Iraqi News Thursday AM 9-9-21
Iraqi News Thursday AM 9-9-21
TLM724 Administrator BondLady’s Corner
Planning Reveals New Details About The 2022 Budget And The Percentage Of Its Deficit
Money and business Economy News _ Baghdad On Thursday, Undersecretary of the Ministry of Planning, Maher Hammad Johan, revealed new details regarding the 2022 budget, while specifying the percentage of the deficit in it.
Johan said in an interview with the Iraqi News Agency and followed by "Economy News", that "a meeting was held to form a small committee headed by the Minister of Finance with the aim of formulating the draft budget, which was submitted to the Budget Strategy Committee and submitted to the Council of Ministers," noting that "the initial price of a barrel of oil in the budget is $50, subject to increase and decrease.
He added, "The total amount of the budget is not definitively estimated, but it does not exceed 120 to 140 trillion dinars, which is a large number, and the deficit will not be less than 20 percent based on the supply of requests and expected revenues at best."
He continued, "The vote on the budget cannot be resolved now, especially since the issue is still in the process of preparations," explaining, "Sending the budget to the Council of Ministers and voting on it during this period is above a miracle."
On August 26, Finance Minister Ali Allawi announced the completion of the preparation of the 2022 budget, while indicating that it would be presented within 3 weeks in the Council of Ministers.
Views 218 Date Added 09/09/2021 https://economy-news.net/content.php?id=26256
Parliamentary Legal: The Stolen Funds Recovery Law Has Been Moved To The Next Session
Money and business Economy News _ Baghdad On Thursday, the Parliamentary Legal Committee confirmed the transfer of the penal laws and the recovery of looted funds to the next parliamentary session.
Deputy Chairman of the Committee, Muhammad Al-Ghazi, said in an interview with the Iraqi News Agency, and followed by "Economy News", that "sending bills to the House of Representatives at the end of the session is incorrect, especially since parliament sessions were not held during the last period," noting that "the Penal Code will be transferred to the session." The upcoming parliament, as it is one of the important laws that needs extensive discussions.
He added, "The Penal Code needs to hold many workshops to listen to the opinions of university professors specialized in criminal law and the social and psychological aspect, as part of it is penal and the other aspect is reformist," stressing "the need to take the opinion of the Judicial Council as the executing authority of the law."
He explained, "A lot of changes will take place in the articles of the Penal Code, as most of them are articles of reducing the penalty and creating new crimes, because there has been a development in the information and technological field and there was no legal cover to criminalize it."
On the money recovery law, Al-Ghazi confirmed, "The law has been read first, but because the sessions are not held, it will be moved to the next session."
The stolen funds recovery bill includes subsequent steps to recover corruption funds, support financial and regulatory institutions and activate their tools Views 85 Date added 09/09/2021
https://economy-news.net/content.php?id=26247
360 Billion Dollars, The Amount Of Money Smuggled From Iraq, And Two Destinations Are Working To Recover It
local| 09:25 - 09/09/2021 Baghdad - Mawazine News A former member of the Anti-Corruption Committee, Saeed Yassin, revealed today, Thursday, the amount of looted and smuggled funds from Iraq, and while he announced the holding of a conference to discuss its recovery in the middle of this month, he confirmed that there are two parties working on recovery.
Yassin said, "Work to recover the looted funds is done through the Integrity Commission's Money Recovery Department, the Fund for Recovering the Funds, whose membership includes the Integrity Commission and the ministries of finance, foreign affairs, justice, the judiciary, the Central Bank, the intelligence and national security agencies, as well as the Financial Supervision Bureau."
He added, "The initiative of the President of the Republic to present a new anti-corruption law will meet the requirements for recovering the looted funds," noting that "Iraq is a party to the United Nations Convention against Corruption and there is an international commitment from these parties towards the agreement that they cooperate among themselves in order to recover the funds in accordance with the mechanisms." .
He pointed out that "there is also the Arab Anti-Corruption Agreement," noting that "Iraq has cooperation agreements with many countries, but it needs to expand these agreements."
He pointed out that "there is a conference to recover funds that will be held on the 14th or 15th of September to activate the role of the Ministry of Justice, as it is considered as Iraq's lawyer before the world in order for there to be international, bilateral or collective agreements in accordance with the agreements," noting that "the volume of corruption funds is estimated within limits. 360 billion dollars.
Earlier, the Presidency of the Republic announced the most prominent contents of the draft law on "recovering the proceeds of corruption" submitted by the President of the Republic, Barham Salih, to the House of Representatives.
The Presidency of the Republic said in a statement received by the Iraqi News Agency (INA): "The law includes all Iraqi state officials who have occupied the highest positions most vulnerable to corruption, and since 2004 until now, from the rank of general manager or above, and the competent financial authorities are preparing a documented list of occupants." These positions have been in place for the past 17 years.
She added that "the law aims to recover the following funds inside and outside Iraq: money and criminal proceeds in any corruption crime, or property equivalent to its value, revenues and benefits derived from the proceeds of a corruption crime, and property transferred to, exchanged, or mixed with it," stressing the necessity of "
The presidency added that "the investigation and investigation of corruption funds also includes family members of officials, their friends, and those close to them who have any kind of political or commercial relationship, as well as those with influence, who are the people who have an influence in decision-making within the state's facilities and agencies," calling on "occupants of senior positions." Submitting a written declaration within 60 days authorizing the Integrity Commission and the Iraqi courts to request information from the countries in which they have bank accounts. ".
The presidency indicated that "the Integrity Commission, based on the availability of evidence and in coordination with the intelligence service and the Office of Financial Supervision, has the authority to investigate financial transactions, transfers and property inside and outside Iraq of those covered by this law, to investigate their sources and the nature of their influence in decision-making within the state authorities and agencies, and to prosecute any corruption crimes that appear as a result of investigations." .
The presidency stressed the formation of investigation and investigation teams between the Ministry of Foreign Affairs, the Intelligence Service, the Integrity Commission, the Central Bank of Iraq and the Office of Financial Supervision, in cooperation with countries, to investigate the funds smuggled abroad and the corrupt, and to collect information and documents about the funds of Iraqis in these countries who occupied high positions in Iraq. Noting that "
The presidency stressed on "contracting with solid international investigation companies in order to investigate Iraq's money smuggled abroad and its returns," pointing out the need for "the financial institutions, the Central Bank of Iraq, to be notified of lists prepared with financial transactions whose value exceeds 500 thousand US dollars to conduct investigations about them." ".
She stressed: "Iraqi financial institutions, under the supervision of the Central Bank, are obligated to verify customers to determine the identity of the owners of funds deposited in accounts worth more than one million dollars," noting that "the cancellation or termination of any investment contract or license concluded based on bribery or abuse of influence, or any an act of corruption."
She explained that "to encourage reporting of corruption, a financial reward of up to 5% of the value of the corruption crime is granted to the informant who provides information on a crime that leads to the recovery of corruption funds," adding that "the penalties for those convicted of corruption crimes include confiscation and expropriation of all their movable and immovable property, and documents." and legal instruments.
And she pointed out that "the death of the accused of corruption or the expiry of the period of the lawsuit, does not preclude his lack of responsibility for the crime and may not be pardoned, and his property and money are subject to penalties for corruption charges." https://www.mawazin.net/Details.aspx?jimare=166841
The Iraq Stock Exchange Traded More Than 54 Billion Shares In A Week
Economie| 03:15 - 09/09/2021 Baghdad - Mawazine News, the Iraq Stock Exchange traded more than 54 billion shares during a week.
And the Iraq Stock Exchange stated in a statement, “During the second week of September 2021, five trading sessions were held from Sunday, 09/05/2021 to Thursday, 09/09/2021, and during this week, the following indicators were achieved:
1. The number of More than (54) billion shares were traded during this week
2. The value of traded shares this week amounted to more than (15) billion dinars
3. The market trading index closed for the first session of the week at (595.05) points, while the index closed in The end of the week reached (604.50) points, achieving an increase of (1.56%) from its closing in the first session
4. More than (1800) buying and selling contracts were executed during the week on the shares of companies listed in the market. https://www.mawazin.net/Details.aspx?jimare=166805
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