Morning News Comments 05/02/2015
Iraq put on the black list because of money laundering
[tlm724] Bayati said, "that" the work of Iraq's instructions anti-money laundering system without a formal law regulating the work would make him susceptible to put on the black list of countries experiencing laundering organization funds operations unchecked.
[tlm724] without a formal law !!!!!!!!!!
[tlm724] the central bank works since 2004, and yet the instructions of anti-money laundering but between the period and the other says he. is organizing and paying special anti-money laundering to the House of Representatives, but that did not happen, "
[tlm724] yet the instructions of anti-money laundering but between the period and the other says he. is organizing and paying special anti-money laundering to the House of Representatives, but that did not happen
[tlm724] but that did not happen !!!
[tlm724] the consequences of the situation in Iraq on the black list is the inability of some companies to engage in the implementation of different investment projects because laws their countries do not allow it,
[tlm724] as well as doubts for the international Monetary Fund and the World Bank the possibility of funding the Iraq through loans in particular and they were wary of the Iraqi government and the central bank and more than once the existence of organization and a great money-laundering operations in Iraq.
[tlm724] uh huh told you all this would be bad news for Iraq !
[therealbubbie] like I've said something or someone is keeping this from happining !!
[tlm724] "The form of the House of Representatives about two months a tripartite committee of financial integrity and economic ago Parliament to discuss money laundering, the Tripartite Commission said it had gathered information and evidence on many money laundering and the smuggling of hard currency.
[therealbubbie] lot's of money to be made from money laundering
[tlm724] that right the committee has a list of people and are SUPPOSED to release it !
[tlm724] I can't express enough how badly this will hurt forward progress for Iraq, being on the black list, IF it happens , will set them way back !
[tlm724] I know the CBI governor said they had 3 months but again we don't when that time frame when it started. They better get that law done ASAP, way too much on the line !
[tlm724] therealbubbie your right !
[therealbubbie] tlm724 and the sad thing is they don't care .. the people behind it are making moneyy hand over fist ... there the one's that are keeping this from happining .. imo !!!
[therealbubbie] just ask maliki !
[tlm724] therealbubbie more than likely !
[therealbubbie] tlm724 likely !
Private banks critical of its own law and the government are given: will be amended and will support them more than one project
[tlm724] Promised to private banks, on Friday, that its law does not fit with the current stage of the country, and showed that the law needs to amend the comprehensive allows it to enter into large-scale projects
[tlm724] while the government has confirmed an intention to amend the law as soon as possible and support more than one project
[tlm724] the government has confirmed an intention to amend the law as soon as possible
[tlm724] should have been done months ago *slap*
[tlm724] "The current stage is not commensurate with the Banking Act No. 94 of 2004, so it needs to be re-examined fully and in many of its paragraphs, there are a lot of variables that have occurred in Iraq In private banks work.
[tlm724] I will say there are other forums saying this law has already been amended, I say prove it !
[tlm724] Central Bank of the Banking Act, put in for urgent For his part, says a source at the Central Bank in an interview with the (long-Presse), that "despite the fact that the Banking Act is one of the advanced laws being passed to open branches of banks in partnership with banks and countries of the world but this law has been put in for urgent,"
noting that " It is time to amend the law for the existence of contradictions and notes on it because some of its articles are not in line with the development of economy and development in Iraq.
[tlm724] we wait and watch for that basket of laws !
Parliamentary Finance Amol rest assured that there is sufficient cover the salaries of employees and retirees
[tlm724] the parliamentary finance committee confirmed, and there are sufficient funds to cover state employees and pensions during the year.
[tlm724] that "there are no any intention of the federal government to reduce or savings or cut the salaries of employees and retirees this year.
[tlm724] well thats good !
[tlm724] "Iraq is seeking to get the sovereign rating and continue with credit rating agencies, "explaining that" seeks to connect with two or three credit rating agencies. " Zebari added that "Iraq is preparing to issue huge bonds worth five billion dollars needed to cover the budget caused by lower oil prices deficit,"
[tlm724] when they have to open their books to get this rating it will interesting ! Full transparency is required and their true wealth will be revealed and with that perhaps we will see a change in the rate ??? I don't know but it is possible
[therealbubbie] how can they get a sovereign rating when their black listed !
[tlm724] they aren't black listed yet bubbies but if they do make the list then they can kiss that rating bu bye
[therealbubbie] they aren't black listed yet... their playing with fire !
[therealbubbie] has shredd said anything about the bonds !!
[tlm724] therealbubbie yes they are !
[tlm724] therealbubbie yeah I have a email from him, will post with this one
[Shredd] We've known they have been working on this for quite some time. It's good to see this back in the news. Having a sovereign credit rating will open many investment opportunities for investors and investment vehicles who've been waiting for this. No direct correlation to the exchange rate but will be very very good for investment once acquired.
[tlm724] I then asked Shredd this question "wouldn't they need to be on the forex to help manage these instruments, jumbo bonds and have a convertible currency ? And showed him this explaination of convertible "
A currency that can be freely exchanged into another currency for any purpose, without regulatory restrictions. Convertible currencies are generally associated with open and stable economies, and their prices are typically determined through supply and demand forces in the FOREIGN EXCHANGE market.
[Shredd] The difference is who will invest in these. Sovereign Bonds from Iraq have been around for years but in the private sector. Obtaining a public rating means there is intention to open the doors to the public sector.
The dinar is convertible today. It is also considered stable which was evidenced in the recent banking legislation that ensured compliance around foreign exchange and accounts with protection of the rate for a window of time.
[tlm724 thank you Shredd !