Iraqi News Early Sunday AM 2-13-22
Iraqi News Early Sunday AM 2-13-22
TLM724 Administrator BondLady’s Corner
The Effects Of Money Laundering On The Iraqi Economy
Articles 02/12/2022 | 2:05 pm Books / Adel Abdel-Zahra Shabib … The process of money laundering has effects on all economic, political and social aspects alike, and among these effects:
1) The removal of a large part of the national income, which leads to the deterioration of the national economy in favor of the foreign economy.
2) The increase in the rate of local liquidity in a way that does not correspond to and is not commensurate with the production quantities of various goods and services.
3) Non-payment of taxes and financial dues to the state directly, and thus a significant shortage of revenues in the financial treasury.
4) Giving bribes to carry out various works causes corruption and gives room for criminals to expand in the country.
5) The bad reputation of the financial markets.
6) Distortion of business operations, which leads to a corrupt climate of investment, and the success of the leakage of laundered money into the national economy leads to a distortion in the pattern of spending and consumption,
which leads to a lack of savings needed for investment and thus depriving important economic activities of investment beneficial to the community.
7) The successful exit of the laundered money from the national economy of other countries leads to an increase in the balance of payments deficit and the occurrence of a liquidity crisis in foreign exchange, which threatens the state’s reserves with the state’s main bank of saved currencies
8) Money laundering is linked to an increase in lavish and irrational spending, which leads to a rise Domestic prices and inflationary pressures in the national economy.
9) Money laundering leads to an imbalance in the distribution of national income and an increase in the gap between the rich and the poor (low-income in society),which leads to a lack of social stability with the possibility of class conflict and acts of violence.
10) Money laundering leads to obstructing the implementation of public financial policies by evading the payment of taxes,
which is reflected on the balance of public finances and thus on the government's resources available to meet its obligations and on its economic and social performance.
11) The money laundering process leads to the collapse of the stock exchanges that receive funds resulting from economic crimes, where the resort to buying securities from the stock exchange is not for the purpose of investment, but in order to complete a certain stage of money laundering, and then the securities are suddenly sold, which leads to a decline Sharp stock prices in general in the stock market and then collapse tragically.
12) Illegal transactions resulting from money laundering can harm legal transactions through infection.
13) The growth of this type of crime leads to an increase in security and defense expenditures at the expense of the rest of the sectors, especially the social ones.
14) The money laundering process leads to distorting the democratic climate in society, where the owners of illegal income ascend to Parliament, the People’s Councils and the Trade and Industry Unions, and thus they invest all of the above to support their presence in continuing the money laundering process and the practice of criminal activities.
The development in the financial and banking sector has accelerated the use of automated payment and settlement systems to transfer funds, which facilitates the completion of suspicious operations for money laundering.
The use of the Internet also led to the expansion of fraud operations through its use of money laundering gangs to take advantage of the lightning speed of cash transfers across the world.
The new government in Iraq, which will appear after the October 2021 elections, is required to put an end to money laundering, combat corruption in general, and root it out.
Without this, a list cannot be established for Iraq. Will you do that? I doubt it... https://almaalomah.me/2022/02/12/581837/
The Head Of A Bloc Reveals Parliamentary Efforts To Restore The Dollar Exchange Rate Against The Dinar
Economic Last update 02/13/2022 | 10:26 AM Information / Baghdad.. The head of the Sabean-Mandaean Parliamentary Bloc, Osama Al-Badri, revealed, on Sunday, that the House of Representatives decided to return the exchange rate of the dollar against the dinar to its previous era due to the damage to the citizen, indicating that restoring the exchange rate of the dollar against the dinar greatly harmed the market.
Al-Badri said in a statement to / the information / that "there are parliamentary moves to return the dollar exchange rate to its old price due to the high inflation."
He added, "The issue will be raised during the upcoming sessions, as it is a popular demand, and that the only victim is the poor citizen."
Al-Badri indicated that "the House of Representatives will put pressure on the competent authorities and decision-makers in order to return it to its old price."
The economic expert, Kovind Sherwani, confirmed in a previous statement to Al-Maalouma the government's ability to reduce the price of the dollar and return it to its previous price. https://almaalomah.me/2022/02/13/581953/
SOMO Issues An Official Clarification On The Mechanism For Setting The Price Of Iraqi Oil
Thursday 10, February 2022 | economic - readings: 632 Baghdad / NINA / - Today, Thursday, the Oil Marketing Company (SOMO) issued a clarification regarding the mechanism for determining the price of Iraqi oil.
In a statement, the company said, "In response to what was published on the media about an allegation attributed to an unknown source claiming to be close to the Oil Marketing Company (SOMO),
we are surprised by the way the media has been unprofessional in terms of quoting sources that we have not proven if they were They are actually present or familiar with the mechanisms and meetings to determine the price differences of Iraqi crude oil exported to global markets."
She added, "The Oil Marketing Company has mathematical mechanisms through which the monthly price of Iraqi oils is determined for the main global markets (Asia, Europe and America) based on the data of each month in terms of demand, supply and price differences between the oils according to their quality (light, medium or heavy) and the competitiveness of the oils.
Iraq Compared To Similar Oils In The Region.
And she added, "These accounts are subject to review by a specialized committee in the oil marketing company and its board of directors, and then presented in an expanded meeting that includes the ministry's leaders headed by the minister for the purpose of discussing them according to the oil market data and approving them to ensure that all quantities available for export are marketed with the highest financial revenue for the country."
She stressed that "in terms of the ministry's responsibility and the leadership of the oil sector, the discussion of the accounts and what the Oil Marketing Company proposes about the pricing of Iraqi crude oil reflects the high professionalism, transparency and accuracy required to reach what is desired to achieve the marketing goals in terms of increasing the marketing shares of Iraqi crude oil in global markets.". /finished8 https://ninanews.com/Website/News/Details?key=955941
The National Oil Company Begins An Agreement With Contractors Regarding Exploration In Regional Waters
Economie Today, 13:05 Basra - INA - Saad Al-Sammak confirmed, today, Sunday, that the National Oil Company provided support for the implementation of a plan to explore oil and gas in the territorial waters of Iraq, while noting that it was initiated in coordination with contractors with experience in offshore drilling operations.
The director of the Basra Oil Company, Khaled Hamza, said in a statement to Al-Sabah newspaper, which was followed to the Iraqi News Agency (INA): "A plan to support exploration efforts in our territorial waters has been approved to implement projects to invest hydrocarbon wealth in marine areas," stressing,
"It was initiated in coordination with subcontractors." They have experience in offshore drilling.
Regarding the production capacity of the Basra Company, Hamza explained, "It reached more than 3 million barrels per day, while the export rate reached 3 million and 250 thousand barrels per day through the Basra oil ports, adding that the export rate is subject to the extent to which it is affected by weather fluctuations in the northern Arabian Gulf."
He pointed out that Iraq's commitment to the decisions of "OPEC Plus" was an actual contribution to support the organization in determining the future of prices and their stability in the global oil market, noting that Basra oil has available energy that can be used as an effective reserve for Iraq to restore balance to oil markets and maximize oil revenues to support the country's general budget.
And regarding the negotiations to acquire ExxonMobil’s share in the West Qurna 1 field, the Deputy Director General of the Basra Oil Company, Ahmed Dehim said:
The partial withdrawal of the two companies (Petrogiana and Petro Mina) from a preliminary agreement to buy the share of their largest partner Exxon Mobil is consistent with the content of the Cabinet’s decision to fully acquire the ExxonMobil's share in West Qurna 1 field, noting that he informed the two companies, during recent negotiations between the two parties, of the need to withdraw any compensation.
At the same time, Dahim confirmed that Iraq advised ExxonMobil to abandon the international arbitration case in exchange for continuing the purchase negotiations that guarantee the rights of both parties, pointing out that the matter is still pending, adding that the negotiations are taking place in the right way.
It is noteworthy that the Council of Ministers agreed, in its session held on January 5, 2022, for the National Oil Company to acquire ExxonMobil’s share in West Qurna 1 field, which was offered by the American company, the main operator of the field, for up to 350 million dollars, and to enter into sale negotiations with its Chinese partners and to sign the Minutes of a preliminary agreement, which Iraq rejected for violating oil licensing rounds contracts. https://www.ina.iq/148794--.html
The Iraqi “Orange” Basin Loses 70% Of Its Seasonal Production
Sweetened Last update 02/12/2022 | 6:42 pm Information / Diyala..On Saturday, a government official confirmed that orange plantations in Diyala had lost 70% of their seasonal production.
Shaker Al-Tamimi, director of Al-Abra sub-district (17 km northeast of Baquba), told Al-Information that "Al-Abra and its villages constitute the largest agricultural basin at the level of Diyala and central Iraq in the production of citrus fruits, especially oranges, because they are located within the borders of the Diyala and Khurasan rivers."
Al-Tamimi added that "the orange basin lost 70% of its seasonal production due to the severe drought crisis, which was very harsh on thousands of orchards, especially with the growth of the fruits to the stage of maturity," noting that "the production is the lowest in recent years."
He pointed out the need for "the government to adopt early plans to confront the exacerbation of the drought crisis next summer, amid a real state of concern that it will lead to an almost complete loss of citrus orchards in the ferry and the rest of Diyala regions."
The ferry is considered the most important area in Diyala with citrus cultivation and production, especially oranges, which reach thousands of tons annually. https://almaalomah.me/2022/02/12/581880/
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