Central Bank of terrorism and money laundering: No dollar after today

Thursday 08.11.2016

Today Iraq / Baghdad

seems that spring to speculators at hard currency - the dollar specifically, has now threatened autumn, as the central bank, announced on Wednesday, put it specify standards for: "meet the purchase of foreign currency by banks." Outlines of these standards: "The institutions would be classified into several categories," and the result of the failure to meet central standards: "The failure to meet some of the paragraphs, will cause the denial of entry of selling currencies window."

Central, officially announced this in a statement, he began interpreting reasons put these standards: "to facilitate the real beneficiaries for the dollar, and to prevent irregularities in banks, companies transfer approved to comply with the requirements of compliance issues, and the law to combat money laundering and terrorist financing, so the principles and criteria meet the demand to buy the dollar, for the benefit of customers from remittances or cash or credits, which will rely on the commitment of these banks and the requirements of international standards compliance, and the law to combat money laundering and terrorist financing, and regulations and instructions issued. " Central also stated that the success of the concerned authorities to obtain a description of "committed" by him, will not be easy: "The commitment will depend on the outcome of the Iraqi Central Bank assessment of the performance of compliance officials, and officials of the reporting units for money laundering and terrorist financing, and units of risk management have" . The backbone of the central assessment of the degree of commitment to its criteria, it would be : " The assessment also will depend on the extent of compliance with the disclosure requirements for sources of customer funds, and verified and documented, as well as the extent of the training effectiveness of programs, and courses conducted by these banks and companies." Disclosure of "direct beneficiary", will also have an overwhelming presence in the Central Guest: "The assessment will also include the extent of the obligation to disclose direct beneficiary true of remittances and letters of credit, and the sources of their money, in addition to countless dealing banks beneficiary messaging abroad, seeded from one the international rating agencies, as well as the commitment of these banks and the conversion, sending matches coupes open balances accounts, the foreign banks, "and the other things will take them central evaluated in mind:" the assessment will also include the proportion of the use of a method of documentary credits to finance foreign trade, instead of remittances, in addition to the completion of the contract tasks with an international audit firms known, to assess their financial positions processes, and the quality of their assets, as well as the extent of the banks commitment to take quick and effective action, to maintain public deposits and entitlements, to be provided upon request, and the extent of commitment is also , sending lists of the names of the beneficiaries of the dollar buying currencies for the purposes of foreign trade financing to the Central Bank, to secure sent to the General Administration of Customs, the General Authority for taxes in a timely manner. " All the foregoing, the central will depend upon the classification of its clients while known as "sell the currency window": "The institutions of the banks and money transfer, would be classified into several categories, according to the evaluation results that may be obtained, and will meet the demands, the category that you get the highest valuation in continuous, and the highest rates of foreign currency, and will be re - evaluating the levels of these institutions, according to those standards, every three months or when you get variables in the performance. " The results of failure in terms of some of the criteria, would be disastrous effects, Ohrha statement concludes: "The failure to meet the paragraph results of the central bank 's assessment of the performance of compliance officers, and reporting of money laundering operations, will lead to the denial of access to the window really."