Iraq Economic News and Points to Ponder Tuesday Evening 1-23-24
Tlm724 Administrator Bondlady’s Corner
From The Dollar Currency.. The Iraqi Central Bank Freezes The Accounts Of “Fly Baghdad”
Money and business Economy News – Baghdad A source revealed, today, Tuesday (January 23, 2024), that the Central Bank of Iraq froze the accounts of “Fly Baghdad” in 3 major banks, in the dollar currency.
The source told Al-Iqtisad News, “The Iraqi Central Bank froze the accounts of Fly Baghdad Airlines in three major banks in response to US Treasury sanctions.”
Yesterday, Monday, the US Ambassador to Baghdad, Alina Romanowski, described Iran’s use of an Iraqi airline to smuggle weapons and dollars as a blatant violation of Iraq’s sovereignty.
This is a comment on the US Treasury’s decision to impose sanctions on the “Fly Baghdad” airline and 3 other figures. 156 views 01/23/2024 – https://economy-news.net/content.php?id=39740
Financial Fraud
Samir Al-Nusairi Due to the difficult and complex economic challenges and conditions that the government and the Central Bank faced in 2023 due to the fluctuation in the exchange rates of the Iraqi dinar against the US dollar and the instructions, facilities, controls and packages issued by the Central Bank to provide cash dollars to travelers and students outside Iraq and to small merchants who do not enter the electronic platform.
A number of cases of financial fraud have been diagnosed with the entry and exit of funds across the Iraqi border and exploitation of this in currency counterfeiting and money laundering operations, which falls within the category of financial crimes prosecuted by Iraqi law.
Therefore, the Central Bank announced that it is currently carrying out and also urging banks to carry out a wide media and advertising campaign to warn Citizens are aware of the danger of practicing these actions in violation of instructions and the extent of their impact on harming the national economy.
Here we would like to clarify the development of the methods and practices of people and companies involved in financial crimes, or so-called economic crimes, in most countries of the world, which can be identified as money laundering crimes, electronic payment crimes, currency counterfeiting, securities forgery, and other financial fraud crimes.
Government agencies, judicial and supervisory bodies have amended their applicable laws and developed procedural and electronic means to reduce these crimes in order to preserve their funds and the national economy.
Iraq, like other countries, has active its economic and legislative bodies and institutions in combating these crimes, as it issued the Anti-Money Laundering Law No. 39 of 2015, which included 12 chapters and articles that specified the crimes covered by the law and the penalties for each financial crime.
It also adheres to the international standards that limit money laundering issued by the FATF, in addition to the crimes of counterfeiting, forgery and fraud stipulated in the Iraqi Penal Code and the instructions issued by the Financial Authority and the Monetary Authority represented by the Central Bank of Iraq and the Ministry of Finance to combat these crimes with the aim of preserving Iraq’s money, especially its currency.
Foreign countries, due to the impact of these crimes on the national economy, creating stifling economic and financial crises for it, and the impact of this on sustainable development.
What is dangerous is the failure of financial and banking institutions to adhere to compliance rules, which means that they are exposed to financial and legal risks, the most important of which is reputational risks that directly affect Iraq’s international economic, financial, and banking transactions, which affect Iraq’s foreign economic relations with countries of the world, especially the financial and banking transactions of Arab and foreign correspondent banks.
But laws alone and internal judicial procedures alone cannot combat these financial crimes, which requires developing local and international proactive control methods by adopting mechanisms and policies regulated by international agreements to cooperate in reducing financial crimes related to money laundering, terrorist financing, and electronic financial crimes related to electronic payment operations and reaching the final beneficiary. .
Training and qualifying supervisory and technical personnel specialized in the subject of money laundering and applying international standards in this field has become imperative.
Therefore, we propose that the Central Bank of Iraq, the Association of Iraqi Private Banks, and the Iraqi judiciary organize specialized qualification and training courses similar to the courses that were held in the years 2017 and 2018 inside and outside Iraq. Participate in Banking and judicial cadres join together to exchange experiences and cooperate with each other to reduce financial and economic crimes.
99 views Added 01/23/2024 – https://economy-news.net/content.php?id=39739
The government requires official institutions to cooperate with banks regarding electronic sales
Economy | 01/23/2024 Mawazine News – Baghdad The General Secretariat of the Council of Ministers announced, today, Tuesday, the obligation of official institutions to cooperate with banks regarding electronic points of sale.
A statement from the secretariat stated, “Based on the directive of the Prime Minister, Muhammad Shiaa Al-Sudani, regarding electronic points of sale (POS) and in order to achieve a streamlined implementation of the procedures for implementing this system and raise the level of preparedness on all sides, in a way that contributes to serving citizens.”
The General Secretariat of the Council of Ministers specified the conditions for issuing the electronic card, the commitment to implement what was stated in Paragraph (First/2) of Council of Ministers Resolution (23620 of 2023) and in cooperation with licensed banks, in accordance with the scope of their work and the organizational structure of their accounting and financial procedures through the use of payment tools.
Electronic payment from the procurement committees and implementation committees is a secretariat, and an emphasis on cooperation and coordination from all government institutions, with electronic payment service providers and banks contracted with them for the following purposes: placing billboards and screens displaying materials and short videos for citizens explaining the mechanisms of using electronic payment tools, their benefits and methods, and encouraging them to use them.
Educating them about this matter, until March 1, 2024 as a maximum, and conducting awareness campaigns to spread financial and banking culture and electronic payment in the field, within the buildings of institutions and formations and their locations periodically.”
He added, “The conditions included providing the Central Bank of Iraq with the procedures taken regarding the adoption of electronic payment tools in financial transactions and services, in addition to the proposals and challenges facing the process, so that the aforementioned bank can study them and find the necessary solutions as far as the matter is concerned with the specialization of the Central Bank of Iraq.”
He pointed out that “the Department of Cabinet Affairs and Committees in the General Secretariat of the Council of Ministers will take it upon itself to follow up on the implementation of the directives.”
https://www.mawazin.net/Details.aspx?jimare=240895
Oil Prices Stabilized Amid Mixed Indicators Regarding Supplies
Tuesday 23, January 2024 | Economical Number of readings: 316 Baghdad / NINA / Oil prices stabilized today, Tuesday, and there was no significant change, in light of mixed indicators regarding supplies and cautious expectations regarding China.
Brent crude futures fell two years to $80.04 per barrel, while US West Texas Intermediate crude futures fell to $74.75 per barrel.
The two crude oil prices rose by about two percent yesterday, Monday, as a Ukrainian drone targeting a fuel export station belonging to the Novatek company raised concerns about supplies and then an increase in prices./End 2 https://economy-news.net/content.php?id=39750
A New Decline In The Dollar In Iraq This Afternoon
Time: 01/23/2024 13:11:20 Read: 4,004 times {Economic: Al-Furat News} We publish a morning list of the exchange rates of the dollar against the dinar, on the main Iraqi stock exchanges, this afternoon, Tuesday. The official price from the Central Bank is 132,000 dinars per $100 bill.
Dollar selling prices on stock exchanges at one o’clock this afternoon:
Baghdad: 150,850 dinars Erbil: 150,750 dinars Basra: 151,100 dinars Najaf: 150,950 dinars
Mosul: 150,900 dinars Kirkuk: 150,850 dinars Sulaymaniyah: 150,850 dinars LINK
External transfers
January 23, 2024 :diamonds: Agents of foreign remittance service providers (Western Union, MoneyCram) and external remittances..
For more, click here https://cbi.iq/static/uploads/up/file-170600387869363.pdf
https://cbi.iq/news/view/2506
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https://cbi.iq/static/uploads/up/file-170600387869363.pdf
[Partial and approximate translation]
Agents of foreign remittance service providers (Western Union 0 Money Gram)
m/ external transfers
In view of the meeting with Mrs. (Rawad Tammuz Mahmoud) to carry out external transfers through (Western Union) company.
Using two Iraqi passports at the same time, issued within the year 11
SLA ony menstruation and caution regarding financial transactions for the benefit of the invitation mentioned above.
ea With appreciation. Escorts Next version (se) Select (*)
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