023-2025 (No. 13 of 2023).
Atwan Al-Attwani, head of the committee, stressed the importance of these laws, noting the formation of a committee to assess and monitor revenue distribution to achieve sustainable development.
The committee also reviewed provisions of the First Amendment to the law on the export of oil in the Kurdistan Region, stressing the importance of refining the law to meet the required objectives, including the collection of detailed data and figures.
Additionally, the committee discussed the proposed amendment to the Federal Revenue Allocation Monitoring Authority Law (No. 55 of 2017).
The Iraqi parliament approved the 2023-2025 budget law in June of last year, with a total value of 197.828 trillion Iraqi dinars ($152.2 billion) for 2023, and a budget deficit of 64.36 trillion dinars ($49 billion).
Iraq announced completing the new financial system 100% and they will implement what the council of minister ordered EX: adjusting salaries on the new rate according to law 22 of 2008
Iraq is done & Ready to roll the new rate tomorrow
Iraq’s Parliament faces disputes over key legislation on Property Law and Personal Status
Shafaq News/ Discussions are still ongoing among political parties within Iraq’s parliament about removing the "Property Restitution Law" from the agenda of today’s session, Independent lawmaker Jawad Al-Yassari revealed on Sunday.
The law, which aims to return properties seized by the previous Baathist regime, is currently listed as the last item on the agenda.
Al-Yassari told Shafaq News that “the General Amnesty Law and the Personal Status Law are expected to be passed together as part of a single package,” noting that there is a political agreement to approve both laws if today’s session takes place.
However, Al-Yassari added that if Kurdish political factions oppose the removal of the Property Restitution Law from the session’s agenda, the session will be postponed until further notice.
The proposed laws face political disagreements in the Iraqi parliament. The Property Restitution Law has been a contentious issue, with Sunni political blocs opposing the law’s full implementation, while Shia factions object to the law’s provisions regarding the inclusion of Kirkuk but not other areas.
The law aims to return properties confiscated by the former regime, particularly to Kurdish and Turkmen citizens.
The Personal Status Law is also facing widespread debate, especially concerning issues of marriage, divorce, and inheritance. Additionally, Sunni lawmakers are pushing for the passage of the General Amnesty Law, which is opposed by Shia factions due to concerns over the potential release of individuals accused of terrorism.