Iraqi News Wednesday AM 1-12-22
Iraqi News Wednesday AM 1-12-22
TLM724 Administrator BondLady’s Corner
His Political And Economic Breakthrough Is The Exit Of Iraq From The European List For Financing Terrorism
Posted On 2022-01-12 By Sotaliraq Iraq announced its removal from the European Union's list of countries with high risks in the areas of combating money laundering and terrorist financing, which analysts considered a major economic and political breakthrough, especially in light of the country's trend towards reconstruction, facilitating the movement of funds and international support that were affected by the decision.
The Iraqi Foreign Ministry said, in a statement, that "the European Commission delegation handed Prime Minister Mustafa Al-Kazemi a letter that included removing Iraq from the European Union's list of countries with high risks in the fight against money laundering and terrorist financing."
She added, "The mission congratulated Iraq on the great measures and efforts that have been taken to improve the anti-money laundering system and combat the financing of terrorism."
The ministry added that "the positive and continuous cooperation provided by the European Union, the countries that voted on the resolution (did not give details) and the Union mission in Iraq, came after Iraq raised its procedures to the level of international requirements."
When Did The Classification Happen?
In May 2020, the European Commission classified Iraq, along with other countries, including Afghanistan, Pakistan, Syria, Yemen, Iran and North Korea, on the list of countries that pose financial risks to the European Union, due to the shortcomings in combating money laundering and terrorist financing.
It said that it included it in the black list of countries that pose financial risks to the European Union due to indications of money laundering and terrorist financing in it, considering that it "has become a threat to the financial system of the Union."
What Does That Mean?
The Iraqi analyst, Hashem Abdul-Karim, said that canceling the classification is a great breakthrough, especially as it comes with the country heading towards the reconstruction phase and then facilitating the movement of funds to and from Iraq after there were severe European restrictions.
Abdul Karim added that the inclusion of any country in this European blacklist has very serious consequences, including imposing restrictions on financial transfers to and from the country, which negatively affects investment and the work of investors in it, and deprives many of the advantages it enjoys in financial and banking transactions. .
He explained that the classification was greatly damaging Iraq's financial and political reputation, and consequently reduced support from the European Union to the Iraqi government in political and economic terms, in addition to the fact that it was difficult for Iraq to obtain credit or international loans or from international donor institutions on concessional terms.
And he continued: "Since the issuance of the decision, the Iraqi government in general and the Ministry of Foreign Affairs in particular has moved by presenting all pledges to take the required steps in exchange for removing Iraq's name from the European blacklist."
He explained that "many files submitted by Iraq prove its great efforts in combating corruption and terrorism," noting that Iraq has provided the European Commission with guarantees and pledges to continue its efforts in this context, especially as it has made great progress.
Iraqi Steps
Last October, Iraq's mission to the European Union said that Baghdad had met all the criteria of the Financial Action Task Force (FATF) for removing its name from the list of high-risk countries, and provided the European side with all the documents it requested that prove that it met all the criteria.
At that time, the mission said, in a statement, that "Ambassador Abdel Karim Tumah, head of the European Department in the Iraqi Foreign Ministry, and head of the delegation of the Republic of Iraq to the European Union, Sadiq Al-Rikabi, chaired a technical meeting held in Brussels between the Iraqi team concerned with removing the name of Iraq from the European list, and the team The European Commission concerned with this file in the European Commission and the Department for External Action.
She added that "Iraq has confirmed its ability to overcome many challenges recently, and that it plays a role in the Middle East region, and looks forward to constructive cooperation with the European Union in all fields, and to overcome all obstacles that prevent this, especially those related to removing its name from the European list." for high-risk countries.
The statement stressed that the Iraqi side considered keeping its name on this list "unfair, especially since Iraq is still facing the threat of terrorism," explaining that "the Iraqi technical team answered all the inquiries of the European side to complete the final assessment."
The statement indicated that “the technical team presented a review of the achievements of the Iraqi system to combat money laundering and terrorist financing, the latest developments in the laws against money laundering and terrorist financing, and the types of regulatory authorities and their work, such as the Anti-Money Laundering and Terrorist Financing Council, the Committee for Freezing Terrorist Funds and institutions concerned with combating organized crimes.” The judiciary, and Iraq’s most important achievements under the first national strategy to combat money laundering and terrorist financing for the period 2017-2020.
The Financial Action Task Force (FATF) comes as an acronym, and it is the parent group that came in response to combating money laundering, terrorist financing and the proliferation of armaments, in order to enhance protection against threats and other related threats to the banking system and financial institutions and what affects the integrity of the international financial system from practices Illegal, such as money generated from human trafficking, narcotics, etc., which was established by the G-7 summit in Paris in 1989. https://www.sotaliraq.com/2022/01/12/iraq-289/
Economist: Iraq Needs Political Reform And A Good Governance State For Economic Reform
Tuesday 11 January 2022 13:43 | economicNumber of readings: 52 Baghdad / NINA / - The economic expert, Nabil Al-Marsoumi, confirmed that: Iraq needs political reform and a good governance state for economic reform.
He told the National Iraqi News Agency ( NINA ) that: the economic solution to the living and financial conditions is not on the horizon, and economic reform and the white paper need political reform.
Al-Marsoumi added: We need political reform, a state of good governance, and a comprehensive development plan issued by law so that it is binding on the political class. On the contrary, we will keep spinning in a vicious circle.
He made it clear that the white paper appeared to be good, and its inside was not applicable under the current circumstances. / End 3 https://ninanews.com/Website/News/Details?Key=949991
A Government Bank Reveals The Total Loans Granted During The Past Year
Economie| 10:47 - 12/01/2022 Baghdad - Mawazine News, Al-Rafidain Bank revealed, today, Wednesday, the total number of loans granted to citizens of all kinds during the past year.
And the media office of the bank stated, in a statement seen by / Mawazine News /, that "the number of loans granted to customers in its branches in Baghdad and the provinces during the past year amounted to 6545."
He explained, "These loans varied between building loans on a residential plot, restoration loans, rehabilitating homes, loans for small projects, car loans, doctors' loans in various specialties, judges' loans, school and kindergarten loans, and university and community college loans." Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=181388
Al-Zamili: We Will Not Allow Parliament To Be Disrupted, And We Will Put An End To The Issue Of Absences
Political | 02:34 - 12/01/2022 Baghdad - Mawazine News, the First Deputy Speaker of the House of Representatives, Hakim Al-Zamili, stressed, on Wednesday, not to allow the Parliament's oversight and legislative role to be disrupted, noting that the Presidency will put an end to the issue of absences that were repeated in previous sessions.
Al-Zamili said, during his attendance of the introductory symposium for the new members of the House of Representatives for the fifth parliamentary session, according to a statement by his office received by Mawazine News, that "the members of the House must be trusted before God and the people have confidence in them to achieve the desired reform at the parliamentary and governmental levels."
He stressed that "the Presidency will not allow the oversight and legislative role to be disrupted for the current parliamentary session, and that it will pay great attention to approving the suspended laws that concern citizens and contribute to building the country and fighting corruption, as well as putting in place effective mechanisms to reduce the issue of MPs' absenteeism that was repeated during previous sessions."
Al-Zamili stressed that "the Presidency of the House of Representatives seeks to make this session the most prominent and effective by voting on laws related to the economic, security and agricultural aspects, tackling unemployment, combating corruption, drugs, smuggling operations, border control, and others."
He added, "The legislative institution will monitor and evaluate the government's performance, regardless of who will head the next government, and it will be firm and serious in holding it accountable to ensure the building of a strong and prosperous Iraq in which the people enjoy prosperity and safety and free of corruption." Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=181408
Iraq's Exit From The List Of High-Risk Countries Spreads Optimism
Wednesday 12 January 2022 258 Baghdad: Muhannad Abd al-Wahhab The decision to exit Iraq from the list of high-risk countries in money laundering and terrorist financing came to contribute to giving the country an opportunity to have its financial dealings wider and reduce the costs of credit risks. Economists expressed their optimism about the decision and its contribution to providing positive returns on financial and banking dealings.
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, said in an interview with “Al-Sabah”: “Raising the name of Iraq from the list of high-risk countries is an important achievement for financial integration with Europe, because it is the global financial center, which will give Iraq an opportunity to have its financial dealings broader and reduce Credit risk costs, and bank correspondents will be easier to deal with.
He added, "This positive plan has made Iraq a part of the international financial environment. As for Iraq's remaining on the list, it is evidence of the blockade, and Britain preceded last year by raising the name of Iraq and today the European Union, which is a great victory for Iraq and the financial and banking sector, and before the name was raised." Iraq from the list, all of Iraq's transactions were taken into account of usury and fear of it, which affected the cost of trade and finance and the disruption of financial transactions.
He pointed out that "the European Union had doubts, and they did not exist. Crimes and violations exist in all parts of the world. As for Iraq's transactions, they are clean and subject to compliance, because the transfer of funds is subject to many criteria, and every amount that comes out of Iraq is informationally filtered," noting that "there is international cooperation between Iraq."
And anti-money laundering bodies in the world and with the international financial team responsible for these issues, and Iraq is an important member of this team, and all these points are positive and are in the interest of Iraq and improve its integration into the global financial and banking environment.
And he indicated that "Iraq completed compensation for Kuwait and paid $52.4 billion, and all the million debts go back to the debts before 1990 and were resolved in the (Paris Club) agreement signed by Iraq in 2004, and 80% or more of Iraq's debts were written off, and the countries that did not Its debts with Iraq are settled before 1990, as these debts have been eroded by prescription and 40 years have passed, explaining that “ From 6% when Iraq was on the list to 2% after it left it. LINK
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