KFTA – News, Rumors and Opinions Friday 11-10-2023


Clare:  The Baghdad Chamber of Commerce announces a proposal to get rid of the “parallel market”


The Baghdad Chamber of Commerce announced a proposal to get rid of the “parallel market.”

 Firas Al-Hamdani, head of the chamber, said: For the program {Free Speech} broadcast by the Al-Furat satellite channel this evening, it said: “If we turn to the work policy of the Central Bank of Iraq, the Chamber of Commerce is a sponsor of the Baghdad sector of companies and merchants; but we were surprised by the decision to import the US dollar in agreement with some accredited banks.”

He wondered, “Who will organize this process, how can American currency be imported from other countries, and the possibility of benefiting from and working on organizing such an important file?”

Al-Hamdani added, “Imported talk that may be misconceived leads to a fallacy, and we must have a true vision of this concept. The Iraqi dinar does not exist in the Arab or international currency market to buy the dollar, and Iraq does not have a number or name on the list of Arab and foreign currencies.”

He pointed out that “it is not possible to import the dollar and secure it in the local market without registering the dinar in the basket of Arab and international currencies.” 

Al-Hamdani suggested, “The Prime Minister should direct the Central Bank of Iraq to formulate an economic policy and open documentary credits to all merchants of all categories according to a policy drawn up by the Central Bank in agreement with the Federal Bank to get rid of the parallel price.”

Al-Hamdani stressed, “Iraq enjoys a strong economy and the political tremors do not affect its economy, but the Central Bank witnessed a demonstration by affected people who deposited their sums without result, and confidence today is lost.”  

He stressed, “the need for the Central Bank and the security authorities to monitor and hold accountable those who trade in the unofficial exchange market, and the government must provide all service means to facilitate the transfer of amounts.” 

Al-Hamdani added, “The state holds accountable and imprisons traders for a few hundred dollars and leaves the adults. The government must take care to provide services to the Iraqi merchant, who is a strategic partner of the state.”

He concluded by saying, “The Central Bank law gives it the authority to provide paper and metal currencies, and the Iraqi merchant needs the dollar in light of the large disparity in prices. It is illogical for him to wait several months to obtain the currency.”

Wafaa Al-Fatlawi   LINK


Clare: Misdemeanor Integrity Court: Iraq has come a long way to get off the money laundering blacklist 

11/10/2023 Baghdad

The Misdemeanor Integrity Court counted, today, Friday, the number of cases filed regarding money laundering and economic crimes, while clarifying the legal articles and penalties for integrity cases.

The judge of the court, Maysoon Muhammad Issa, told the official agency, followed by Mawazine News, that “the court’s work is concerned with examining lawsuits related to integrity, economic crimes, and money laundering, and it was established since 2016,” indicating that “the number of lawsuits submitted this year reached 652.” Among them are (29) lawsuits related to money laundering cases and (623) lawsuits related to economic crimes and crimes of breach of job duties punishable by a penalty of up to 5 years’ imprisonment as stipulated in the Iraqi Penal Code.

Money Laundering

She explained, “Money laundering is the illegal collection of huge sums of money resulting from several operations, such as drug trade or smuggling petroleum derivatives or antiquities,” indicating that “this money is hidden by transferring or transporting it.” A without drawing attention “By establishing a chain of restaurants or commercial centers, or importing certain goods at cost prices, and thus there is a merging of the money obtained illegally with commercial money, which makes it difficult to trace this money and its sources.”

She pointed out that “money laundering crimes are crimes that are alien to Iraqi society and new, and are still at the beginning of their appearance in Iraq and at a limited level, especially since Iraq began early to address the loopholes and eliminate this type of crime.” Raised by legislating laws, including (the Anti-Money Laundering and Terrorism Financing Law) No. 39 of 2015 and the Illicit Gains Law (which addressed the inflation of employees’ funds, but the legislation is incomplete in terms of including all groups, such as the ordinary citizen.”

She continued: “Iraq has come a long way to get off the money laundering blacklist by fulfilling the conditions and all obligations towards the recommendations of the Automated Action Group, in which the Central Bank of Iraq and the Anti-Money Laundering Office have made all efforts to put the Raq is in a good position compared to the rest of the countries in the region, such as Turkey, Egypt and Saudi Arabia. “.
She stated that “the number of money laundering cases this year reached (29) cases,” stressing that “the penalty for crimes affecting the national economy in this court is imprisonment.”

 Economic crimes

She pointed out that “the number of economic crime cases this year reached (355),” explaining that “one of the most common economic crimes is the crime of money transfers made by banking outlets and offices that are not licensed by the Central Bank of Iraq, as well as selling the dollar at prices in violation of the bank’s instructions.” The Central Bank of Iraq, and from persons, outlets and offices not authorized by the Central Bank of Iraq.”

She went on to say: “There is an Iraqi woman who visited one of the beauty centers in Baghdad and met another woman inside the center who introduced herself as a Syrian doctor, and that her husband is a Syrian doctor who works with her. She offered to perform a plastic surgery on her, which she agreed to, and that woman performed the operation on her.” Pointing out that, “After several days, that woman’s husband removed the surgical threads for her, but she was surprised by the appearance of the operation and the occurrence of a case that was the opposite of the cosmetic condition, so she filed a complaint against them.”

She continued: “When the investigation was conducted, it became clear that this Syrian woman was not a doctor, and that her husband was a veterinarian. When the case was presented to this court, this court issued a prison sentence against the Syrian woman and her husband.”

She added, “Economic crimes also include the possession of expired materials or materials that do not conform to the standard specifications approved by the Central Organization for Standardization and Quality Control, which has an impact on consumer protection and the practice of the craftsmanship profession without the approval of the Central Organization for Standardization and Quality Control.” In addition to promoting the sale of nutritional supplements or thinners Through social networking sites by non-specialized people and the spread of the phenomenon of network marketing and under the name of fictitious companies such as (Unique Finance) for trading currencies and stocks.”

She continued: “As well as practicing the profession of pharmacy by non-specialized persons, imitating trademarks, practicing the activity of transporting goods without the approval of the General Postal and Savings Company, and trading in counterfeit antiquities, not antiquities, because trading in antiquities constitutes a crime.” It is considered a felony, not a misdemeanor.”

Activating the supervisory bodies.

She explained that “Iraqi laws have been strict regarding economic crimes by legislating laws, but the weakness lies in the competent supervisory bodies that are responsible for monitoring illegal cases and referring them to the judicial authority,” stressing the “necessity of supporting The supervisory aspect for the purpose of intensifying its procedures and training An integrated action plan to limit cases of tampering in the Iraqi market and coordination between the Ministry of Health and the pharmacists and doctors unions on the one hand and the Directorate of Combating Organized Crime on the other hand for the purpose of forming mobile work teams to monitor cases of opening beauty centers and… Pharmacies and doctors’ clinics that are not licensed by the competent authorities.”

 She concluded her speech by saying: “Iraqi laws address all the obstacles facing Iraqi society, but the problem lies in implementation, as it is necessary to provide the necessary equipment for the purpose of establishing an organized and integrated mechanism to monitor cases of the spread of economic crimes and take appropriate legal measures.”   LINK

Courtesy of Dinar Guru   https://www.dinarguru.com/

Walkingstick  You have all these countries that want to pour into Iraq and they’re going to bring in their currency…Go ahead bring in your currency but you’re going to have to convert it into Iraqi dinar.  And that’s what?  Supply and demand on the market which will blow the Iraqi dinar value up…  

Mnt Goat   The CBI and the Finance Committee are really tightening their restrictions on the dollar. They need to get this de-dollarization process ended…Why not just make the dinar much more valuable than the dollar “officially” by raising the rate? …we can see the CBI wants to follow up on this outcome…we know they first have to create the demand for the IQD outside of Iraq…That is the hurdle the CBI is now working on. They must now get agreements in place to accept the dinar in trade transactions with other Arabic countries and other developed nations trading partners.


Iqd Misdemeanor Court of Integrity: Iraq has come a long way to get off the money laundering

Nader:  11-10-2023