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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


    Parliament expects more: Treasury sanctions will not stop or affect the dollar exchange rate

    Rocky
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    Parliament expects more: Treasury sanctions will not stop or affect the dollar exchange rate Empty Parliament expects more: Treasury sanctions will not stop or affect the dollar exchange rate

    Post by Rocky Tue 30 Jan 2024, 2:48 pm

    Parliament expects more: Treasury sanctions will not stop or affect the dollar exchange rate
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    Baghdad today - Baghdad
    Today, Tuesday (January 30, 2024), the Parliamentary Finance Committee commented on the continued imposition of US sanctions on banks in Iraq, while indicating that these sanctions will not have a significant impact on the dollar exchange rates.
    Committee member Jamal Cougar said in an interview with “Baghdad Today” that “the imposition of American sanctions on banks in Iraq may continue during the coming period, as there is no confirmation that these measures will stop in light of the presence of smuggling and money laundering operations.”
    Cougar stated that “the fluctuation of the dollar exchange rates in the local market is affected by any economic or security event, and for this reason we see prices are not fixed and are variable due to the nature of the variables, and we do not believe that imposing sanctions on specific banks in Iraq will have significant effects on the dollar exchange rates, and the effects may "Be immediate."
    Today, Tuesday (January 30, 2024), the Central Bank of Iraq revealed the reason for the US Treasury Department imposing sanctions on Al-Huda Bank of Iraq.
    The bank explained in a statement received by “Baghdad Today” that “the reason for imposing sanctions on Al-Huda Bank of Iraq was due to its activities in the year 2022.”
    He added, "The bank did not participate in the window for buying and selling foreign currency during the year 2023, stressing that it continues to provide its banking services without dealing in US dollars and is allowed to deal in other foreign currencies."
    Yesterday, Monday (January 29, 2024), the US Treasury Department announced the imposition of sanctions on Al-Huda Bank and its owner, Hamad Al-Moussawi, for their involvement in “financing terrorism and money laundering for the benefit of Iran and its proxy groups,” according to the Treasury.
    The Treasury said in a statement, seen by Baghdad Today, that it "today uses powerful tools to protect the Iraqi and international financial system from the abuse of terrorist financiers, fraudsters, and money launderers." 
    She added, “Al-Huda Bank, an Iraqi bank that acts as a conduit for terrorist financing, as a foreign financial institution raises a major concern about money laundering, and in addition to the Treasury’s findings, the Financial Crimes Enforcement Network ( FinCEN ) has proposed a rule that would separate the bank from the financial system.” The United States by prohibiting local financial institutions and agencies from opening or maintaining a correspondent account for or on behalf of Al-Huda Bank, and in addition, the Office of Foreign Assets Control ( OFAC ) imposes sanctions on the bank’s owner.”
    She continued, “Al-Huda Bank and its foreign sponsors, including Iran and its proxy groups, transfer funds that can support the legitimate businesses and economic aspirations of the Iraqi people, and Al-Huda Bank has for years exploited its access to US dollars to support designated foreign terrorist organizations including the Iranian Revolutionary Guard, as well as Iraqi militia groups allied with Iran, including Kataib Hezbollah and Asaib Ahl al-Haq,” explaining that “the Chairman of the Board of Directors of Al-Huda Bank is complicit in the illicit financial activities of Al-Huda Bank, including money laundering through front companies that hide the true nature of the parties involved in the illicit transactions.” legitimate, which ultimately enables the financing of terrorism.”
    The Treasury stated, “Since its establishment, Al-Huda Bank has been subject to the control and operation of the Iranian Revolutionary Guard and the Quds Force of the Iranian Revolutionary Guard, and after the establishment of the bank, the head of Al-Huda Bank operates money laundering operations on behalf of the Quds Force of the Iranian Revolutionary Guard and the Hezbollah Brigades. In addition, it allows Al-Huda Bank provides access to the US financial system to known actors using fraudulent documents, fake deposits, identity documents of the deceased, fake companies, and counterfeit Iraqi dinars, providing opportunities to hide the identities of counterparties in the transaction to correspondents, banking relationship providers, and it should be noted that the Chairman of the Board of Directors of Al-Huda Bank is Also the owner of the bank and Chairman of its Board of Directors.
    Last week, OFAC designated the Iraqi airline Fly Baghdad and its CEO for providing assistance to the Iranian Revolutionary Guard Corps-Qods Force ( IRGC-QF ) and its regional groups by transferring fighters and weapons. By including three leaders and supporters of Kataib Hezbollah and a company that served as a cover for Kataib Hezbollah to transfer and launder money, according to the statement.
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