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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Washington: Iraqi banks are still misusing the dollar, and we will punish them if they do not stop

    Rocky
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    • Post n°1

    banks - Washington: Iraqi banks are still misusing the dollar, and we will punish them if they do not stop Empty Washington: Iraqi banks are still misusing the dollar, and we will punish them if they do not stop

    Post by Rocky Thu 14 Sep 2023, 2:02 pm

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    Baghdad - IQ  
    A senior official in the US Treasury Department warned on Thursday of the continued “misuse of the dollar by Iraqi banks,” while calling for “addressing risks to avoid sanctions” on these banks .

    Last July, Washington banned 14 Iraqi banks from dealing in the dollar to “prevent its smuggling” to countries including Iran, which is subject to sanctions, according to American officials announced .

    Reuters quoted the senior American official, who spoke on condition of anonymity, saying, “The American action in July was based on clear indications of illegal financial activity, and that the alleged crimes that the Treasury Department was examining included money laundering, bribery, extortion, embezzlement, and fraud. And they still continue.” Other Iraqi banks are still operating with risks that need to be addressed .”

    With reserves of more than $100 billion in the United States, Iraq relies heavily on Washington to ensure that its oil revenues and funds are not exposed to American criticism .

    The Governor of the Central Bank of Iraq said that Iraq is committed to implementing stricter financial regulations and combating dollar smuggling. The Central Bank did not immediately respond to a Reuters request for comment on Thursday .

    The Iraqi Prime Minister's advisor for foreign affairs, Farhad Alaeddin, said that the government has taken "strict measures to ensure that Iraqi interests are protected, while improving the banking sector and remittance market ."

    Aladdin said, "The Iraqi government is serious about continuing the path of reform and fighting corruption ."

    There are now less than a third of Iraqi banks on US blacklists .

    About a third of more than 70 private banks in Iraq are subject to US blacklist sanctions .

    "I chose to focus on banks that still have access to banks where I see continued risks," the US official told Reuters in Baghdad.

    He added: “It would be great if the central bank took the opportunity to address the matter directly, which could avoid the need for (the United States) to take any further measures .”

    The 14 banks that were subject to a ban on the dollar in July urged the Iraqi government to correct the measures imposed on them, and said that they were operating in accordance with the regulations .

    The Treasury official said the Iraqi government, which was appointed in October 2022, has been cooperative and there has been “progress,” something that “has not been the case” in the past 10 to 15 years .

    " large-scale theft "

    The American measures focused on the so-called Iraqi dollar auction, where the central bank requests dollars from the US Federal Reserve, before selling them to commercial banks, which in turn sell to companies in the import-dependent economy .
    Between $200 million and $250 million are sold at auction every day .

    Before the enhanced US measures, large sums of money were illegally obtained by groups presenting fake invoices, with the US official explaining that “large quantities” are then smuggled to neighboring countries, including Iran .

    “The auction system, a feature of the largely informal economy, was also used by thousands of small businesses, which needed dollars, but were not officially registered with the state and thus provided false information,” Iraqi officials said .
    The official said that the audit does not only target Iran, but is part of a broader campaign to “normalize” the Iraqi financial system and combat a large number of financial crimes .
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