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Union Bank Discusses With The Italian Mission The Banking Facilitation For The Entry Of Italian Companies Into Iraq
Banks Economy News – Baghdad The Chairman of the Board of Directors of the Union Bank of Iraq, Ali Muften, discussed with the Deputy Head of the Italian Mission in Iraq in Baghdad, Alessandro Menini, the strengthening of banking cooperation between the bank and the mission.
And the bank’s media said in a statement that “the Chairman of the Board of Directors of the Union Bank of Iraq, Ali Muften, received in his office the head of the Italian mission in Iraq in Baghdad, Alessandro Menini.”
The meeting discussed “in the presence of the Commissioner-General Nabil Al-Abadi, the joint cooperation between the bank and the embassy in various fields, in addition to the process of opening bank accounts and statements of accounts for expatriates to Italy in accordance with the fundamental and legal controls and contexts, as well as opening horizons for cooperation with Italian companies and the possibility of their entry into the Iraqi market.”
The Chairman of the Board of Directors presented the bank’s shield to the head of the Consular Department in appreciation of his visit to the Union Bank of Iraq.
Views 697 Added 06/30/2022 – 7:36 PM Update 07/01/2022 – 7:06 PM
https://economy-news.net/content.php?id=28725
The Parliamentary Finance Committee Commends The Central Bank’s Move To Establish A Platform For Letters Of Guarantee
Money and business Economy News – Special The Parliamentary Finance Committee praised the Central Bank’s move to establish a platform for letters of guarantee that eliminated fake projects in the government.
A member of the committee, Jamal Cougar, told “Economy News”, “The establishment of a platform for letters of guarantee is a very important step that leads to the reduction of fictitious projects.”
He added that “the Iraqi state was suffering from phantom projects due to rampant corruption, but the platform for letters of guarantee created by the Central Bank is very important to reduce that.”
651 views Added 06/30/2022 – 7:05 PM Update 07/01/2022 – 7:09 PM
https://economy-news.net/content.php?id=28724
Deputy: The Ministry Of Commerce Failed To Secure The Ration Card Items
Friday 01 July 2022 13:34 | Economic Number of readings: 269 Baghdad / NINA / – The representative of the State of Law coalition, Muhannad Al-Khazraji, confirmed that the Ministry of Commerce has failed miserably in securing the ration card items, despite the huge budgets allocated to it.
Al-Khazraji said, in a press statement, that “financial and administrative corruption has caused the loss of the ministry’s budget and the control of specific people over it, which negatively affected the living and economic situation of the citizen, who depends primarily on the vocabulary of the ration card, which has become almost non-existent for known and obvious reasons.”
He explained, “He adopted the issue of hosting the minister and his agents to the House of Representatives, due to the ministry’s inability to secure the ration items and the doors for disbursing the funds allocated to it.”/ Ended 5 https://ninanews.com/Website/News/Details?Key=985424
The Activities Of The “Iraq Finance Exhibition And Conference” Kick Off Tomorrow In Baghdad
Friday 01 July 2022 13:48 | Economic Number of readings: 267
Baghdad / NINA /- The activities of the “Iraq Finance Conference Exhibition” will be launched on the grounds of the Baghdad International Fair, tomorrow, Saturday, under the auspices of the Ministry of Finance, the Central Bank of Iraq and the Association of Private Banks https://ninanews.com/Website/News/Details?key=985428
Al-Rafidain: Our Plan Focused On Supporting And Financing Investment Loans Of All Kinds
Today, Friday, Al-Rafidain Bank set the priorities for financing loans for investment projects.
And the media office of the bank stated in a statement, that “the bank’s credit plan focused on supporting and financing investment loans of various kinds (banking facilities for the private sector – loans for small projects – projects with industrial activity – projects with commercial activity – projects with social activity – projects with health activity -“. Projects with operational activity – projects with activities related to scientific research – loans with commercial activity – loans with agricultural activity, livestock and agricultural mechanization – loans for housing and real estate complexes – loans with tourism and entertainment activity – loans for industrial activities – loans for investment projects).
He added that “providing support to the productive sectors reflects positively on reviving the national economy, which is the main engine in tackling the problem of unemployment, creating job opportunities within the market, and raising the level of citizens’ production capacity in the spin of the economy.” The statement called on “investors and companies to submit their projects’ applications to the general administration of the bank for the purpose of granting them loans.” https://www.radionawa.com/all-detail.aspx?jimare=30147
Iraq Is Sixth…The World Gold Council Reveals Countries’ Reserves Of The Yellow Metal
Economie Friday, July 1, 2022 1:25 PM National News Center/Follow-up
The World Gold Council published its report for the month of June 2022 of the reserves of the central banks in the world of gold, and the data showed that the reserves amounted to 35568.40 tons of the metal.
Gold is a safe haven, especially in times of crisis, as many people tend to buy it to hedge against inflation risks, and in the past years, the prices of the precious metal have risen in light of the Corona virus crisis and its consequences.
In the Arab world, Saudi Arabia leads the Arab countries in gold reserves, as the Kingdom owns 323.1 tons of the precious metal, according to a report by the World Gold Council.
In second place comes Lebanon, with reserves of 286.8 tons, and then Algeria, with reserves of 173.8 tons.
With regard to the share of gold in the international reserves of Arab countries, the data shows that Lebanon leads the Arab countries in this indicator, as the precious metal constitutes about 50.7% of the total value of its reserves, in the second place comes Egypt, and gold constitutes about 21.8% of its international reserves.
The following is a table showing the ranking of the Arab countries in gold reserves, and the share of gold in the reserves of these countries, based on the World Gold Council report for the month of June 2022:
The Central Bank Takes Binding Measures To Combat Money Laundering In Iraq
Local | 11:58 – 01/07/2022 Baghdad – Mawazine News The Central Bank of Iraq revealed, today, Friday, its measures in the field of combating money laundering and terrorist financing, confirming that it had also issued binding decisions in this regard.
The representative of the Anti-Money Laundering and Terrorist Financing Office at the Central Bank, Hussein Al-Mukarram, told the official news agency, Mawazine News, that “Iraq’s procedures regarding combating money laundering and terrorist financing are represented in the issuance of the Anti-Money Laundering and Terrorist Financing Law No. (39) of 2015 and many regulations. The instructions, controls, circulars and guidelines in particular, which were all issued in light of international requirements and standards and in accordance with local requirements.
He added that “the identification of the supervisory and supervisory authorities on the business sector and the specific non-financial professions has been completed and the due diligence controls for combating money laundering and terrorist financing have been prepared for each sector, the last of which is the real estate sector.”
He stressed that “there are decisions that included obligating all financial institutions to form departments to report suspicious financial transactions and give them independence in their tasks, and to prepare a guide for policies and procedures to combat money laundering and terrorist financing in light of which work is carried out and to be available to all workers in financial institutions.”
He added, “The procedures also included obligating financial institutions to acquire electronic systems to combat money laundering and terrorist financing for the purpose of extrapolating the monitoring of suspicious financial operations and reporting them to the Anti-Money Laundering and Terrorist Financing Office,” noting that “Iraq is committed to all international requirements to combat money laundering and terrorist financing issued by the working group.” Finance (FATF), in addition to completing the conditions for joining the Egmont Group.
He pointed out that “many specialized training courses have been held in combating money laundering and terrorist financing, combating financial crimes, penalties and bans, and employees of banking and non-banking financial institutions have been involved in them.”
And he indicated that “the measures taken by the Anti-Money Laundering and Terrorist Financing Office at the Central Bank of Iraq, including:
- Acquisition of the (go-AML) system, which is concerned with receiving reports and financial data through electronic linkage with all the parties obligated to report.
- Preparing systems and databases For the office that includes data and information from other parties that help analysts to complete the financial investigation procedures
- Holding memoranda of bilateral cooperation with various parties within the anti-money laundering and terrorist financing system to facilitate the exchange of information, and concluding several memoranda of understanding with counterpart units in other countries similar to the work of the office.
- Continuing to train employees of other sectors in ministries, government departments and the public sector for the purpose of spreading awareness of combating money laundering and terrorist financing based on the comprehensive training plan prepared by the office for this purpose, and the office continues to involve its employees in workshops and training courses offered by various organizations
He explained that “these procedures resulted in an increase in the number of suspicious financial transactions received by the Office from various entities obligated to report, which resulted in an increase in the reports submitted by the Office to the Public Prosecution Presidency to take the necessary action.
Regarding it, there were (15-25-34-24-39) reports during the years (2017 and 2021) respectively, and each report included a number of reports on a number of companies and people, and this increase was reflected in the issuance of a large number of convictions by the competent courts. .
He stressed that “the increase in the transmitted reports is a result of the measures taken to encourage financial institutions to report suspicious transactions and exchange information with law enforcement agencies, which contributed to the completion of the analysis of those transactions and the identification of suspicions of money laundering and terrorist financing.” Ended 29 / M 99 https://www.mawazin.net/Details.aspx?jimare=198157
The Central Bank: Implementing Binding Measures To Combat Money Laundering And Terrorist Financing
Economie Fri, Jul 1, 2022 11:59 AM National News Center / Baghdad Today, Friday, the Central Bank of Iraq revealed its measures in the field of combating money laundering and terrorist financing, confirming that it had also issued binding decisions in this regard.
The representative of the Anti-Money Laundering and Terrorist Financing Office at the Central Bank, Hussein Al-Mukarram, said in a statement followed by the National News Center, that “Iraq’s procedures regarding combating money laundering and terrorist financing are represented in the issuance of the Anti-Money Laundering and Terrorist Financing Law No. (39) of 2015 and many regulations. The instructions, controls, circulars and guides in particular, which were all issued in light of international requirements and standards and in accordance with local requirements.”
He added that “the identification of the supervisory and supervisory authorities on the business sector and the specific non-financial professions has been completed and the due diligence controls for combating money laundering and terrorist financing have been prepared for each sector, the last of which is the real estate sector.”
He stressed, “There are decisions that included obligating all financial institutions to form departments to report suspicious financial transactions and grant them independence in their tasks, and to prepare a guide for policies and procedures to combat money laundering and terrorist financing in light of which work is carried out and to be available to all workers in financial institutions.”
He added that “the procedures also included obligating financial institutions to acquire electronic systems to combat money laundering and terrorist financing for the purpose of extrapolating the monitoring of suspicious financial operations and reporting them to the Anti-Money Laundering and Terrorist Financing Office,” noting that “Iraq is committed to all international requirements to combat money laundering and terrorist financing issued by the working group. Finance (FATF), in addition to completing the conditions for joining the Egmont Group.
He pointed out that “many specialized training courses have been held in combating money laundering and terrorist financing, combating financial crimes, sanctions and bans, and employees of banking and non-banking financial institutions have been involved in them.”
And he indicated that “the measures taken by the Office of Combating Money Laundering and Terrorism Financing in the Central Bank of Iraq, including: –
- Acquisition of the (go-AML) system, which is concerned with receiving reports and financial data through electronic linkage with all the parties obligated to report.
- Preparing systems and databases for the office that include data and information from other parties that help analysts complete financial investigation procedures.
- Holding memoranda of bilateral cooperation with various parties within the anti-money laundering and terrorist financing system to facilitate the exchange of information, and holding several memoranda of understanding with counterpart units in other countries similar to the work of the office.
- Continuing to train employees of other sectors in ministries, government departments and the public sector for the purpose of spreading awareness of combating money laundering and terrorist financing based on the comprehensive training plan prepared by the office for this purpose, and the office continues to involve its employees in workshops and training courses offered by various organizations the international community for the purpose of informing them of developments in a way that develops methods of combating these crimes.”
He explained that “those procedures resulted in an increase in the number of suspicious financial transactions received by the office from various parties obligated to report, which resulted in an increase in the reports submitted by the office to the Public Prosecution Office to take the necessary action in this regard, amounting to (15-25-34-24-39). ) reports during the years (2017 and 2021) respectively, and each report includes a number of reports on a number of companies and people, and this increase was reflected in the issuance of a large number of convictions by the competent courts.
He stressed that “the increase in the transmitted reports is a result of the measures taken to encourage financial institutions to report suspicious transactions and exchange information with law enforcement agencies, which contributed to the completion of the analysis of those transactions and the identification of suspicions of money laundering and terrorist financing.” https://nnciraq.com/138324/
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