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Thursday, November 17, 2016

Dinar Updates Daily Chat Log for Thursday 11/17/16 - Part 1

Dinar Updates Daily Chat Log

Part 1 - Featuring rcookie

... Necessary documents central to mediate letter of guarantee 100% of their capital firms

Author: HH

Editor: HH

17/11/2016 12:55

Long-Presse / Baghdad

It revealed a document issued by the Central Bank of Iraq, on Thursday, for a resolution that includes an increase for letters of guarantee banking companies to allow them to enter sell the currency window, and noted that the decision included raising the letter of guarantee for banks to 100%, while confirming that the bank's board is considering a proposal to reduce those after claims descent from the companies need to be reduced.

And showed a document obtained (range Press), a copy of which, that "there is a decision by the Board of the Central Bank includes an increase for letters of guarantee banking companies to the Central Bank of Iraq in order to enter sell the currency window," noting that "companies demanded the need to modify that the decision".

The document, to be "the central bank studied the requests he has received on the amendment of the decision to lift the letter of guarantee for banks to 100%, it has decided to be 25% that the increase be before the (first of January 2017), that increases annually by 25% for a period of four years to be up to 100%. "

It said the document, said that "those measures aimed at creating motivation for the exchange companies to work according to the requirements of the Central Bank and commit to decide in selling the currency."

Movack says(6:08 AM):

very interesting abstract reading this morning on trump and your investmaent ( IT IS A PROPOSAL ) http://www.taxpolicycenter.org/sites...d-tax-plan.pdf

loop says(6:09 AM):

Abadi Office: Baghdad and Erbil agreement still exists and the Peshmerga would withdraw from the liberated areas

17/11/2016 14:21

Long-Presse / Baghdad

The Office of the Prime Minister, Haider al-Abadi, said Thursday that the agreement between Baghdad and Erbil on liberated territory in the province of Nineveh, still exists, and pointed out that the Peshmerga forces withdrew from several areas after cleared of regulation (Daesh), according to the agreement, while He pointed out that the agreement does not include the areas controlled by the Peshmerga forces during the previous governments.

According to a statement, to inform the Office of the Prime Minister, Haider al-Abadi, received a (long-Presse), a copy of it, that "our heroine, continues victories and progress in all the fighting axes in operations (coming, Nineveh) to liberate its people from the oppression of the terrorist Daesh gangs," noting that it "would like to emphasize that the agreement between the federal government and the Kurdistan region about editing the province of Nineveh, is still steady and there is no change in it, where the Peshmerga forces are fighting side by side with the federal military forces for the Liberation of Nineveh province, of terrorism (Daesh)."

The statement, that "the agreement includes an explicit clause withdrawal of the Peshmerga forces from the liberated areas after the liberation of Mosul to their former places of which was its adherence before the start of the edits and this has been applied in a number of areas," noting at the same time that "with respect to the areas that were the Peshmerga forces exist in the previous government, which was edited before each began operations (coming, Nineveh) have not been any new agreement on them and are subject to constitutional provisions in determining its ownership. "

rcookie says(6:10 AM):

Iraqi government: We will deal only with the Kurdistan Regional Government

By Roudao one hour ago

Roudao - Erbil

The Iraqi government announced on Thursday that it would only deal with the Kurdistan Regional Government, and not deal with the provinces directly.

Spokesman has said the Office of the Iraqi Prime Minister, Saad al-Sabri, told the network Roudao media, Baghdad's position on the request of one of the Kurdish parties from the Iraqi government to deal directly with the provinces of the region, saying that "the central government will deal only with the Kurdistan Regional Government, according to the Iraqi constitution, which I got confidence from the Kurdistan Regional Parliament, so it must be such requests by the Kurdistan Regional government, and not through the existing provinces in the region. these provinces are among the Kurdistan region therefore the central government to deal with the Kurdistan Regional government. "

He said Sabri, said that " the central government to deal directly with the provinces that are not linked to the province."

This position comes after the second deputy suggested to the Iraqi Council of Representatives and leader of the Kurdistan change, Aram Sheikh Mohammed, that in the absence of Arbil and Baghdad's commitment to the agreement of oil between them, that the recent process of securing the provinces budget for the province directly, which led to the emergence of the views and positions different between political parties in the Kurdistan region.

President of the Kurdistan Regional Government, Nechirvan Barzani For his part, he said, in a statement to the network Roudao media, "the situation, which has become by the Kurdistan Region after 2003, was the result of negotiations and discussions of many carried out by the political forces in Kurdistan with Baghdad, according to the Constitution and the law, I think that it's hard to be able to Baghdad to negotiate or understanding with one of the provinces directly, not imagine that what is being talked about now is the opinion of all the people of the province of Sulaymaniyah, it is possible that there will be some political forces want to deal directly with Baghdad, it is our part, we do not have problem, but contend if able to do so. "

And about the fear of get a split in the Kurdistan Region, Nechirvan Barzani said, "I assure you that there are no fears of the division of the territory of Kurdistan, because this opinion, or orientation may be the opinion of one of the political forces, and that means that the other political parties may not support this requirement is full, I do not think that this matter may cause damage or problems to the Kurdistan region, this is their opinion, and if they succeeded to achieve, so let them come forward. "

Movack says(6:10 AM):


rcookie says(6:11 AM):


rcookie says(6:11 AM):

Abadi Office: Barzani will bring problems to Baghdad

Politician Number of readings: 135 11/17/2016 12:21

National Center Brief / NNC - spokesman for the prime minister Saad_alhdithi said the president of the Kurdistan Regional Government Massoud Barzani's recent remarks bring the problems we have no knowledge of US agreement with him.

Sabri said in a press statement that "Barzani's recent statements regarding his refusal to withdraw Peshmerga forces from the liberated areas will bring problems to Baghdad.

rcookie says(6:20 AM):

Abadi Office: Baghdad and Erbil agreement on the liberalization of Nineveh constant and there is no change in it

Thursday November 17 2016 14:15

Information Office of the Prime Minister Haider al-Abadi, announced Thursday that the agreement between the central government and the Kurdistan region on the liberalization of Nineveh constant and there is no change in it, while noting that the Peshmerga, withdrew from some of the liberated areas, according to the agreement.

The office said in a statement received Alsumaria News, a copy of "our heroine continues victories and progress in all the fighting axes operations are coming, Nineveh to liberate its people from the oppression of Daesh terrorist gangs," noting that "the agreement between the federal government and the Kurdistan region about editing the province of Nineveh, still steady There is no change in it, where the Peshmerga forces fighting side by side with the Federal military forces for the Liberation of Nineveh Daesh of terrorism. "

The office added that "the agreement includes an explicit clause withdrawal of the Peshmerga forces from the liberated areas after the liberation of Mosul to their former places that were ahead of its adherence to the processes of liberalization," he said, adding that "this matter has been applied in a number of areas."

"The areas that were located where the Peshmerga forces in the previous government, which was edited before each began coming operations O Nineveh, have not been any new agreement on them and are subject to constitutional provisions in determining its ownership."

The head of the Kurdistan region, Massoud Barzani, on Wednesday, and there is agreement on the presence of the Peshmerga forces in the existing line of defense before the start of liberalization of Mosul operations, stressing that the region will not give up the "right of independence and under any pressure."

loop says(6:21 AM):

Sponsored by the Governor of the Central Bank Forum compliance and anti-money laundering and terrorism financing held soon

Economy News special ..

It ended the Iraqi private banks association preparations for holding the forum compliance and anti-money laundering and terrorism financing in Iraqi banks, financial institutions, which will be held under the auspices of the Governor of the Central Bank on 03.12.2016

The aim of the forum which will be held on one of the halls of Palestine Meridien Hotel to gather specialists to combat money laundering, representing the Central Bank of regulatory, judicial and stakeholders of the banking sector in this regard to trading the latest developments in addition to discussing the challenges facing the working banks in Iraq and ways to apply anti-money laundering and terrorism financing laws ..


rcookie says(6:22 AM):


loop says(6:26 AM):

America calls on Iraq to "create real investment opportunities."

Economy News / Continue ...

Urged the US Department of Commerce on Wednesday, Iraq to create a "real opportunities" can be funded by investors, and change the existing formulas for decades and provide greater facilities for business, and while I went back to tourism investment is "best suited" to Basra, the southern provinces called for the establishment of projects suited to their needs and "non-clone" of those carried out with other governorates.

The adviser and the US Secretary of Commerce, Mays Alabbosi, at a press conference at the US Consulate building in Basra, I followed "Economy News" that "the US Department of Commerce held workshops with the Iraqi government and relevant ministries, such as planning, oil, electricity, construction and housing for the definition of funded projects in Iraq and development within the global investment in the current financial crisis faced by the country framework. "

She called Alabbosi, to "find real investment opportunities planned according to global standards to reassure foreign investors and provide an opportunity for funding," stressing the need "to do projects with a cost of less than $ 40 million in order to ensure easy financing and implementation."

She adviser and US Secretary of Commerce, that "Basra could see the implementation of tourist investment projects being the most appropriate at present, in light of falling oil prices and the need to rely on an economy based on the successful projects", usually the "southern provinces should see the establishment of projects suited to their needs and it is reproduced from those that implement other governorates. "

She urged Alabbosi, the concerned authorities to "change the conditions and legal and financial contracts for projects formats and provide facilities to attract investors."

The legal adviser of the US Department of Commerce, Mays Abbas Alabbosi, announced in (the twentieth of October 2015 the past), all seeking to activate twinning signed the Convention in 2012, between the cities of Houston and American Basra, to take advantage of the first experience in the oil industry development, especially that Basra can be a center of the oil industry in the Middle East.

(6:30 AM)george was kicked out by george!

loop says(6:30 AM):

Another day were nothing is getting done.

loop says(6:30 AM):


larrykn says(6:31 AM):

GM everyone :)

loop says to larrykn(6:31 AM):


Movack says(6:31 AM):

morning larrykn

larrykn says to loop(6:31 AM):

GM, ty for the news

larrykn says to Movack(6:31 AM):


Doug_W says(6:32 AM):

hiya Larry

DIGIman1 says(6:32 AM):

gm larry

larrykn says to Doug_W(6:32 AM):


plowboy says(6:32 AM):

good morning, all'

DIGIman1 says(6:32 AM):

gm plow

Doug_W says(6:32 AM):


larrykn says to DIGIman1(6:32 AM):

GM hows it going

larrykn says to plowboy(6:32 AM):


plowboy says(6:32 AM):


DIGIman1 says to larrykn(6:32 AM):

its going .....

plowboy says(6:32 AM):

mornin larry

(How do you know if honesty is the best policy unless you've tried some of the others?

ol lar says(6:34 AM):

To / licensed banks ( data ) 11/17/2016

Exchange companies ( Company commissioner Director ) ( company auditor ) ( Associate Commissioner director of foreign exchange ) ( the founders of the exchange companies )

Banks ( the members of the Bank ) ( bank commissioner Director ) ( Monitor compliance of the bank ) ( the auditor of the bank ) ( the founders of the bank )

Money transfer companies ( members of the Board of Directors ) ( Company commissioner Director ) ( Monitor compliance of the company ) ( company auditor ) ( the founders of the company )

To / brokering the sale and purchase of foreign currencies all companies ( Letters of Guarantee ) 17/11/2016

(6:34 AM)*.MOD.magnetlady.copy changed nickname to *.MOD.magnetlady!

plowboy says(6:34 AM):

good morning, yes, i made it it home. To a ton of work

DIGIman1 says(6:34 AM):

mornin mags

magnetlady says(6:34 AM):

morning DIGI

DIGIman1 says(6:34 AM):

have a safe and blessed day everyone....

Movack says(6:34 AM):


(6:34 AM)DIGIman1.copy changed nickname to DIGIman1!

magnetlady says(6:34 AM):

You too DIGI

DIGIman1 says(6:34 AM):

:) almost friday

magnetlady says(6:35 AM):


loop says(6:35 AM):

Parliamentary Human Rights demanding to stop the deduction of employees' salaries

Economy News / Baghdad

It announced to the parliamentary human rights committee, refusing to visit the percentage deduction of salaries of employees and retirees in the draft general financial state budget law for 2017.

And confirmed by the Commission Dry longings in a statement it received the "Alaguetasd News", a copy of it, "the committee rejects paragraph increase the percentage of the deduction of employees and pensioners in the budget of 3% to 4.8%," referring to "highlight the observations of the committee on budget" .ohdd Committee Act according to dry that "employees and retirees should not be the victim of the lack of government strategy."

He explained, "The human rights committee in the House of Representatives held intensive meetings to discuss the draft 2017 budget law, and concluded the meeting to take notes on paragraphs of the budget, including the proportion of Astqataat employees' salaries, as the draft included increasing the deduction to 4.8%. The Committee rejected this increase and demanded to be kept at 3%, "indicating that" we refuse to be a victim of retired employees or the lack of a strategy for the government over the past years. "

"The committee demanded the exception of displaced persons from the judiciary and judicial duties," pointing out that "the committee also demanded to reduce the large number of advisers in the three governing bodies only by experienced qualified and keep, to minimize the physical consequences of the protections and wheels in order to relieve pressure on the state budget."

She a member of the parliamentary human rights committee, said that "the Commission called for the retention of the property tax rate of 10% in order to prevent the exploitation of property owners to the citizens."

The House of Representatives has ended its session last Wednesday, the second reading of the draft federal budget for the 2017 law, and directed the presidency of parliament parliamentary Finance Committee Bandaj the bill for a vote, in the coming sessions.

The size of the 2017 budget, according to the draft of the law more than 100 trillion dinars deficit by 21%.

He said Parliament Speaker Salim al-Jubouri, last Thursday, that "the salaries and expenses accounted for 75% of the budget in 2017, and reached the security and defense allocations for 32% of total expenditures in," referring to the "keenness of the House of Representatives to reduce the three presidencies expenses in senior positions in the state."

The draft budget to increase the proportion of deduction from employees' salaries for the expenses of the popular crowd and displaced law to 4.8% of the total salaries and allowances for all state employees and public sector retirees, after this percentage was 3% in the budget of 2016.

Article 38 of the draft budget law also pointed to the tax adjustment of 10% to 12% of the annual revenue of the real estate property ratio.

Announced Prime Minister Haider al-Abadi, yesterday that the Cabinet made changes "minor" on some of the legal provisions of the draft 2017 budget law and submit them to the House of Representatives.


Doug_W says(6:35 AM):

this week has FLOWN by 4 me

Movack says(6:35 AM):

me also

larrykn says to DIGIman1(6:36 AM):

its always Friday for me :D

DIGIman1 says to larrykn(6:36 AM):

so jelly....... :D

Doug_W says(6:36 AM):

sooo whos copying now anyhow?

DIGIman1 says to Doug_W(6:36 AM):

i vote for you...

Doug_W says(6:37 AM):

bite me Sir

larrykn says to Doug_W(6:37 AM):

when somebody does a copy I will lol

Movack says(6:37 AM):

for all to consider, very interesting abstract reading this morning on trump and your investment ( IT IS A PROPOSAL ) http://www.taxpolicycenter.org/sites...d-tax-plan.pdf

Doug_W says(6:37 AM):

I read it M very interesting

Doug_W says(6:38 AM):

I don't agree with it but non the less its interesting

Movack says(6:38 AM):

tax time will tell

Doug_W says(6:38 AM):

amen Sir Amen

ol lar says to Movack(6:40 AM):

I hope he follows the advise of Pence and that new gal from Tennesee on his Transition team , they are both very strong "Fairtax" supporters

ol lar says to Movack(6:41 AM):

This year may not be practical but hopefully for 2017

Doug_W says(6:42 AM):

its too late 4 this year since he won't be in office till after Jan 1

Movack says(6:42 AM):

accually i hope it goes into affect for 2017 how it ajusts from there so be it but under that plan it will benifit this exchange greatly

Babe says(6:43 AM):

do you think that this is based upon who our president is?

ol lar says(6:43 AM):

Isn't today and Sunday a day off in Bagdad for holiday, pretty sure I read that

larrykn says to Babe(6:45 AM):

are you talking taxes or the RV

Babe says(6:45 AM):

perhaps I was reading this wrong larry...I thought that they were talking about the RV....which was confusing me....

larrykn says to Babe(6:46 AM):

no they were talking about taxes

Babe says(6:46 AM):

I shouldn't try to read quickly...LOL...was just checking before heading off to school...as a teacher I should know better

Babe says(6:46 AM):

so sorry darlin'

larrykn says to Babe(6:47 AM):

no problem, its early lol

Babe says(6:47 AM):

(F) ...you are kind

Movack says(6:47 AM):

speaking coffee time

Doug_W says(6:47 AM):

thats OK Babe

Babe says(6:47 AM):

thank you Doug_W

Doug_W says(6:48 AM):


Babe says(6:50 AM):

bye for now....y'all have a great day...gonna go play teacher...LOL

Doug_W says(6:51 AM):

U 2 Doll

plowboy says to Movack(6:59 AM):

that reports says that revenues would dramatically fall under Trump's tax plan. That is counter intuitive imo

Doug_W says(6:59 AM):

I agree Plow totally

plowboy says to Movack(7:00 AM):

but at any rate a capital gains cut would be great for us

plowboy says to Movack(7:02 AM):

the revenue drop is assuming no growth in gdp, which would grow if there were tax incentives

Movack says(7:03 AM):

I agree but my personal thought is that when this exchange happens US debt will greatly inprove. Bring in a new time of accountablity with our GOV

Doug_W says(7:03 AM):

there ya go

larrykn says to plowboy(7:03 AM):

I was thinking that too, I believe he wants to cut it to 15% an up , there were only 3 tax bracets I believe in his plan

(7:04 AM)Check out THE BLOG - http://www.dinarupdates.com/blog/ - for the latest Dinar News, Documents and Call banners

Doug_W says(7:05 AM):

brekkie and AM meds time here now

Doug_W says(7:05 AM):


larrykn says to Doug_W(7:06 AM):

cya later :)

Movack says(7:06 AM):

have a great day Doug

rcookie says(7:12 AM):


rcookie says(7:13 AM):


Movack says(7:13 AM):

yes sir

dinarforme says(7:14 AM):

yes please

rcookie says(7:14 AM):


rcookie says(7:14 AM):


Movack says(7:14 AM):

bring her on

larrykn says(7:15 AM):

I'm ready :)

rcookie says(7:15 AM):


larrykn says(7:15 AM):

when lol

Movack says(7:15 AM):

beat me to it L

rcookie says(7:16 AM):

Countries/Jurisdictions of Primary Concern - Iraq

Iraq’s economy is primarily cash-based, and its financial sector is severely underdeveloped. Iraq has about 2,000 financial institutions, most of which are currency exchanges and hawaladars. There is approximately one commercial bank branch for every 50,000 people, and ATMs are even less common. U.S. dollars are widely accepted. Due to weak supervision and regulation of banks and other financial institutions, there is little data available on the nature and extent of money laundering in the country. Hawala networks, both licensed and unlicensed, are widely used for legitimate as well as illicit purposes. Iraqi law enforcement and bank supervisors do carry out financial investigations and levy regulatory fines, but have poor capabilities to detect and halt illicit financial transactions.

Since June 2014, when Iraq’s ongoing conflict with the Islamic State of Iraq and the Levant (ISIL) escalated, it has been more difficult for the Government of Iraq to monitor AML/CFT in areas outside of the central government’s control. The Central Bank of Iraq (CBI) has taken a number of steps to cut off financial connectivity to ISIL, including by issuing a national directive to prohibit financial transactions with banks and financial companies located in ISIL-controlled areas and publishing a list of companies prohibited from accessing the U.S. currency auction and have revoked the licenses of others. However, the CBI lacks adequate personnel and technical capacity to fully monitor financial entities operating in Iraq and routinely encounters difficulty engaging other parts of the Government of Iraq during its investigations. To overcome these challenges, the CBI has requested technical assistance from international donors.

rcookie says(7:17 AM):

Smuggling is endemic, often involving consumer goods, including cigarettes, counterfeit prescription drugs, antiquities, and petroleum products. ISIL has been able to take advantage of insufficient law enforcement capacity to smuggle and illicitly trade crude oil and refined fuels. Bulk cash smuggling is likely common, in part because Iraqi law only allows for the seizure of funds at points of entry, such as border crossings and airports. Trafficking in persons, intellectual property rights violations, and currency counterfeiting also have been reported. Narcotics trafficking occurs on a small scale but it, along with increasing kidnappings for ransom, continues to be a growing concern to Iraqi authorities. Extortion is rampant in ISIL-controlled areas. Corruption is pervasive at the local, provincial, regional, and national government levels and is widely regarded as a cost of doing business in Iraq.

Iraq has four free trade zones (FTZs): the Basra/Khor al-Zubair seaport; Ninewa/Falafel area; Sulaymaniyah; and al-Qaim, located in western Al Anbar province. Under the Free Trade Zone Authority Law goods imported or exported from the FTZs are generally exempt from all taxes and duties, unless the goods are to be imported for use in Iraq. Additionally, capital, profits, and investment income from projects in the FTZs are exempt from taxes and fees throughout the life of the project, including the foundation and construction phases. Trade-based money laundering is a significant problem in Iraq and the surrounding region and is linked to underground financial systems such as hawala.

For additional information focusing on terrorist financing, please refer to the Department of State’s Country Reports on Terrorism, which can be found at: http://www.state.gov/j/ct/rls/crt/

dinarmassa says to rcookie(7:17 AM):

Watching and hoping

rcookie says(7:18 AM):

Do FINANCIAL INSTITUTIONs engage in currency transactions related to international narcotics trafficking that include significant amounts of US currency; currency derived from illegal sales in the U.S.; or illegal drug sales that otherwise significantly affect the U.S.: NO

criminalizATION OF money laundering:

“All serious crimes” approach or “list” approach to predicate crimes: All serious crimes

Are legal persons covered: criminally: YES civilly: NO

Know-your-customer (KYC) rules:

Enhanced due diligence procedures for PEPs: Foreign: NO Domestic: NO

KYC covered entities: Banks; managers and distributors of shares of investment funds; life insurance companies; securities dealers; money transmitters, hawaladars, and issuers or managers of credit cards and traveler’s checks; foreign currency exchange houses; asset managers, transfer agents, and investment advisers; and dealers in precious metals and stones


Number of STRs received and time frame: 18 in 2015

Number of CTRs received and time frame: 11,863 in 2015

STR covered entities: Banks; managers and distributors of shares of investment funds; life insurance companies; securities dealers; money transmitters, hawaladars, and issuers or managers of credit cards and traveler’s checks; foreign currency exchange houses; asset managers, transfer agents, and investment advisers; and dealers in precious metals and stones

rcookie says(7:19 AM):

money laundering criminal Prosecutions/convictions:

Prosecutions: Not available

Convictions: Not available

Records exchange mechanism:

With U.S.: MLAT: NO Other mechanism: YES

With other governments/jurisdictions: YES

Iraq is a member of the Middle East and North Africa Financial Action Task Force (MENAFATF), a FATF-style regional body. Its most recent mutual evaluation report can be found at: http://www.menafatf.org/images/Uploa...R_En_31_12.pdf

rcookie says(7:19 AM):

Enforcement and implementation issues and comments:

Iraq’s ability to detect and prevent money laundering and other financial crimes is limited by endemic corruption, capacity constraints in public institutions, weak financial controls in the banking sector, and weak links to the international law enforcement community and regional financial intelligence units.

In January 2014, the Government of Iraq started to implement the first phase of a 2010 tariff law that will eventually replace the across-the-board 5 percent tariff rate enacted more than a decade ago, with a much broader scale of some lower, and mostly higher tariff rates. Implementation thus far has been inconsistent and variable. In August 2015, the Prime Minister’s Office halted the implementation of phase two after popular protests in Al Basrah Province.

In October 2015, Iraq passed a new AML/CFT law. The new law, while an improvement on the 2004 law, will require extensive implementing regulations to ensure it is compliant with international standards. The CBI is working with international donors to draft the necessary regulations. The new law makes a number of improvements to Iraq’s AML/CFT regime. It establishes an AML/CFT Council that will be chaired by the CBI Governor and will include representatives from a number of Iraqi executive bodies. Broadly, its duties will focus on proposing new laws and developing needed AML/CFT regulations; monitoring and reporting on AML/CFT developments in Iraq; and facilitating the exchange of information across regulatory bodies.

A new AML/CFT Office will act as Iraq’s financial intelligence unit (FIU), replacing the current Money Laundering Reporting Office (MLRO) at the CBI. The AML/CFT Office will analyze and compile information related to illicit financial flows and will be empowered to suspend transactions for up to one week to help ensure timely action against suspicious activity. Currently, in practice, very few suspicious transaction reports (STRs) are filed. Due to a weak institutional culture and the lack of robust penalties for noncompliance, banks often are unmotivated to file reports and sometimes conduct internal investigations in lieu of filing reports.

rcookie says(7:20 AM):

A CBI deputy governor will chair a new committee empowered to freeze the funds and assets of individuals designated by UN sanctions. The new law also allows for the seizure of illicit funds. It permits the judiciary to seize ML/FT-related assets at the request of the public prosecutor, the CBI Governor, or the AML/CFT Office. Furthermore, the law sets penalty standards and dictates the scope of punishment for violating AML/CFT provisions. Money laundering will be punishable by up to 15 years in prison and a fine of up to five times the amount of the illicit transaction; terrorism finance will be punishable by up to life in prison.

The 2015 law strengthens supervisory authorities. A number of ministries including the Ministry of Trade and the CBI will be granted powers to develop inspection procedures and standards and to issue guidelines to assist financial institutions with complying with the new regulations. It also increases the obligations of financial institutions. Banks and financial companies will be required to report regularly to the AML/CFT Office and to establish compliance programs to reduce the potential for illicit financial flows. Financial institutions must also follow customer due diligence (CDD) and KYC procedures for opening new accounts. The implementation of the new AML/CFT law should help to increase the regulation and supervision of the financial sector, but the capacity of the regulatory authorities is limited, and enforcement is subject to political constraints. The CBI lacks adequate personnel and technical capacity to fully monitor financial entities operating in Iraq and routinely encounters difficulty engaging other parts of the government during its investigations. Informal money and value transfer systems such as hawala operate outside the scope of CBI control. In practice, despite CDD requirements, most banks open accounts based on the referral of existing customers and/or verification of a person’s employment. Actual application of CDD and other preventive measure requirements varies widely.

dinarmassa says to rcookie(7:20 AM):

Is there any evidence of a drug problem in Iraq, probably not near the magnitude as here in the US, but as there spending power grows so do social problems, would you say that's correct

rcookie says(7:21 AM):

Senior-level support and increased capacity for all parties are necessary to ensure AML/CFT cases can be successfully investigated and prosecuted. Investigators are frustrated when judges do not pursue their cases; similarly, judges claim the cases they receive are of poor quality and not prosecutable. Iraq reportedly has one judge assigned to process all money laundering cases, and that judge does not exclusively focus on money laundering. The new law will likely help empower prosecutions.

Greater overall coordination between the Government of Iraq and the Kurdistan Regional Government is needed to regulate financial transactions, crack down on smuggling networks, and cooperate on AML/CFT efforts. Kurdistan officials report they are abiding by Iraq’s AML law, and there are initial efforts underway by the Central Bank of Iraq to increase supervision of the exchange house sector in Kirkuk. Moreover, Kurdish customs requirements are less stringent than Iraq’s, which risks enabling the smuggling of illicit and counterfeit goods into Iraq. The Government of Iraq should put in place the necessary regulations to fully implement and enforce its new AML/CFT law. Iraqi authorities should encourage increased reporting by financial institutions through more in-depth onsite supervision as well as an increase in the penalties levied for noncompliance.

rcookie says(7:22 AM):


rcookie says(7:25 AM):


rcookie says(7:27 AM):


Continue to Part 2



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