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The first steps to isolate # Daash start preventing moneychangers from entering auctions


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The first steps to isolate # Daash start preventing moneychangers from entering auctions

Post by rocky on Wed 10 Feb 2016, 2:17 am

The first steps to isolate # Daash start preventing moneychangers from entering auctions


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The Riyadh

External "mini-group international coalition ministers met to fight al Daash" in Rome last week, to assess the work of the Alliance and to accelerate its efforts to weaken the organization and defeat him in the end.

He described the US Treasury Department officials, due to the budget of the organization "Daash" in 2014, which amounted to about two billion dollars, that the organization's ability to collect revenue from the territory under its control "unprecedented."

And include funding for the organization sources, between 500 million and one billion dollars, took the organization from banks cabinets, during the occupation of more land (won in a single operation only), as well as hundreds of millions of taxation and extortion annually processes, and tens of millions per month from oil sales, in addition to other sources.

While the organization derives most of its input from territories controlled, prevented him from using the branches of banks and exchange offices in its territory is an essential part of a strategy to isolate the organization.

And it represented another important step to isolate the relevant organization "Daash", by preventing 142 Exchange Office to participate in currency conducted by "the CBI Auctions."

The exchange offices of the basic means used by the organization to transfer funds, and states that the notice issued by the "CBI" only in Arabic, said exchange offices, mostly located land under the control Daash, but five of these offices are in Kirkuk, which lies outside the territory of the organization, which is an active area that allows the flow of dollars into the territory, according to Iraqi officials.

The dollar auctions lifeblood of the Iraqi financial sector, as it allows banks and exchange offices access necessary to do foreign trade hard currency.

Like companies, banks and traders, the organization also needs access to hard currency, cash looted money that regulation of banks cabinets, issued mostly likely in Iraqi dinars, making it less useful foreign trade.

Similarly, the wages of Iraqi staff in the territories under the control of the organization until July 2014, when he stopped by Baghdad, issued probably in Iraqi dinars, too, and can therefore take advantage of the organization of a bureau of the weak to get cash through the banking process and do as well as electronic transfers fleeting border and received.

The move "CBI" in the wake of a statement made by a spokeswoman for the "Fed," the American told the "Wall Street Journal" last November, that "the Reserve Bank," commented currency shipments to Iraq in 2015 in response to the currency demand is greater than the usual security situation is changing in the country, the Iraqi purchases of the dollar has increased three-fold between 2012 and 2014.

The risk of exploitation of a bureau by the financiers of terrorism is not new, regulation is "Daash" trying to use informal channels or non-same organization used by Iran and other financial bodies is legitimate before.

In a recent report on emerging patterns of terrorist financing, it stressed the Task Force on Financial Action a "governmental body" on the weak exchange offices and other providers of remittance services to the financing of terrorism.

The exchange offices recently targeted by the Iraqi government good example of this, as most of them located within the "Daash" areas outside the scope "of the Iraqi Central Bank," the authority, and by preventing these exchange offices from participating auction the dollar, the Iraqi government found an effective way to regulate these institutions far-fetched.

It is noteworthy that in the areas where the segments of society are unable to benefit from the banking services or that lack of these services can exchange offices that serve as a conduit for sending remittances or received, but they are also vulnerable to exploitation potential as a conduit to mix illicit funds with legitimate money transfers.

Even in areas where there is no dispute and can not be where the residents take advantage of the banks pose a bureau of bridge between irregular economies based on the liquidity on the one hand, and banks that depend upon it to do international transfers on the other hand, however, this cover would obscuring the underlying beyond a certain deal and block bad elements from the global institutions that use them to complete transactions.

So be on the regional regulatory bodies to take decisive steps to protect their systems and isolated from remittance services unlicensed providers who are vulnerable to exploitation by illicit destinations.

And put "the Fed" US cooperation with the "Central Bank of Iraq," the mechanisms for the exchange of information and safeguards to protect the banks and exchange offices from exploitation and to prevent the organization from obtaining US banknotes, and it does not prevent the organization from the transfer of funds, but also protects the legitimate exchange offices of exploitation.

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