Sunday, December 29, 2024
FRANK26: "THE MONETARY REFORM PROTECTS ITS GOLD", 29 DEC
KTFA
FRANK26: "THE MONETARY REFORM PROTECTS ITS GOLD"......F26
Gold Marking System.. Customs confirms no fake gold seized after one month of implementation
12/26/2024
The General Authority of Customs confirmed, on Thursday, that no cases of seizing samples of counterfeit or adulterated gold have been recorded since the implementation of the demarcation system at Baghdad International Airport last month, while indicating that the ASYCUDA system has achieved gradual progress in digital transformation.
The Director of the General Authority of Customs, Ahmed Al-Akidi, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the Authority continues to implement the process of marking and labeling gold jewelry at Baghdad International Airport, based on Cabinet Resolution No. (23/671), and this was done by opening a center for standardization and quality control inside the airport."
He pointed out that "this step contributed greatly to facilitating the entry of gold by providing safe procedures for its transport and registration," indicating that "no cases of seizure of fake or adulterated gold have been recorded since the implementation of this process began."
Regarding paper transactions, Al-Akeedi explained that “the Authority still relies on paper transactions,” noting that “the ASYCUDA system is being implemented gradually, with the aim of a complete transition to electronic transactions, as the current rate of electronic transformation is estimated at about 50 percent.”
TIDBIT FROM BRUCE, 29 DEC
Bruce
[via WiserNow]
...we did hear from a group of very informed individuals that are part of this process...They're part of the release. They said the release is coming very shortly...
What does it mean?
...Well, in this case, it means a couple of days. Releases are coming very shortly...It's coming...what I've heard since then and these were extremely
valuable people that were bringing this to us... the highest of the high...we are looking for a green light from treasury/slash/Wells Fargo to release this to us over the next couple of days...Let's see what happens over the weekend.Iraq’s government requests to amend 2025 budget law on Kurdistan oil, 29 DEC
Shafaq News/ The Iraqi government requested the parliament to amend a section of the draft budget law for the year 2025, Iraqi MP stated on Saturday.
The MP Muthanna Amin announced that the Iraqi parliament’s legislative recess will end on January 10, 2024, and one of the primary tasks to be completed during the upcoming session will be the approval of the 2025 budget law.
He added that the federal government had requested a modification to a paragraph in the budget related to the oil of the Kurdistan Region, specifically regarding the estimated costs of crude oil extraction.
“A preliminary agreement has been reached between oil companies and the Kurdistan Regional Government on this issue, and what the regional government presents will be included in the 2025 national budget draft,” he pointed out.
Following negotiations, Erbil and Baghdad have reached an agreement to amend the budget, raising the costs to approximately from 6$ per barrel to $20.6. In the initial phase, oil companies will receive around $16 per barrel.
Regarding Iraq’s upcoming legislative elections, Amin revealed, “The current parliamentary term will expire next year,” emphasizing that the elections must be held at least two months before the term ends.
Shafaq.com
NADER FROM MID EAST CC HIGHLIGHTS NOTES, 29 DEC
NADER FROM MID EAST CC HIGHLIGHTS NOTES
Summary
On December 26, 2024, a delegation from the U.S. Department of Treasury visited the Central Bank of Iraq (CBI) to commend the bank for its recent efforts in combating money laundering and the financing of terrorism.
The delegation expressed appreciation for the CBI’s initiatives and highlighted the advanced electronic programs that have been implemented, marking a significant improvement in the bank’s operational capabilities.
The discussion focused on how these technologies have enhanced the CBI’s ability to effectively monitor dollar transactions and ensure compliance with international standards. Key areas of praise included the CBI’s collaboration with international audit offices to manage and oversee dollar selling operations, as well as the comprehensive training programs aimed at further developing the skills of CBI employees in monitoring and supervision. The visit underscores the importance of international cooperation in strengthening financial systems and enhancing regulatory frameworks to combat illicit financial activities.
Highlights
- 🌐 U.S. Treasury Delegation Visit: Acknowledgement of CBI’s advancements in financial regulation.
- 💻 Electronic Monitoring Programs: Implementation of advanced technology to combat money laundering.
- 🔍 Compliance with International Standards: Strict adherence to rules set by international bodies.
- 🏦 Dollar Selling Operations: Enhanced management and oversight of dollar transactions.
- 📚 Training Initiatives: A robust training program set to improve employee competencies.
- 🤝 International Collaboration: Strengthening ties between U.S. and Iraqi financial institutions.
- 📈 Future Prospects: Potential for improved financial stability and transparency in Iraq.
Key Insights
🌟 Significance of Technology in Banking: The transition to electronic monitoring systems marks a pivotal change in how the CBI conducts its operations. By embracing technology, the CBI demonstrates a commitment to modernizing its financial oversight, making it easier to track transactions and identify suspicious activities. This shift could greatly enhance the bank’s efficiency and effectiveness in combating financial crimes.
📊 Impact of Compliance on Financial Systems: The CBI’s adherence to the rules set forth by the international community (specifically the compliance with regulations related to combating the financing of terrorism and money laundering) illustrates the importance of international standards in maintaining a stable financial system. Compliance not only fosters trust among financial institutions but also facilitates foreign investments and economic growth.
🏅 Importance of Training: The planned training program for CBI employees is crucial for maintaining a skilled workforce capable of navigating the complexities of financial regulations. With the rapid evolution of financial crimes, continuous education will ensure that staff members are up-to-date with the latest techniques and technologies used to combat illicit financial activities.
📈 Enhancement in Operational Efficiency: The praise from the U.S. Treasury delegation indicates that the CBI has made significant strides in operational efficiency. The ability to monitor dollar movements effectively through electronic systems suggests a streamlined approach that reduces the potential for human error and increases response times to suspicious activities.
🕵️♂️ Role of International Audit Collaboration: The collaboration with international audit offices highlights the importance of external oversight in strengthening a nation’s financial integrity. Such partnerships can provide valuable insights and best practices that can be adapted to local contexts, enhancing the CBI’s capabilities in monitoring and regulatory compliance.
💬 Strengthening International Relations: The visit by the U.S. Treasury delegation signifies a positive trend in U.S.-Iraq relations, particularly in the context of financial governance. Enhanced collaboration can lead to shared resources, knowledge, and strategies that benefit both nations in combating financial crime and maintaining economic stability.
🔍 Long-term Implications for Economic Stability: The CBI’s initiatives, backed by international support and advanced technology, could have long-lasting effects on Iraq’s economic landscape. By fostering a transparent and compliant financial environment, Iraq may attract more foreign investments, improve its global standing, and ultimately support national development goals.
In conclusion, the meeting between the CBI and the U.S. Department of Treasury represents a significant step towards enhancing Iraq’s financial regulatory framework. Through the implementation of electronic systems, adherence to international standards, and investment in employee training, the CBI is positioning itself as a proactive entity in the fight against financial crimes. As these initiatives unfold, they hold the potential not only to stabilize Iraq’s economy but also to foster greater international collaboration in financial governance.
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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...