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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    The Iraqi market "tightens illegal dealers and their imports"proposals from

    Rocky
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    The Iraqi market "tightens illegal dealers and their imports"proposals from Empty The Iraqi market "tightens illegal dealers and their imports"proposals from

    Post by Rocky Sun 12 Feb 2023, 5:43 am

    The Iraqi market "tightens illegal dealers and their imports"[You must be registered and logged in to see this link.]
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    Baghdad today - follow-up
    Today, Sunday, Asharq Al-Awsat newspaper reported on the results of the Iraqi-American talks in Washington on the issue of "dollar smuggling" from Iraq.
    The newspaper stated, in its issue issued today, and followed by (Baghdad Today), that “at a time when the Iraqi Deputy Prime Minister and Foreign Minister Fouad Hussein and the head of the Iraqi negotiating delegation in Washington confirmed that there is an American understanding of the specificity of Iraq, the Iraqi political circles were preoccupied with what it reported.” The media reported that three members of the US Congress demanded that US President Joe Biden continue to punish a number of rogue Iraqi banks. The Foreign Minister described his economic and investment talks with the US side as positive, indicating that the meetings were very good and beyond expectations, whether with the US Treasury, US Secretary of State Anthony Blinken, US Special Envoy for Climate Affairs John Kerry, or energy officials.

    He added that extensive meetings with US officials focused on issues related to the economic situation and energy, including gas investment issues, and the issue of government assistance and US companies in this field. 
    And while he made it clear that there is clear US support for government policy in the economic field, he indicated that meetings took place with representatives from the US Treasury Department regarding a set of understandings that we reached in the field of monetary policy and reform in the banking field and how to deal with some countries subject to sanctions. American. 
    He added that there is a clear understanding by the United States of some of the issues we raised, and support for the discussions that took place between the Central Bank and treasury representatives. He also confirmed that the representatives of the Ministry of the Treasury, clearly declared that they understand our problems, and are trying to support the Iraqi monetary policy and the monetary policy of the Central Bank, reassured that there is clear support from the Treasury for the current situation in Iraq. Meanwhile, members of the US Congress asked Biden to "punish Iraqi banks," which they said were "involved in money laundering and dollar smuggling operations to Iran, which is sanctioned by Washington."

    Three members of the Congressional Foreign Relations Committee who belong to the Republican Party addressed Biden, asking him to clarify the procedures of the US Treasury administration and the Department towards Iraqi banks involved in money laundering and smuggling dollars to Iran.
    They said, "These banks act as a front for financing Iranian official institutions, calling on the US administration to take punitive measures against these banks and tighten the screws on their operations in dollars."
     In addition, the US Treasury Department announced Baghdad and Washington's emphasis on the importance of mutual commitment to AML/CFT measures. The ministry said, in a statement yesterday, Saturday, that the US Deputy Secretary of the Treasury, Wali Adimo, the Iraqi Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, and the Governor of the Central Bank of Iraq, Ali Al- Alaq, discussed together the economic situation in Iraq and the government's plans to reform the economic and financial sector.
    She added that the two parties stressed the importance of mutual commitment to measures to combat money laundering and terrorist financing, and the continuation of bilateral economic relations between the United States and Iraq, which aims to strengthen the Iraqi economy. For its part, the Central Bank of Iraq confirmed that Al-Alaq met on the sidelines of his visit to Washington, Daniel Zeliko, Vice Chairman of the Board of Directors at JPMorgan Corporation, and during the meeting it was agreed that JPMorgan Bank would facilitate Payments from the Iraqi banking system to the People's Republic of China to finance imports the private sector directly.

    The Central Bank pointed out, in a statement, that a number of issues related to reserves management, liquidity management and technical support provided by the aforementioned bank to the Central Bank of Iraq and to the banking sector in Iraq were also discussed.

    Al-Alaq indicated, according to the statement, that the Central Bank of Iraq is committed to applying international standards in combating money laundering and financing terrorism, stressing the strengthening of the Central Bank of Iraq's relations with its counterparts in countries of the world to serve the work of the Iraqi banking sector and its development.
     In this context, Dr. Ghaleb Al-Daami, a media professor at Ahl al-Bayt University in Karbala, told Asharq Al-Awsat: According to the information I have, the US Federal Bank gave Iraq only three months to commit to monitoring, and during this period the extent of his commitment is observed. Iraq by international standards and moving away from money laundering and unofficial transfers, indicating that the Federal Bank this time is serious in dealing with this matter, and this means that the seriousness of the US Federal Reserve would support the actions of the Iraqi government that wants To stop this bleeding in Iraqi money, unlike the internal parties, unfortunately, that call To the continued bleeding of Iraqi funds because they benefit from the currency auction.

    Al-Daami confirmed that it is now noticeable that sales have decreased due to serious measures and monitoring by the Federal Bank to about $70 million and possibly less, and this is beneficial for Iraq since the window for currency smuggling has ended or is about to expire .
    And that what happened in Washington was not a complete agreement insofar as it set broad lines for what Iraq is doing in terms of compliance with the standards imposed by the Federal Bank.
    In the same context, the head of the Iraqi Business Council, Dawood Abd Zayer, told Asharq Al-Awsat that the current negotiations in Washington will inevitably be in favor of Iraq, as there will never be a return to the previous regime in the field of unprofessional and non-transparent financial transfer. 
    Abdul Zayer added that the whole world today follows banking methods through commercial circulation, commodity financing and foreign trade, just as the whole world went to modern banking systems for the purpose of transparency in terms of combating money laundering, supporting terrorism, black money and corruption money and controlling them, indicating that Iraq, unfortunately, was working A system parallel to the process of conducting official methods through transferring and financing foreign trade, and we went to establish a parallel behavior, which is the behavior of banking that deals in cash through Undisclosed transfers, where no one knows the beneficiary of it and the sender from it, which leads to all that is illegal in the transactions of the transfer.
    He explained that these illegal methods apply to the import of bad goods, money laundering, drug financing and all kinds of illegal trade, indicating that Iraq is now in a stage of a major economic transformation for the better, which means that all illegal dealers will Exit the market, including that is bad imports, which means a shift in monetary policy, which is all in favor of Iraq, with an emphasis that it will go through a minor crisis through the rise in the parallel price, noting that there are bold government measures in the field of economic reform, which has accumulated over about 15 years.
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