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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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    Two aspects, “negative and positive”... What are the effects of US sanctions on Iraqi banks?

    Rocky
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    • Post n°1

    Two aspects, “negative and positive”... What are the effects of US sanctions on Iraqi banks? Empty Two aspects, “negative and positive”... What are the effects of US sanctions on Iraqi banks?

    Post by Rocky Thu 01 Feb 2024, 5:24 am

    Two aspects, “negative and positive”... What are the effects of US sanctions on Iraqi banks?

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    Baghdad today - Baghdad
    Today, Wednesday (January 31, 2024), expert in banking affairs, Ahmed Al-Tamimi, reviewed the expected effects of US sanctions on some Iraqi banks, noting that they have two aspects, “negative and positive.”
    Al-Tamimi told “Baghdad Today” that “the American sanctions on some Iraqi banks have two sides, negative and positive.” The positive thing is that these sanctions will significantly reduce money smuggling and money laundering operations, and this gives strength to the Iraqi economy, as no economy can To be strong in light of currency smuggling operations.”
    He added, "The negative side is that the American sanctions give a negative and unsuspecting impression regarding banking work inside Iraq, and this reduces citizens' dependence on banks to store money or conduct banking transactions. It also temporarily affects the dollar exchange rate, since one of the sources of smuggling has stopped, and this means that the increase will be More on the black market (parallel market).”
    Earlier today, Central Bank Governor Ali Al-Alaq confirmed, “There is a big difference between including a bank on the sanctions list by the Office of Foreign Assets Control (OFAC) and stopping a bank from dealing in dollars, which does not represent a punishment as much as it motivates the bank to adhere to the requirements.” Local and international compliance and combating money laundering and terrorist financing.
    He pointed out that "talk about the issuance of decisions by the US Treasury to punish a number of Iraqi banks is inaccurate, and what was issued recently only relates, so far, to Al-Huda Bank and the Chairman of its Board of Directors."
    He explained that “what is mentioned regarding other banks is that the Central Bank, in continuous operations, deprives some banks for reasons related to factors or issues of compliance with instructions, controls, and rules for combating money laundering and terrorist financing,” noting that “there is a Fines and Penalties Committee that issues dozens of decisions weekly, especially since and after the platform was implemented.” Electronic banks have become obligated and required to follow compliance rules and sound international standards.”
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