The Dinar Daily, Saturday January 17, 2015
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  1. #1

    The Dinar Daily, Saturday January 17, 2015





    The Exchange Rate of Foreign Currency in Economic Feasibility Studies

    Below are the central controls related to the exchange rate of the foreign currency to convert the project inputs and outputs from foreign currency to its equivalent in the local currency, and that is by calculating the net discounted present value standard and the internal return on investments in economic analysis that governs investment projects that costs excess one million dinars.

    Estimate the shadow price of foreign currency:

    1. It is necessary to put central controls to amend the official exchange rate * to reflect the shadow price of the foreign currency, and that is considered one of the necessary requirements to implement the net discounted present value standard and the internal return rate on investment in the economic calculation stated in the instructions, paragraph nine.

    The central controls for adjusting market prices distinguished a group of outputs and inputs traded internationally, where the projects production or usage of them is reflected on the abundance of foreign currency in the economy and thus project outputs or inputs used of such are considered purely foreign currency outputs or inputs.

    * What is meant by exchange rate: the number of units of foreign currency, expressed in dollar per one dinar.In particular the following outputs and inputs of foreign currency were distinguished:


    • Export-outputs.
    • Outputs marketed locally that substitute imports.
    • Imported inputs.
    • Inputs produced locally that usually go to exports.
    • Foreign labor.


    According to the pricing rules the value of the output and input (traded) is calculated using export prices (FOB) and import prices (CIF), according to what is listed in the pricing rules.

    In other words the pricing rules calculate what the project produces from foreign currency (quantity of exports multiplied by the export price (FOB) in foreign currency or the quantity of substitute imports multiplied by the import price (CIF) in foreign currency, as well as what the project uses from foreign currency and imported inputs multiplied by the import price (CIF) in foreign currency …. etc.).

    In a later step, project outputs and inputs must be converted from the foreign currency to its equivalent in local currency (dinars) by using a specific exchange rate for the foreign currency.

    2. Justifications for exchange-rate adjustment: there are a number of important and powerful arguments which support the view that the official exchange rate reduces the real value of foreign currency for purposes of calculating the economic national profitability for investment projects and hence for the purposes of investment planning. It is demonstrated in this context to call for assessing the dinar for less than (3.208) dollar (official exchange rate) when assessing project outputs and inputs of traded goods of exports, substitute imports and imports… etc.

    The justifications to call for the use of an exchange rate that is lower than the official exchange rate are:


    • The use of an exchange rate that is lower than the official rate is the appropriate action at the investment planning level to translate the country’s economic strategy aiming at stimulating central investments in the sectors that encourage the development of non-oil exports, as well as sectors that encourage the expansion of domestic production base in order to reduce imports and compensate it with local commodities. This helps to reduce reliance on foreign exchange earnings from crude oil exports and increases the share of non-oil sectors in the local production.
    • The application of the amended exchange rate on project imported inputs will assist in directing investments away from aggregated sectors dependent on imported inputs and the preference of those sectors that rely on locally produced inputs.
    • The use of the amended exchange rate helps to correct the balance in favor of the traded goods sectors compared to non-traded goods.
    • The real exchange rate has declined rapidly since the early seventies, through rapid rise of the level of prices and local costs which led by the steadiness of the official exchange rate to change in prices and actual local rate costs that gave an advantage for imported goods at the expense of locally produced goods, meaning that it led to deterioration of the competitiveness of alternative replacement goods and export commodities.
    • This action shows that the official exchange rate overestimates the value of the dinar, compared to the foreign currency and from the promoting goods substituting imports and export commodities point of view of.


    And in support to this view is the state’s utilization and in a broad approach to the customs and quantitative protection policies especially for consumer goods, as well as export subsidies that exports have through an amended export exchange rate.

    3. Estimate the amended exchange rate of the Iraqi dinar to be used in technical and economical feasibility studies and for (1.134) dollar per dinar. This price should be approved for 3 years until re-appreciation by the competent authorities.



    The Republic of Iraq – Ministry of Planning

    and

    A "flashback recap" of a Live Q and A Call from about a year ago - on THE DAILY DINAR NEWS BLOG...

    In general terms – there were three main focal points of interest I wanted to cover and then allow listeners to ask whatever questions they liked.

    1) the SIGR report…


    2) the Gold Article…


    3) the IIER report…


    I started the conversation out last night by highlighting how crazy this campaign being fielded to contact our lawmakers and bank CEO’s and tell them how unfair it is they are getting to exchange (exchange is the right terminology BTW – NOT “CASH-IN”) at 32.00 per Dinar and we are not – is. It is nuts.


    Firstly, “they” are NOT being allowed to exchange “early” – or at 32.00 per Dinar. It makes you sound “stark raving MAD” to be caught saying such things. You would be better off barking at the moon. It is demeaning to the validity of a true currency play.


    Secondly, this is entirely the wrong way to approach them. I pointed out on the call that Poppy and I fielded a very successful such campaign a couple of years ago. However, we sat down and came up with a much different approach. It was designed to get answers and to approach our lawmakers with respect and as their constituents. Not like a bunch of lunatics. We had extraordinary participation (because it made sense) and we received a good response from lawmakers. It started the conversation in a reasonable manner.


    I asked one caller – “when was the last time you asked a banker for money and told him how unfair it was if he didn’t give it to you”??? Obviously – we chuckled…


    Another caller asked me if (as DC had relayed) – the “zero’s were raised” and the lower denominations were in circulation??


    I said plainly “no”…lower denominations being in circulation would (at the very least) imply there had been a value change. If there were no value change the lower denoms would not only be of little value, they would be such a hinderance – people might even throw them away just to get rid of them. So no – no lower denoms. I told the caller to check the
    CBI.iq website for “real” info on rate change.

    The “zero’s being raised” or “deleted” – as explained by any reasonable researcher, economist or authority – is simply the process removing the large (3 zero notes) from circulation.


    Referring to an Enorrste post from today on
    THE DINAR OBSERVER DAILY(you may want to put this on your favorites and check in several times a day – we to it often )

    “…I have never found a single article from the CBI or the IMF that equates “delete the zeros” to the idea of “move the decimal point.” Instead, the statements overwhelmingly come out to mean “remove the large notes from circulation.”


    Also – this recent internal memo put out by Wells Fargo is likely “push back” from this recent campaign. I pointed out that Pinnacle Bank published an article by an “affiliate” in their internal publication and then “highlighted it” in a similar internal memo a couple of years ago. It is just a defense mechanism. I’m sure Wells is tired of having their name dragged through the “internet rumor mill”. This is highly likely the reason for their vigorous denials about handling it in the future. They get so many useless calls – it isn’t worth the headache. Can you blame them??


    Further, for any bank, lawmaker, adviser or official to state the “Dinar is a scam” is nearly as foolish as some of the internet “Gurus”. It is the official currency of a COUNTRY. I pointed out (below) the post from yesterday’s
    DINAR OBSERVER DAILY
    – highlights page 94 of the quarterly SIGR report to THE US CONGRESS in April of 2012…
    __________________________________________________ _____________

    THIS REPORT WAS SENT TO CONGRESS LAST MAY. IT PLAINLY SHOWS IN THIS REPORT THEY EXPECTED THE DINAR TO REVALUE AT AROUND A DOLLAR IN 2013.

    We are seeing and hearing that the inflation rate is still climbing and they are pushing to get us our money?? This report is from page 84 of the massive SIGR report.





    BGG ~
    This is a screen shot from the “Special Inspector General for Iraq Reconstruction” – Apr 2012, quarterly report to Congress. For members of our Government to say they have no idea what is going on here – means they haven’t read some very basic documents presented them.
    __________________________________________________ ______________

    I pointed out (last night) this is a highly speculative investment. We are, in no way, guaranteed anything. However, this SIGR report gives us some valuable insights…

    1) This is information given to the US CONGRESS on a quarterly basis… I find it hard to believe such an information source would intentionally mislead Congress. They tend to frown on such behavior. Which goes directly to the validity of this adventure – against all advice from Wells Fargo or other such naysayers.

    2) It points out there having been a legitimate “plan” – or time frame in motion…having been projected to be done in 2013. We are obviously in “over time” now.

    3) It gives us an idea as to who is in charge…the CoM – or Council of Ministers. Who do they answer to?? Maliki. Period. When is he likely to push this forward?? Historically – he has been a “weak Dinar” policy advocate. However, rumor from his own inner circle admits he can’t win a third term in office without some currency reform.

    I fully expect him to use every tool in his “wheel house” to win – his recent moves in Anbar and the disputed territories prove as much. Currency reform has to be a “biggie”. Though this WAS their thinking a couple of months ago – there is no promise it is still part of their political calculus. We shall see.

    4) Though no guarantee of the actual future plan they wind up engaging – this report points out an increase in value that would have taken the Dinar from “one-tenth of a cent” to a value “of slightly less than $1″..

    __________________________________________________ ______________

    AND

    Coins put on the market !!



    Nora Albjara member of the committee of economy and investment in the House of Representatives revealed that the central bank completed its preparations for the issuance of metal coins of seven small groups, in conjunction with the implementation of the project to delete the three zeroes from the paper currency is currently in circulation.

    She said in her statement Albjara "The project will take between four and five years, and which will be the launch of the categories of small coins gradually."

    He predicted the financial expert Hilal Taan inflation rate declines, with the issuance of metal coins of small denominations in the daily financial transactions, remarkable that 3% of the value of inflation in Iraq due to the presence of large cash block.

    The economic expert on behalf of Jamil Anton, noted that he may not find metal coins accepted by a lot of Iraqis, especially young people, due to the existence of an entire generation of Iraqis had not trading coins due to stop use since the early nineties of the twentieth century

    waradana.com

    And

    CBI is preparing to issue a monetary metal parts

    Metal coins from the category of 25 fils were in circulation until the nineties of the last century

    Nora Albjara member of the committee of economy and investment in the House of Representatives revealed that the central bank completed its preparations for the issuance of metal coins of seven small groups, in conjunction with the implementation of the project to delete the three zeroes from the paper currency is currently in circulation.

    She said in her statement Albjara Radio Free Iraq, "said the project will take between four and five years, and which will be the launch of the categories of small coins gradually."

    He predicted the financial expert Hilal Taan inflation rate declines, with the issuance of metal coins of small denominations in the daily financial transactions, remarkable that 3% of the value of inflation in Iraq due to the presence of large cash block.

    The economic expert on behalf of Jamil Anton, noted that he may not find coins accepted by a lot of Iraqis, especially young people, due to the existence of an entire generation of Iraqis had not trading coins due to stop use since the early nineties of the twentieth century.

    http://www.iraqhurr.org/content/article/26666313.html

    and

    Another "FLASHBACK"...

    Economists Divided Over Deletion Of Zeros

    By Amina al-Dahabi for Al-Monitor.

    The Central Bank of Iraq (CBI) has been attempting to delete three zeros from the Iraqi currency since 2003. This project has raised many concerns among the Iraqi public and within the business community, and Iraqi economists are divided…

    …Haider al-Abadi, the head of the Iraqi parliamentary Finance Committee, told Al-Monitor that while deleting zeros from the current currency is possible, this has been postponed until after parliamentary elections. He noted that studies are being carried out to ensure that, following the currency change, counterfeiting is limited and that Iraqis don’t go back to trading in the old currency.

    The step to delete zeros from the currency has been postponed several times, leading the parliamentary Economic Committee to demand that the CBI accelerate this project, as Al-Sharqiya reported. In a news conference held July 6, the Economic Committee confirmed that the deletion of zeros will lead to an increase in the value of the Iraqi dinar and will have positive repercussions, including a reduction in unemployment and poverty rates in the country.

    ARTICLE LINK

    Crush Expected When Kuwaiti Banks Reopen Today

    March 24, 1991|From Reuters



    KUWAIT CITY, Kuwait — Thousands of Kuwaitis are expected to jam the country's banks today when they open for the first time since the end of the Iraqi occupation.

    Customers will be allowed to withdraw funds and to swap pre-invasion money for a new currency issued to make more than $1 billion in pre-invasion dinars stolen by the Iraqis worthless.

    "We expect a rush of people," said Issam Asousi, an executive with the Bank of Kuwait. He said it could be a chaotic first week because customers have a lot of questions about their accounts.

    Kuwaiti banks continued operating during the seven-month Iraqi occupation under managers brought in from Iraq, but they have been closed since the U.S.-led alliance ousted the Iraqi army from Kuwait a month ago.

    When the banks reopen today, customers will be able to withdraw up to 4,000 Kuwaiti dinars, equivalent to about $14,000 at pre-invasion exchange rates from their accounts, and to exchange a like amount for foreign currency.

    Balances of customers' accounts will go back to what they were on Aug. 1, a day before the invasion.

    Clients will not be able to exchange Iraqi currency issued during the occupation, when Baghdad pegged the rates of the strong Kuwaiti dinar to the far less valuable Iraqi dinar.

    The new Kuwaiti money will be exchanged for old at a one-to-one rate.

    http://articles.latimes.com/1991-03-..._kuwaiti-banks


    BGG ~ Thanks to wmawhite for some facts on the subject.

    Hi BGG,

    Just thought I would drop you an email. I listened to the call, and was interested in what was said about Kuwait, if I may - I will add my 2 cents worth.

    You were spot on with what you said, I have a close friend who's father made a killing on the KWD. He bought from people who had fled the country and he paid pennies on the dollar (we are in Australia). He took the chance that Iraq would be kicked back out and he was right.

    When the money was reinstated, he exchanged it for AUD at a rate in the mid 3s. The interesting thing about it is, Iraq invaded in November 1990 (I think), they were kicked back out at the end of Feb 1991, the banks reopened with a brand new KWD in late March, that's not a bad time frame to get a currency designed, printed and made ready to use, also the time that the old KWD was valid was initially only for 2 months, then extended to 6, so it was valid until Sept 1991, interesting I think.

    Also the other thing that seems to be a "fact" in Dinar land is Bill Clinton used the Kuwait RV to pay off the debt. However, Clinton was not President in 91, he did not take office until 93, even I know that and I am an Aussie.

    Anyway thanks for the site and enjoy listening to your calls.

    Kind Regards,
    Kevin



  2. #2

    Re: The Dinar Daily, Saturday January 17, 2015

    Urgent .. Parliament postpones holding meetings one day and resumes next Wednesday


    Previously decided Presidency of the Council of Representatives to postpone the resumption of the parliamentary session to convene next Wednesday of this week, rather than as scheduled on Tuesday.

    The House of Representatives last week, finished the second reading of the budget law for the current year and adjourn to next Tuesday 20th with the continuation of the Parliamentary Finance Committee to complete discussions in preparation for the drafting of the amendments in the final report of the budget.

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3428029&usg=ALkJrhjzZDYB3KjXs2tBS6756gJqYWpkUA
    Last edited by sczin11; 01-17-2015 at 10:25 AM.

  3. #3

    Re: The Dinar Daily, Saturday January 17, 2015

    Prime Minister's Office said Haider al-Abadi, Saturday, that the Iraqi government is working on the preparation of Economic Council to support private sector investment law.

    The director of the Office of the Prime Minister Mahdi Keywords in a statement carried by the official newspaper "morning" and seen by / information /, "The action takes place in order to prepare the Law of Economic Council to support private sector investment, revealing the formation of a committee to submit a comprehensive study to enter into a partnership between the public and private sectors and private, "hoping" to come good outcome of appropriate policies. "
    He added that "We must focus on the basket of reforms to the private sector, elaborated within the Ministry of Planning and diversify income sources and functions to support the industry and focus on the legislation, industrial estates law."

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3427527&usg=ALkJrhgj6wxjG54prg1WqqbaoIEi80Nglg

  4. #4

    Re: The Dinar Daily, Saturday January 17, 2015

    Parliamentary Legal Committee confirmed Saturday that the head of the Federal Court can not be changed until after the issuance of Court Act of Parliament.



    The Vice-Chairman of the Committee Mohsen Saadoun told / information /, that "when prescribed the Federal Court Act, which is difficult in parliament laws, it is possible that there are changes that occur in the judges of the Federal Court."

    He Saadoun "Now At present no one can change the head of the Federal Court, but after the new legislation Court Act," noting that "no one can change the president of the court, but a new law." Finished / 25 A

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3427574&usg=ALkJrhgtpbP7maz5G2xCM8aOCdg-Xcfbyg

  5. #5

    Re: The Dinar Daily, Saturday January 17, 2015

    Allawi: Iraq is passing through a dangerous phase, and stability can only be achieved through reconciliation



    Deputy President of the Republic, Iyad Allawi, on Friday, security stability in Iraq can only be achieved through reconciliation, stressing that the security of Iraq now passes serious stage.

    Allawi said in a statement released today, on the sidelines of a meeting with the Secretary General of the Organization of Islamic Cooperation Iyad Madani and his accompanying delegation that 'the Iraqi government is looking forward to further cooperation with all countries to achieve common goals of security and stability'.

    Allawi pointed out that 'the security of Iraq is now going through a dangerous phase, and it was the absence of the Arab and Islamic role because of problems with some countries in previous years the negative impact on relations with these countries.'

    Allawi said that 'Iraq under the current government began to open up a dialogue with Arab and Islamic countries and all countries of the world, and looks forward to further cooperation to achieve common goals in the safety and stability, where the stability of Iraq leads to the entire region's stability', noting that 'the factors that led to the deterioration of many of the security situation in Iraq, including sectarian Altagej and interventions of neighboring countries'.

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3427761&usg=ALkJrhjjii-xcQMLSMsGzt-dkNxsbW4ifQ

  6. #6

    Re: The Dinar Daily, Saturday January 17, 2015

    United Nations: We stand ready to ensure the success of national reconciliation in Iraq



    Information / Baghdad / .. The representative of the Secretary-General of the United Nations in Iraq, Nikolai Meladnov, Saturday, that the international organization stands ready to help in the success of the national reconciliation project in Iraq, while noting that the entire world stands with Iraq in its war against terrorism.
    He Meladnov in a speech at the Third National Conference of Religions, sects and attended / information /, that "Daash terrorist organization aimed at the destruction of Iraq and destroy the social structure and replace it with the structure based on terror and blood," pointing out that "a lot of Iraqi communities have left their areas after control Daash them.

    He Meladnov, that "the United Nations stands, today, on standby to assist the Government and the people in order to facilitate the national reconciliation process on the existing unity, dialogue and tolerance," stressing that "the whole world stands today with Iraq."
    And set off on Saturday, in Baghdad of the Third National Congress of religions and sects in Iraq in the presence of UN representative in Iraq, Nikolai Meladnov each of the Vice Prime Minister Saleh al-Mutlaq and Bahaa al-Araji. Finished / 25

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3427882&usg=ALkJrhir4_GILozwpWa3HAzuUW-TbKfi-A

  7. #7

    Re: The Dinar Daily, Saturday January 17, 2015

    sczin11- ARE WE SURPRISED?... NOT

    Parliamentary Finance reveal the final data to balance the 2013 disappearance


    Information / Baghdad / .. Parliamentary Finance Committee revealed on Saturday, the final data for the disappearance of the draft federal budget for the country Act of 2013, as the former Cabinet took the disappearance of this data.

    The committee member said Haider Rustam told / information /, "The billions of dollars spent in the previous governments without the knowledge of the parliamentary Finance Committee and the House of Representatives about it," stressing that "the money disappeared from the lists of the closing statements, which reached the Commission."
    He said Rustam that "the closing statements of the previous budgets, which reached to the Finance Committee since the start of the work of the House of Representatives from 2014 to 2012", adding that "in 2013 and 2014 data do not exist in the Commission."

    He pointed out that Rustam "committee called Finance Minister Hoshyar Zebari earlier to provide the Committee's concluding statements of the budget in 2013 and 2014," noting that "the minister promised to provide us with data through 2014 only 45 days and did not refer to the 2013 data."
    Rustam said that "the final data for the disappearance of the draft federal budget law of the country for 2013", blaming the previous cabinet "These data sidelined because of the disappearance of the former parliament and not being aware of the closing statements of the previous budgets." Finished / 25

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3427429&usg=ALkJrhiom6m20JxAze4V06n7a8z9HvzPeQ
    Last edited by sczin11; 01-17-2015 at 10:52 AM.

  8. #8

    Re: The Dinar Daily, Saturday January 17, 2015

    Parliamentary regions in connection with the completion of a number of laws, notably the Federal Council Law



    Khandan - The Commission on regions and provinces parliamentary it is about to complete the laws that have the most prominent of the Federal Council Act, which are currently working on and the law of the formation of a public body to control imports projects, in addition to the province and district election law, stressing the need for communication between the parliamentary committees, particularly the legal committees and the provinces to resolve the observations of the members House of Representatives on this project.

    The President of the Committee Khalid Mufriji, that his committee had completed discuss some of the existing laws have, including the Union Bill and the province and district elections.

    He Mufriji newspaper "morning": the Committee of the Regions completed the research and study of these laws and put notes and amendments to some of the paragraphs, including sending a letter to the UN High Commissioner on the draft election law districts to see the view and position of these elections, was agreed that there should be a workshop what between the Committee of the Regions and the Commission for this project are held in Erbil, noting that the workshop will be held later this month and then will be reported with the law to the House of Representatives.

    As for the Federation Council, Between Mufriji that a copy of this law in the Committee of the Regions and the Legal Committee, hoping to end the recent study around it to lift it permanently to the Presidency.

    In turn, explained the decision of the Committee of the Regions Messenger Radi, that there are many laws that the Committee of the Regions is working on the completion of the preparation and study.

    Radi said the "morning": that "the projects before the Committee is to transfer the powers of the eight ministries to the provinces, was yesterday transferred the powers 3 ministries to Basra, returned this step is a great achievement and a first step to activate the transfer of powers to the provinces.

    "The Committee of the Regions studying the existing laws have the most prominent of the Union, which is still under study and will be presented to parliament in the coming sessions after the completion of the discussion and put the amendments in the law to be passed later."

    He Lama project districts election law has been agreed with the Commission for the preparation of this law after the completion of the workshop held in Erbil for this project, noting that the law form a body to monitor the imports will be formed body shortly after its members are chosen.

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3427403&usg=ALkJrhhXo3PBoZn2T8wrByRhlXawvMklEg

  9. #9

    Re: The Dinar Daily, Saturday January 17, 2015

    Report of the Commission on Public Integrity Iraqi corruption: Senior officials did not provide the financial statements of their net worth



    Baghdad « Jerusalem Arab »: Integrity Commission announced yesterday released the annual report which outlines the achievements of 2014.
    The Commission said in a press conference held in Baghdad, the most prominent vertebrae annual report, which included the overall achievements departments in directorates and offices scattered throughout the provinces of Iraq except Anbar, Mosul and Salah al-Din and the Kurdistan region.

    The report addressed the group paragraphs of the most important of a number of corruption cases investigated by the Commission, amounting to 17 613, including 9147 in 2014 and the number of cases referred by the Commission to the competent integrity issues in the whole of Iraq inquisitions, amounting to 4129 and the overall convicted of corruption during the year adult 1736. It also reached amounts issues more than 330 billion dinars corruption was recovered some of what the body is still trying to recover the remainder, which pointed to a section of it out of Iraq.

    A report by the Commission that the corruption cases involving senior officials including six ministers and 53 as general manager or the rank shall be fixed from the most prominent Ayham al-Samarrai and former Minister of Electricity and Abdul Falah al-Sudani, former Minister of Trade and Hazem Shaalan and former Defense Minister and weighs Mishan al-Jubouri and others.

    The report touched on the failure of many of the senior officials to submit financial disclosure statements their net worth to the body, including Vice President and Deputy Prime Minister and nine ministers, Members of the House of Representatives was in response to 53 of the total 328 members.
    The report also pointed to aspects of corruption, including the diversion of public exam questions (baccalaureate) to students by showing for 3183 students to those questions that have been leaked via the Internet or teachers or staff in the Ministry of Education.

    The report, which included committed Article 26 of the body force Law No. 30 for the year 2011 the Commission published the end of each year, the overall work of departments and directorates and offices as well as future plans and future strategies and obstacles facing the work. The activities focus on the field investigative body to prevent corruption in all organs of the State, and in a culture of integrity, transparency, accountability and ethics of public service development field, and in the prosecution of graft field, revealing corruption cases to the media and the public.

    The report addressed some of the difficulties faced by the body, including the lack of a budget for 2014, which paved the way for the exchange of random, serious security challenges after the emergence of state regulation, and the pressures on the body, and the lack of cooperation from some countries in the recovery of stolen money and wanted to Iraq.

    The report did not include the Directorate of achieving Nineveh and my office Anbar and Salah al-Din's activities as a result of stop work after the control of armed groups on these provinces since June last, which led to disrupt the work of all state institutions in these provinces, including the departments and offices to achieve body found in them, and as a result were excluded results for the Annual Report. The Commission has announced the development of national anti-corruption strategy for the years 2015 2019 student of the legislative and executive bodies and the people to cooperate with it to completion.
    It should be noted that the Commission's work in these provinces during the first half of 2014 have been presented in the semi-annual report announced by the Commission last July, where the Commission shall submit an annual report and the latest semi-annual basis to the overall situation and the activities of the Commission in the follow-up file corruption.

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3426862&usg=ALkJrhhLat4r_JdffvK0z5B6fLiXz7xb1Q

  10. #10

    Re: The Dinar Daily, Saturday January 17, 2015

    Severe sentence to two years imprisonment against the anti-money laundering in the central bank director

    BAGHDAD - ((eighth day))
    Integrity Commission announced, that "the cover Rusafa court sentenced in absentia, stressing the right of the Director General of the Office of the former anti-money laundering of the Central Bank of Iraq on charges of committing irregularities in the bank's auction" ,.

    She said in a statement, said that "the convicted, Khalid Hameed Cltag, deliberate omission follow irregularities and abuses of some companies and banks involved in the auction sale of the work," noting that "the court sentenced him to severe imprisonment for two years in absentia on according to the provisions of Article 331 of the Iraqi Penal Code." .

    The statement, that "the convict, who was the Director General of Anti-Money Laundering Office in the Central Bank of Iraq may have breached the functional duties intentionally overlooked by the follow-up irregularities and abuses that marred the currency auction conducted by the central bank."

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3427467&usg=ALkJrhjz8zbme1RUBCue8rZ5PktXsrUwjw

    HERE'S ANOTHER ONE:

    paste5iraq.jpg

    Scandal .. imprisonment sentence in Anti-Money Laundering Office of the Director

    01/17/2015
    Scandal .. imprisonment sentence in Anti-Money Laundering Office of the Director

    BAGHDAD / JD / .. Misdemeanor Rusafa court sentenced in absentia to two years imprisonment for extreme right of the Director General of the Office of the former anti-money laundering of the Central Bank of Iraq.

    She said of the Integrity Commission Investigation Service said in a statement received / JD / copy of it: that the court sentenced the convicted Khalid Hameed Cltag severe imprisonment for two years in accordance with the provisions of Article 331 of the Iraqi Penal Code, and explained the department in Speaking about the case referred to the Court by the competent investigating judge Integrity issues in Baghdad governorate that the convicted who served as director general of Anti-Money Laundering Office in the Central Bank of Iraq may have breached the functional duties intentionally overlooked by the follow-up irregularities and abuses that marred the currency conducted by the central bank auction.

    The statement said that the conviction issued against the convicted that during the period of the first in January 2012 and until the thirtieth of August of the same year, during assume convicted Cltag position in Anti-Money Laundering Office of the Director of the Central Bank of Iraq, the oldest on the commission violates his or her job did not work to follow abuses and irregularities that were carried out by some companies and banks involved in the auction sale of hard currency.

    The resolution stated that the companies and banks that have proven violating the terms of the auction was the purchase of hard currency from the auction without the introduction of the corresponding goods and materials, which stipulated that the auction instructions to the participants need to adhere to them, and entrusted it to the Office of the follow-up to combat money laundering.

    The statement said: The court found during the course of the primary and the judicial investigation and the available evidence in their possession, including the failure mode convicted in his capacity as general director of the office of a clear mechanism to follow up on what is shown of goods and materials in exchange for money withdrawn from the auction currency as well as the statements of the legal representative of the Bank and the presumption convicted of escape from the face justice The offenses committed by Cltag and apply the provisions of Article 331 penalties.

    The decision included the sentencing of convicted under the provisions of Article 182 / A fundamentalist convicted in absentia capable of intercepting and discrimination issue a warrant for arrest and the investigation against him in accordance with the provisions of Article wisdom, and to give the right to compensation for the affected hand after the acquisition of decision-degree bits.

    It is noted that Article 331 of the Iraqi Penal Code stipulates that "it shall be punished by imprisonment and a fine or one of these penalties: Each employee or assigned to public service committed intentionally violates the duties of his job or fails to perform the work of its intent to damage the interests of an individual or with a view to the benefit of people at the expense of The last, or at the expense of the state. " / End / 22 /

    http://dananernews.com/News_Details.php?ID=5458
    Last edited by OOTW; 01-17-2015 at 08:40 PM.

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