Iraqi News and Highlights Thursday PM 7-9-20
Iraqi News and Highlights Thursday PM 7-9-20
TLM 724 Administrator BondLady’s Corner
Commission: The coin sale auction has become a habitat for attrition and a money laundering incubator and we make these proposals
Economie| 02:57 - 09/07/2020 Baghdad - Mawazine News , The Economic and Investment Committee in the House of Representatives, Thursday, said that the auction of selling currency has become a home for attrition of hard currency and an incubator for money laundering, while he presented a number of proposals.
Committee member, MP Mazen Al-Faili said, "It is necessary to review the mechanisms and controls of the currency auction to save public funds from the acquisition of corrupt and steal public money, and the window of the auction of hard currency formed a home for the depletion of hard currency and an incubator for some money-laundering practices."
He added: "Observers and officials estimate that the value of what was sold of the dollar in this auction during the past fifteen years by more than three hundred billion dollars - according to the report of the Parliamentary Finance Committee for the third session - most of it came out of Iraq without achieving a noticeable benefit in developing the country's productive economy. ". Suspect
He continued: "With a quick calculation of the losses incurred by the reserve as a result of these practices, and speculators and illicit trade brokers benefit from them. If sales are at a rate of (180) million dollars per day and more than half of them are not used in actual import activity, then this means that ninety million dollars per day go to the benefit of the opportunists and in total Profits of nearly two billion dollars annually, which is a very large amount, especially if we know that it was wasted over many years. "
Al-Fili continued by saying: Therefore, reviewing the mechanisms and controls of the currency auction is a necessary reform requirement to save public funds from the acquisition of corrupt and stealing public money and we suggest a set of procedures:
- Forming a high-level professional committee empowered to investigate the currency auction activity for previous years and recovering all the money acquired Speculators and influential people in the political scene, which will not be less than (18) billion dollars, according to the estimates of the observers.
- Restricting the sale of hard currency with restrictions and conditions in a manner that guarantees the revitalization of the productive national economy and meets the needs of citizens necessary from it, and it is not correct that it is sold to everyone who requested it.
- Checking the documents that require conversion and verifying that banks are free of any problems related to their capital, and that this is done before any sale of hard currency.
- Control and control the currency market to prevent any discrepancy between the official price and the market price to prevent smuggling and money laundering, and that all the intermediate links causing the events of this discrepancy in the two prices are held accountable.
- Imposing customs duties and collecting them from importing merchants in a tribal way and when selling the dollar to prevent the manipulation that might occur in reducing these customs fees or taxes in the border outlets.
It is assumed that the central bank delivers the dollar if the trader presents his commercial lists along with the dollar request.
- Banks that participate in the currency auction must engage in productive economic activity by supporting private projects, and that their business is not to parasitize the profits from selling the currency only, otherwise it is prohibited from participating in the currency auction. Ended 29 / A 43
https://www.mawazin.net/Details.aspx?jimare=109152
Member of Parliamentary Economy: The currency auction sold $ 300 billion without benefit
Time: 7/20/2020 09:27:14 Read: 2,496 times {Baghdad: Al Furat News} A member of the Parliamentary Committee on Economy and Investment, Mazen Al-Faili, stressed the need to review the mechanisms and controls of the currency auction to save public funds from the acquisition of corrupt and stealing public funds.
"The auction window for the sale of hard currency has formed a home for the depletion of hard currency and an incubator for some money laundering practices," Al-Fili said in a statement.
"Observers and officials estimate that the value of what was sold of the dollar in this auction during the past fifteen years by more than 300 billion dollars - according to the report of the Parliamentary Finance Committee for the third session - most of them came out of Iraq without achieving a noticeable benefit in developing the country's productive economy ".
And he showed " Al-Fili stressed, "Reviewing the mechanisms and controls of the currency auction is considered a necessary reform requirement to save public funds from the acquisition of corrupt and stealing public money. We suggest a set of procedures:
1- Forming a high-level professional committee empowered to investigate the currency auction activity for previous years and recovering all the funds that it acquired speculators and the powerful in the political scene, which will not be less than 18 billion dollars , according to estimates of observers.
2. restrict the sale of currency difficult restrictions and conditions to ensure product activation of the national economy and meet the needs of the necessary , including citizens and is not true that sold for each of the request.
3. the audit documents It is necessary to transfer and verify that the banks are free of any problems related to their capital, and that this is done before any sale of hard currency.
4- Control and control the currency market to prevent any discrepancy between the official price and the market price, to prevent smuggling and money laundering, and that all the intermediate links causing the events of this discrepancy in the two prices are held accountable.
5- Imposing customs duties and collecting them from importing merchants in a tribal way and when selling the dollar to prevent the manipulation that might occur in reducing these customs duties or taxes at the border crossings.
6- It is assumed that the central bank delivers the dollar if the trader presents his commercial lists along with the dollar request.
7- Banks that participate in the currency auction must engage in productive economic activity by supporting private projects, and their business should not be the parasitic acquisition of profits from selling the currency only, otherwise it is prohibited from participating in the currency auction. LINK
High dollar exchange rates against the Iraqi dinar
Economie| 01:03 - 09/07/2020 Baghdad - Mawazine News The exchange rates of the dollar rose on the Kifah Stock Exchange and local markets, today, Thursday, (July 9, 2020).
The prices of the Kifah Stock Exchange - Baghdad were 122,800 dinars per 100 dollars.
Buying and selling prices in banking shops:
The selling price of the dollar = 123.250 dinars per 100 dollars.
The purchase price of the dollar = 122.250 dinars per 100 dollars. End 29
https://www.mawazin.net/Details.aspx?jimare=109121
Zain Iraq: Decision to extend the license is a legal entitlement and ready to launch 4G services
Political| 03:28 - 09/07/2020 BAGHDAD - Mawazine News , "Zain Iraq" Communications Company considered, on Thursday, that the decision to extend the license came "legally due under the license contract in accordance with Article (6) of the license contract, noting that the decision to operate the fourth generation services" is a step in the right direction for the development of the sector and came After long waiting.
The company stated in a statement received / Mawazine News / a copy of it, that it "welcomes the government decision issued regarding the extension of the license and granting approval to operate 4G services in Iraq early next year 2021", stressing "its readiness to operate its advanced network and publish 4G-LTE services in all Governorates of Iraq. "
She added, "It promises its subscribers a great and fast experience in the Middle East in cooperation with its partners for global technology suppliers approved for the latest technologies and solutions such as Swedish Ericsson, Huawei and Nokia."
She explained, "The period granted for the extension of the license for an additional 8 years in exchange for the deployment of 4G services will be a short period and will be a major challenge in securing the rates of returns on investments during the specified period since at the global level, almost all countries have issued 4G licenses for at least 15 years and arrived Some are even 25 years old. "
She added, "This decision comes in light of the decline in the Iraqi telecom market since 2013 by more than 40% due to the unstable situation in the country as well as the challenges that the market suffers in Iraq, which burdened the sector, which was also a factor influencing the low rates of return on top." The money invested for the previous period, as the rates of returns on investment in Iraq in the telecommunications sector range from 5-6%, which is the lowest percentage compared to companies operating in the region.
She indicated, "The price set for extending the license and giving approval for the operation of the fourth generation is the highest compared to the rest of the countries in the region and the world where countries with low gross domestic product tend to offer the fourth generation networks at lower costs to telecom companies, with the aim of stimulating pumping investments in the network sector and paying credit The data, while in the Iraqi market, the launch of the fourth-generation network will lead to the spending of huge sums and additional operating expenses to purchase Internet capacities from the Ministry of Communications in large sums in order to expand the capacities, which are important and essential expenses for providing high-quality communication and data services.
She continued, "At the same time, despite the points mentioned, the CEO of Zain Iraq, Al Zahid, affirmed Zain Iraq’s commitment to completing the commitments and requirements for launching the commercial service for the fourth generation technology with the latest internationally approved technical issuance at the beginning of next year as the decision stipulated, and added: We promise our subscribers a great experience for 4G-LTE services in the Middle East. "
The company confirmed, "its commitment to implement all that was stipulated in the government decision and the payment of all dues," saying that "the development of the telecommunications sector is a responsibility and an obligation of it and in cooperation with the regulatory and government bodies represented by the Media and Communications Authority and the Ministry of Communications." https://www.mawazin.net/Details.aspx?jimare=109160
Parliamentary finance excludes the provision of a budget for the current year in light of the low oil prices
money and business Economy News _ Baghdad Members of the Parliamentary Finance Committee ruled out passing the budget for the current year, stressing that low oil prices would create a large budget deficit if approved.
Committee member Jamal Kuger said in a press statement, "The government will not be able to provide a budget for the current year," noting that "the monthly revenue of the last two months amounted to $ 2.8 billion, while Iraq needs a monthly $ 7 billion operating budget as a minimum."
He indicated that "there are moves to prepare for the 2021 budget, as this should be since last May."
For his part, member of the Parliamentary Finance Committee, Ahmed Hama Rashid, affirmed that "the budget for the current year cannot be passed in light of the low oil prices, as the law does not allow the passage of a budget with a deficit of 30 percent." Number of views 40 Posted on 09/07/2020
http://economy-news.net/content.php?id=20965
The Anti-Money Laundering Office in Iraq issues a statement on the European decision
Political| 12:42 - 09/07/2020 Baghdad - Mawazine News , The Office of Combating Money Laundering and Combating the Financing of Terrorism in Iraq, issued a statement on Thursday, on the European decision to include Iraq in the revised list of high-risk countries.
The office statement, Mawazine News, received a copy of it, "In light of the decision of the European Union Commission to keep Iraq in the revised list of high-risk countries regarding money laundering and terrorist financing, the Anti-Money Laundering and Combating the Financing of Terrorism office would like to clarify that efforts to remove the name of Iraq from The European list of high-risk countries is still ongoing since that list was first issued in 2016, which was more comprehensive than the list issued by the International Financial Action Task Force (FATF).
The statement added, "In 2018, after meeting many requirements and clear progress in the file of Iraq in the field of combating money laundering and terrorist financing, the name of Iraq was removed from the international list of the FATF group to escalate as a result of that effort and cohesion in order to accelerate the lifting of its name from The European List, through full compliance with European standards in this field,
and Iraq has continued through high-level coordination between its government agencies to develop anti-money laundering and terrorist financing measures by issuing regulations and instructions regulating this sector and the acquisition of devices and programs that contribute to uncovering this type of operation in addition to Entering into bilateral and multilateral treaties concerned with international cooperation in combating these crimes. "
He continued, "The continued inclusion of Iraq in the European Union list was not due to the indication of a deficiency in the Iraq file, but was under the pretext that the security situation in Iraq did not enable the European Union Commission to stand on the Iraqi situation in the field or communicate with Iraq directly, and that this reason It was not a technical or acceptable reason for the continued inclusion of Iraq in this list.
The Ministry of Foreign Affairs and the Ministry of Finance took the initiative to send letters of protest against the European Commission’s recent recommendation not to remove Iraq from the list.
The Anti-Money Laundering and Terrorist Financing Office also continued to hold meetings with the relevant agency in the Commission to explain and present evidence That proves that Iraq meets the requirements and standards of the European Union in the area of combating money laundering and the financing of terrorism. "
He concluded by saying: "It is important to point out that the recent recommendation of the European Commission has not yet entered into force and that it does not mean preventing dealing with Iraq, but rather is limited to applying due diligence towards financial transactions that Iraqi institutions are part of.
And the exceptional efforts made by many government agencies recently Contributed to the delivery of the voice of Iraq and its real efforts in this field. It is hoped that the European list will be reviewed soon, and that the name of Iraq will be removed from it. " https://www.mawazin.net/Details.aspx?jimare=109116
The fight against money laundering in Iraq issues a statement on the European decision
Local news Thursday 9 July 2020 | 01:04 pm| Views: 56
The Office of Combating Money Laundering and Combating the Financing of Terrorism in Iraq issued a statement on the European decision to include Iraq on the revised list of high-risk countries. The office stated in a statement, "In light of the decision of the European Union Commission to continue to keep Iraq in the revised list of high-risk countries regarding money laundering and terrorist financing,
the Anti-Money Laundering and Anti-Terrorist Financing Office would like to clarify that efforts to remove Iraq from the European list of high-risk countries are still It has been going on since the list was first published in 2016, which was more comprehensive than the list issued by the International Financial Action Task Force (FATF).
The statement added, " It is important to point out that the recent recommendation of the European Commission has not yet entered into force and that it does not mean preventing dealing with Iraq, but rather is limited to applying due diligence towards financial transactions that Iraqi institutions are part of.
And the extraordinary efforts made by many government agencies recently contributed to the delivery of the voice of Iraq and its real efforts in this field. It is hoped that the European list will be reviewed soon and the name of Iraq will be removed from it. https://aynaliraqnews.com/index.php?aa=news&id22=136099
Member of Parliamentary Integrity: We will submit a request to inquire about what the Supreme Council for Combating Corruption has achieved
Baghdad Post Thursday, July 09, 2020 12:45 PM
Member of the Integrity Committee in the House of Representatives, Sabah Taloubi, confirmed the intention of the committee to send an official letter to know the achievements of the Supreme Council for Combating Corruption.
Taloubi said in a press statement that "the Supreme Council for Combating Corruption does not have any legal basis to help it be isolated from other parties," noting that "everyone expected that the work of the Council is to bring files of prominent names from officials, not simple matters.
He added that" Embezzlement of funds and administrative violations have supervisory authorities working on them and do not need to form a higher council to fight corruption, "he asked about the" fate of thousands of files that the Supreme Council talked about previously.
He continued, "The Integrity Committee called for knowledge of the achievement achieved by the council, but the Corona pandemic and the disruption of working hours caused delay in the results," pointing out that "Who decides the files and the importance of its existence or not LINK
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