Governor of the Central Bank directed by Twilight News message to Mohammed Allawi
Rocky- Admin Assist
- Posts : 269932
Join date : 2012-12-21
Rocky- Admin Assist
- Posts : 269932
Join date : 2012-12-21
Oversight and control over the sale of foreign currency operations: -
The role was imperative for the central bank to do is preventive censorship, mainly through control over the legality of the money involved in buying the dollar, through the application of rules and procedures for combating money laundering, and the application of the principle of (Know Your Customer), activating stated in the Central Bank Law in anti-money laundering for the year 2004 Act, which provided for the formation of the reporting of money laundering office, however, unfortunately not Directors of the Bank enabled this responsibility and this despite the passage of so many years on the enactment of the law office, but the administration is not convinced of the performance of this task, I have been since the previous years I'm trying with brother d. Shabibi persuade him of the importance of and the need for it, but these attempts have not succeeded despite the intervention of the Economic Committee, and the Board of Supreme Audit and the Integrity Commission, When the World Bank published a report in 2012 which contained more than 700 note about the situation in Iraq in terms of money laundering was submitted to the ILO financial (FATF), an international organization concerned with the issue, this report would have led to the situation in Iraq in the black list, which puts him in the likeness of the ban on foreign financial and banking dealings, which is a very serious issue, personally took the initiative to form a national team from all the relevant ministries and authorities
(Judicial and regulatory), the team headed to address the observations contained in the report, which was 70% of which needs to be new legislation to combat, we worked him hard exceptionally direct and coordinate with relevant international organizations, it has been made to complete the project and voted on in the House of Representatives, and to strengthen the supervisory role in this regard, you and since the task assigned the following procedures:
Activating the role of the Money Laundering Reporting in the Central Bank office, it was awarded the office for the first time and financial and administrative spatial independence and we have demonstrated our willingness to respond to all the material and human and technical requirements needed by the office to strengthen and enhance its role, and DAI so appreciated by the Financial Action Organization (competent anti-money laundering measures ).
Activating the role of the National Committee for combating money laundering and financing of terrorism and knows all concerned that I was first interested in the phenomenon of money laundering and assumed the formation and management of that committee in 2012 when the Central Bank of Iraq administration did not agree to work on this subject, the Commission has been able and engaged in intensive and exceptional preparation bill counter money laundering and the smuggling of money, which has been prepared on the according to the latest requirements of international conventions and coordinate directly with the financial action Task Force and the World Bank, was to vote on the project in the House of Representatives, will provide law regulatory framework and legally on the high score for its response to the financial criminal activity.
Efforts with relevant international organizations to intensify in order to build an Iraqi capabilities and support expertise and information in order to deal with these serious crimes, and there is an international response and conducting training and rehabilitation operations are currently intensively to the staff of the Central Bank and the staff of the banks concerned and are being sought for the introduction of all stakeholders in the fight against (security , regulatory, and judicial authorities chock).
Work on the application of the decisions of the Basel Committee (I, II, III), where he committed the central bank of all banks and the introduction of units of risk management and anti-money laundering, and the implementation of the decision to raise banks' capital to 250 billion dinars, in addition to a review of the functions and the rules of supervision and the requirements of discipline to improve performance in the credit market and banking.
Contract with Ernst & Young, the auditing sell the dollar to banks and companies transfer companies and banking procedures, and identify weaknesses and ways to adjust those operations, and resulted in so controlling and monitoring new through the electronic programs of measures setting, including adjusting the movement of all paper money (dollar) and the registration number and the recipient her with a cross-check with the US Federal Reserve.
Cooperation and coordination with neighboring countries on remittances, was recently signed a memorandum of understanding with the Central Bank of Jordan on cooperation, coordination and exchange of information, knowing that all transfers made through Jordan and the United Arab Emirates are subject to strict control in both countries.
Requiring banks and conversion to provide detailed breakdown of the transferred amounts include all the required information, and the central bank will provide the Office of the Inspector General at the Ministry of Finance, the General Commission for Taxes and Customs Authority with copies of those statements for the purposes of tax settling accounts and follow-up, and was recently a special form filled out by the bank for each request to transfer the design all information and data and to provide the customs and tax them.
We were able to eliminate the phenomenon of the so-called (volatile instruments) through the development of technical and other payments systems and procedures, including forcing banks to stop work after passing instruments (3) days in the case of non-confirmation system on the availability of credit, but now pass any Aaijeri
Instrument unless it gets support the availability of credit, regardless of how long it takes, and it should be noted that the central bank was able to a few months ago to stop fraud in this regard was the sum of their instruments more than 400 billion dinars, were informed BSA for some previous cases involving suspicions, the central bank is working in coordination with the Bureau to check for any previous operations may involve fraud using public money for private benefit in the banking operations of operations, with the offer that the central bank deducted the amount of remittances in Iraqi dinars from the assets of open drains has directly and before the implementation of the transfer and therefore the
If those instruments was intended (instruments without balance) coefficients for private banks and banks and government.
In order to expand and diversify the local production base, thus alleviating the volume of imports and thus reduce the demand for the dollar, after it failed and with regret spending policies that promote and stimulate domestic production, were mostly exaggerated in consumer spending and hence more imports, in order that the Central Bank the landmark step of lending to specialized banks and private banks in the amount of 6 trillion dinars to finance industrial, agricultural, real estate and small enterprise projects, and if properly been managing those loans, it will be an important base to stimulate economic activity within the country and create a large production base.
Central Bank developed and developing payment systems and clearing instruments electronically and adopt a substitute for clearing handicraft room for all the government and private banks in Baghdad and the provinces, as well as the launch of the infrastructure for payment systems Retail and National divider, and the unification of the security specifications of the instruments drawn on all banks for the purpose of providing greater protection for the instruments and the reduction of fraud .
Were contracted with an international company (Ernst & Young) for the purpose of banks evaluated under the system (CAMELS), the company presented the results of evaluation of all the banks, this assessment provides the central bank and the clients of these banks stand on the conditions of those banks and thus take appropriate action to correct their status or self-determination, which is what is happening currently working on it.
Been communicated to banks and the conversion of the new description of the profession of anti-money laundering and his assistant manager, given that these two functions of the important functions of any financial or banking institution.
The new standards when banks meet the requests of the dollar, including the extent of the bank's commitment to the rules and procedures for combating money laundering and the application of the principle of know your customer, and the bank's commitment to provide status
The central bank disclosures movement of the external accounts of the bank to see the rightful beneficiaries of conversion processes, and other standards, but not taken to sell the bank if breached.
In the context of deterrence measures, the Bank continues to impose sanctions and financial penalties in accordance with the reports of field and office inspection bodies through the Commission to impose sanctions, which includes a number of representatives of the formations the central bank, and point out here that the irregularities that have been diagnosed for the past years with regard to customs clearances have been given their importance and priority when our mandate and based on the
Audits and diagnose irregularities imposition of the Central Bank's management of substantial financial penalties of up to more than 15% of the capital of some banks. The central bank does not hesitate
To take deterrent measures but strict penalties and fines on an ongoing basis and did not know as much as her ever seen in the history of the bank. There are many issues before the courts for a long time also.
Iraq has been the failure of decades to keep pace with developments in the banking and financial systems and keep up with international standards to achieve financial stability, risk management and control mechanisms of the market and the use of advanced technology systems in the operations and transactions management and services, which when we need enough time to get to the control and the provisions of censorship, to the presence of challenges and obstacles for many no room for listed (We have referred to in the research publication).
We have we being in the treatment of pressure on our reserves and control of sales operations through continuous action, and it was their results lower cash sales of US dollar last year by 70%, and cash sales represent transactions the most dangerous in all respects, total sales fell 25%, while this year (2016 ) it is expected to be a decline of about 50%.
We have examined the Board of the Central Bank, as well as a range of experts and academics several options to deal with the subject of selling the currency, and they always agree that putting more restrictions and conditions creates a parallel market, far ahead of the exchange rate of the benefit of speculators, and lead to the lifting of the exchange rate and the increase in inflation and damage by force purchasing power of citizens and also palaces and the corruption of some episodes in the organs and institutions that can interrupt the central bank data with it, prevents the achievement of a full cycle of control and verification.
The central bank also provides Pena Customs and tax income of all conversion factors to provide an information base is mainly accountable for the tax as well as can be learned in the case of the Central Bank
Not to bring goods covered by the conversion process, but unfortunately, that these devices do not you turn required, on the other hand, and despite continuing our claims on the need for the Ministry of Commerce set curriculum Import Alert sets imported materials and quantities, (as was the case previously), to be a guide and mentor to the bank Central in the conversion process, but that did not happen until now.
Documentary Credits :
Have you suggested in the framework of control on foreign exchange operations - follow the style of letters of credit, and here we show the following:
The central bank has tried to stimulate this manner a number of ways, including the granting of preferential exchange rate, but the traders - and mostly small traders - are accustomed to the way transfers to ease and lack of costs, this style practice in many countries, but the problem we have is the loss of control and supervision at border crossing points to support Health quantities of incoming and match them with the amounts transferred.
The transition to this method (letters of credit) requires a gradient in its application, to avoid reactions in the uncontrolled market, and fear of imbalances in the exchange rate as a result of the phenomena of exploitation and speculation.
We are moving in this direction according to a plan in stages, and there is a committee of experts from inside and outside the central bank is currently developing applications this manner proceedings, a step in this direction, we started now distinguish between banks requests in terms of being letters of credit or remittances and priority be given to cover the credits.
It should be noted here that this technique under the palaces and corruption rings linked Balastiradat and entry, will remain capable of penetrating and misrepresentation and fraud, and therefore unless the rise
Episodes turn and responsibilities can not be trusted with those operations, and some might exploit more of extortion and corruption, as happened in other experiments passed us.
Invoices artificial:
Referring to the reported on the bills is correct, Abyan follows:
The phenomenon of the invoices (fabricated) have unrealistic (3) reasons:
The first reason: the central bank so far - did not put money remittances from citizens abroad
(Edjara or investment abroad), have not been placed on the list of what is covered by the applications on the dollar, and with the existence of the phenomenon of output of funds abroad because of the volatile conditions and wary of the country, and the weakness of the trend towards investment and internal savings, the asylum conversion work to convert those amounts by making up lists commercial, and this requires a law to resolve it in terms of allowing transfers of capital abroad, which is still under study and discussion within the Central Bank and the international Monetary Fund.
The second reason: The trade volume with Iran reaches up to $ 10 billion, and these business processes is implemented allowed through transfers or credits in foreign currency because of the international and US embargo, so are asylum seekers conversion to make the conversion operations through other methods of passing loops convert lists of other commercial, It is real. Therefore, despite the large volume of imports from Iran, we do not find bills in reality.
The third reason: tax evasion, which pays to change the imported goods in the menus to pay less fees or exemption from such fees, and one example of that we do not find bills to import cars or maybe a number very few, despite the import cars represents a record huge and essential in import operations.
The scale of corruption and misrepresentation and fraud in commercial lists custom clearances is the key reason for the complexity of this process and the difficulty of controlling and monitoring them, who gave way to more manipulation also miss the opportunity in front of the application instructions and procedures established by the Central Bank, but transformation of those episodes to private gain through operations blackmail and bargaining.
Efficiency in the management of the bank
In exposure to Kavaita in the bank's management of natural that I would not be a governor on it, but if you want objectivity and this covenant your, Fbalamkan inquiry about it from the staff of the Central Bank and the board of directors and the relevant authorities, including the International Monetary Fund and the World Bank, the Financial Action Task Force, the Treasury US, Bank of the Federal reserve, the Office of financial supervision and the Office of global audit verified the bank, and I invite you to read the bank's strategy 2016_2020 years which is the first strategy issued by the central bank, in terms of preparation, presentation, content and initiatives, which are prepared according best standards and methods of strategic planning and carrying targets aligned and the roles of modern central banks for the first time as the central bank control over the level of inflation and the level of historical (up 2%) for every local, regional and international conditions is a remarkable achievement by any standard, as the Bank practiced for the first time a distinct role in supporting and stimulating the economy, as well as activating his role in getting into the secondary market to buy money orders, which supports the face of the financial crisis, and if you wish to deliver to you the details of this role without which the country was in big trouble today and serious repercussions.
Finally .. I still wish you a direct dialogue field and see the work of the Bank and will open you all Matod he knew or see it ... Sincerely.
Ali Mohsen Ismail Keywords
Governor of the Central Bank of Iraq and the Agency
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