[size=38]Currency auction likely to be cancelled in response to international pressure to combat financial smuggling[/size]
[You must be registered and logged in to see this image.]
October 14, 2024[You must be registered and logged in to see this link.]
Baghdad/Al-Masala: As part of the efforts made to reform the financial and economic system in Iraq, the Central Bank is moving towards canceling the currency auction, in response to international pressures aimed at regulating the circulation of the dollar and reducing illicit flows.
At the same time, the digital banking sector faces challenges related to the lack of legal legislation regulating its work, in light of the growth of this financial technology. In addition, there is increasing oversight of the real estate and gold markets to prevent money laundering operations, with the imposition of new mechanisms that limit suspicious transactions in this field.
Financial analyst Safaa Al-Shammari said that the Central Bank of Iraq is moving towards implementing a decision to cancel the currency auction, noting that these measures come in response to international pressure and strict negotiations. Al-Shammari also highlighted the need to develop the legislative framework for digital banks, which have begun to emerge without sufficient legal oversight.
Speaking on a TV show, Al-Shammari explained that “the Central Bank of Iraq will work to stop the currency auction as part of its commitment to the conditions imposed at the New York meeting,” adding that “the United States refuses for the dollar to reach entities subject to sanctions, which affects unofficial import operations, especially from Iran and Syria.”
Regarding digital banks, Al-Shammari stressed the urgent need for legal legislation to regulate the work of these new financial institutions, pointing out that there is a digital bank in the Kurdistan Region that has not obtained a license from the Central Bank. He also pointed to tightening control over the real estate market to combat money laundering, adding that “the gold trade has also come under strict control to prevent any violations.”
Tightening control over the real estate market to prevent money laundering requires a set of regulatory and supervisory measures in coordination between financial and banking bodies and legal entities.
These measures include imposing financial limits on real estate transactions that require additional monitoring, such that any purchase or sale exceeding a certain amount is subject to intensive financial investigations to ensure the legitimacy of the source of the funds.
Buyers and sellers must also be required to provide documents proving the source of funds used in transactions, and here banks play an important role in examining financial accounts and detecting suspicious transfers.
Analysts say it is essential to create a national database for all major real estate transactions to track financial movements related to real estate, making it easier to detect unusual patterns that may indicate money laundering. Cooperation between banks and regulatory bodies should also be enhanced, with banks monitoring accounts and financial transactions related to real estate transactions and reporting any suspicious activity to the relevant authorities. In addition, strict laws are required to require parties involved in the real estate market to disclose the identity of the beneficial owner of a real estate transaction to track down parties that may seek to hide illicit funds.
The analysis indicated that international asset auditing is also important to ensure transparency of foreign investors’ investments and cross-border transactions. Banks play a pivotal role in combating money laundering by examining financial transactions related to real estate deals and verifying the sources of large amounts of money used in purchases.
[You must be registered and logged in to see this link.]
Today at 6:42 pm by Rocky
» great interview President Trump's Interview with Bloomberg at The Economic Club of Chicago
Today at 6:33 pm by Rocky
» utube 10/12/24 MM&C Iraq News is Powerful - Minister of Finance to adhere to Time Tables - To Achie
Today at 7:33 am by Rocky
» utube MM&C 10/15/24 Attention to Valuation-Revaluation of Currency-IMF-WB-Viewpoints
Today at 7:33 am by Rocky
» Islamic Banks Association: We are committed to supporting Al Farah Model Schools for Orphans financi
Today at 7:30 am by Rocky
» Bitcoin Cryptocurrency Rise Over $3,000
Today at 7:29 am by Rocky
» The Council of Ministers holds its regular session headed by Al-Sudani
Today at 7:25 am by Rocky
» After denying petroleum products, a parliamentary committee acknowledges the existence of a “kerosen
Today at 7:23 am by Rocky
» Only a few hours left.. More than 110 thousand voters have not received their electoral cards in Kur
Today at 7:21 am by Rocky
» Including money and drug smuggling.. Border crossings announce the detection of more than 3,300 viol
Today at 7:18 am by Rocky
» To preserve gains, Türkiye and Iran “enter” the electoral race in the Kurdistan Region
Today at 7:13 am by Rocky
» Iraqi researcher: The region is heading towards a greater confrontation with America’s participation
Today at 7:11 am by Rocky
» The government is worried... Can the Iraqi parliament declare war on Israel?
Today at 7:08 am by Rocky
» What is the difference between the annual fees of the parallel project and the national project?
Today at 7:05 am by Rocky
» Trade: Marketing centers will support the national product and serve employees
Today at 7:04 am by Rocky
» The first of its kind.. Launching the Baghdadna electronic service platform
Today at 7:02 am by Rocky
» Nechirvan Barzani: The only solution to the pending issues between Erbil and Baghdad is to implement
Today at 7:01 am by Rocky
» "Currency Auction".. Central Bank of Iraq sells more than 257 million dollars
Today at 6:59 am by Rocky
» World Bank Support: Is External Financing Enough to Stabilize Iraq?
Today at 5:09 am by Rocky
» Government advisor prefers maximizing non-oil revenues by 2024
Today at 5:07 am by Rocky
» 6 Sunni parties threaten to boycott the session to elect the parliament speaker
Today at 5:04 am by Rocky
» Reports are worrying.. MP identifies 3 reasons for Baghdad's air pollution
Today at 5:03 am by Rocky
» Al-Furatayn: Al-Sudani's international contacts are important to ward off the specter of war
Today at 5:02 am by Rocky
» MP reveals why political parties ignore port corruption file
Today at 5:00 am by Rocky
» Parliamentary Committee Reveals Possibility of Extending Legislative Session in Order to Legislate L
Today at 4:59 am by Rocky
» Source: Arrest warrant issued against head of Integrity Commission for matching his voice with leaks
Today at 4:57 am by Rocky
» The Federal Court considers the appeal filed against the legitimacy of the Kirkuk Provincial Council
Today at 4:56 am by Rocky
» Industry: Partnership contracts will see the light within 3 years
Today at 4:54 am by Rocky
» Oil participates in the Atlantic Council Energy Forum
Today at 4:53 am by Rocky
» Trade: Marketing centers will support the national product and serve employees
Today at 4:52 am by Rocky
» Parliamentary Committee Denies Oil Products Company and Admits Kerosene Crisis... What Are the Reaso
Today at 4:50 am by Rocky
» Coordination with the World Bank to establish projects
Today at 4:48 am by Rocky
» 3347 different violations recorded at border crossings
Today at 4:47 am by Rocky
» Baghdad Council: Upgrading regions and districts to increase their financial allocations
Today at 4:46 am by Rocky
» Planning launches unified electronic platform services
Today at 4:44 am by Rocky
» Closure of two unlicensed factories, one of which is for dairy production in the capital, Baghdad
Today at 4:41 am by Rocky
» Launching of the activities of the international scientific conference under the slogan "Development
Today at 4:40 am by Rocky
» Parliamentary Oil Committee reveals reasons for diesel shortage
Today at 4:38 am by Rocky
» The Coordination Framework holds a meeting to discuss 3 files
Today at 4:36 am by Rocky
» Barzani in Sulaymaniyah and Talabani in Dohuk.. Visits of the raging conflict and disagreements that
Today at 4:34 am by Rocky
» The Recovery Department of the Integrity Commission concludes a cooperation agreement with the Arab
Today at 4:32 am by Rocky
» Iraqi oil maintains gains on second day of trading
Today at 4:30 am by Rocky
» Absent sovereignty and existing threats... Ankara continues to penetrate northern Iraq.
Today at 4:27 am by Rocky
» Al-Dulaimi: The Aqaba pipeline will cost huge sums of money for no benefit
Today at 4:25 am by Rocky
» Health warnings for Baghdad residents: “Black Cloud” may cause cardiac and respiratory arrest
Today at 4:24 am by Rocky
» Al-Shammari: 757 billion dinars in the Ministry of Interior’s revenues in 2023
Today at 4:23 am by Rocky
» Al-Sudani opens three schools in Baghdad and Maysan... all students in Al-Farah schools are included
Today at 4:22 am by Rocky
» Several scenarios facing Al-Sudani: the most prominent of which is that he may ally with Al-Sadr
Today at 4:20 am by Rocky
» In London.. Issuance of the first national card outside Iraq
Today at 4:19 am by Rocky
» Baghdad Governor calls for emergency plans to address security and service challenges
Today at 4:17 am by Rocky
» Minister of Interior calculates the amount of revenues during the year 2023
Today at 4:16 am by Rocky
» Reconstruction: A plan to address and reduce real estate prices throughout Iraq
Today at 4:15 am by Rocky
» Ministerial meeting draws up a joint integration map between electricity and industry
Today at 4:14 am by Rocky
» Finance: Automation plays a vital role in reducing financial and administrative corruption
Today at 4:13 am by Rocky
» Al-Shammari and Al-Fayadh stress support for the government’s progress and the continuation of the r
Today at 4:11 am by Rocky
» Industry announces success in attracting investment funds worth $3.5 billion
Today at 4:10 am by Rocky
» Government advisor: Tensions and war in the region may lead to a jump in oil prices
Today at 4:09 am by Rocky
» The Prime Minister directs to reduce working hours today, Tuesday, to one o'clock in the afternoon
Today at 4:07 am by Rocky
» Dollar exchange rates rise again in Iraq today
Today at 4:05 am by Rocky
» The electoral silence phase in the Kurdistan Region begins tomorrow.. New statistics
Today at 4:03 am by Rocky
» Zidane receives the Belgian ambassador and discusses judicial cooperation between the two countries
Today at 4:02 am by Rocky
» utube 10/10/24 MM&C Iraqi Dinar-International Focus-WTO File Joining Completed-Regularization of G
Yesterday at 7:17 am by Rocky
» Trade Bank of Iraq: Cash Deposit Center to be Opened for All Customers
Yesterday at 7:13 am by Rocky
» Central Bank Governor discusses with German Ambassador providing support to Al Riyada Bank
Yesterday at 7:10 am by Rocky
» Al-Alaq: The Central Bank has taken steps to promote the use of electronic payment
Yesterday at 7:07 am by Rocky
» Trade Bank of Iraq announces the imminent opening of a cash deposit center in Karkh
Yesterday at 7:05 am by Rocky
» South Gas announces contracting with a company to establish a gas import platform at Al-Faw Port
Yesterday at 7:04 am by Rocky
» Work: We support the private sector and investment companies and give Iraqi workers the largest shar
Yesterday at 7:01 am by Rocky
» Foreign remittance sales at the Central Bank of Iraq increased by 97%
Yesterday at 6:59 am by Rocky
» In numbers.. The 2024 budget and the rate of Iraqi oil sales
Yesterday at 6:58 am by Rocky
» Currency auction likely to be cancelled in response to international pressure to combat financial sm
Yesterday at 6:55 am by Rocky
» Parliamentary Finance Committee reiterates: Employees’ salaries are fully secured
Yesterday at 6:52 am by Rocky
» Central Bank: Al-Riyada Bank for Financing Small Projects to Launch Its Services Soon
Yesterday at 6:49 am by Rocky
» The Environment Ministry reveals to Al-Maalouma its measures against iron smelters
Yesterday at 6:48 am by Rocky
» Security expert: Washington has shirked its responsibility to protect Iraqi airspace
Yesterday at 6:47 am by Rocky
» MP calls on Parliament to enact a law to cancel privileges granted to Jordan
Yesterday at 6:45 am by Rocky
» Baghdad Governor: Illegal factories and outdated refineries are causes of polluting emissions
Yesterday at 6:41 am by Rocky
» Laying the foundation stone for the largest skyscraper in Baghdad
Yesterday at 6:40 am by Rocky
» Service Effort of {Sabah}: Including 500 Projects in the 2025 Plan
Yesterday at 6:39 am by Rocky
» Detailed designs for the development road to begin before the end of this year
Yesterday at 6:38 am by Rocky
» Parliamentary Economy Committee discusses with the Central Bank of Iraq the reality of banks and the
Yesterday at 6:36 am by Rocky
» Al-Alaq: The Central Bank has taken steps to promote the use of electronic payment
Yesterday at 6:34 am by Rocky
» Identifying a “significant way” to change the state of the Ministry of Industry in Iraq
Yesterday at 5:23 am by Rocky
» International report: Continuous exposure to the smell of sulfur in Baghdad will lead to major healt
Yesterday at 5:21 am by Rocky
» Completion rate 50%.. Details of the Hit Residential Complex and the categories covered
Yesterday at 5:21 am by Rocky
» Executive and legislative cooperation to enhance revenues
Yesterday at 5:19 am by Rocky
» Service Effort: Implementation of (260) projects in Baghdad next year
Yesterday at 5:18 am by Rocky
» Diversify income
Yesterday at 5:17 am by Rocky
» Minister of Resources to Al-Sabah: Activating a memorandum of understanding with Egypt to combat des
Yesterday at 5:16 am by Rocky
» European Union to Al-Sabah: We support Iraq's efforts to de-escalate
Yesterday at 5:15 am by Rocky
» Distribution of 8 thousand residential plots in Wasit
Yesterday at 5:13 am by Rocky
» Rehabilitation of electrical networks in Diwaniyah neighborhoods
Yesterday at 5:12 am by Rocky
» Coordination between migration and planning to include displaced persons in the population census
Yesterday at 5:11 am by Rocky
» Minister of Health to {Sabah}: 450 contracts concluded to supply cancer and heart treatment drugs
Yesterday at 5:09 am by Rocky
» Public-Private Partnership: The Basis for Economic Renaissance
Yesterday at 5:07 am by Rocky
» Sustainable Development Goals
Yesterday at 5:06 am by Rocky
» Prime Minister's Advisor to {Al-Sabah}: Implementation of the 2024 budget is proceeding smoothly
Yesterday at 5:05 am by Rocky
» 500 Ministers, Senior Officials and Decision Makers at Knowledge Summit 2024 in Dubai
Yesterday at 5:03 am by Rocky
» Al-Mandlawi arrives in Geneva at the head of a parliamentary delegation
Yesterday at 5:01 am by Rocky