A strongly worded statement from the Ministry of Oil to the regional government: Abide by the constitution and the law.

The Federal Ministry of Oil issued a strongly worded statement on Thursday to the Kurdistan Regional Government, demanding that it adhere to the law, the constitution, and agreements regarding oil exports and the transfer of revenues.

The ministry said in a statement, “The Ministry of Oil stresses the necessity for the Kurdistan Regional Government to adhere to the constitution, the decisions of the Federal Court, and the applicable laws, including the general budget law, which obligates the regional government to hand over the oil produced from the fields located within it to the federal Ministry of Oil for the purpose of exporting it and supplying the public treasury with its revenues. The ministry has previously sent official correspondence and delegations to the regional government on an urgent and continuous basis to achieve this, but to no avail.”

The ministry stressed “the need to immediately begin delivering oil, in accordance with the text of the amended budget law, which was enacted in agreement with the regional government, and the need for the regional government not to shirk its obligations.”

The ministry continued, “The continued failure to deliver oil causes major financial losses to Iraq and exposes Iraq’s international reputation and its oil obligations to harm. The regional government’s failure to abide by the constitution and the law has led to the loss of Iraqi oil exports and the public treasury twice: the first by not receiving and exporting oil produced in the region and benefiting from its revenues, and the second loss by forcing the federal Ministry of Oil to reduce production from the remaining oil fields outside the region in compliance with Iraq’s quota in OPEC, which counts the production of fields located in the region as part of Iraq’s quota, regardless of the violations indicated.”

The ministry noted that it is “monitoring information indicating the continued smuggling of oil from the region outside Iraq. The ministry holds the regional government fully legally responsible for this and reserves the right to continue taking all legal measures in this regard.”

Burathanews.com

The Pentagon to Shafaq News: No change in the plan to withdraw from Iraq.

The US Department of Defense (Pentagon) confirmed, in a statement to Shafaq News Agency on Tuesday, that the plan for the withdrawal of US forces from Iraq is still proceeding within the announced framework, denying any changes or delays due to recent political or regional developments.

The Pentagon said in an official response to Shafaq News Agency’s inquiry: “We are on the same path that was reaffirmed in the joint statement below issued in September 2024.”

This response comes amid talks held within the framework of the Joint High Military Committee between Baghdad and Washington, which was formed in 2023 to discuss the future of the US military presence in Iraq and determine the mechanism for transitioning the relationship from a combat framework to bilateral security cooperation, including training and intelligence support.

The current US military presence in Iraq is distributed across several bases, most notably Ain al-Asad in Anbar and Harir in Erbil. The estimated number of troops is approximately 2,500, performing tasks related to combating ISIS remnants and providing logistical support to Iraqi forces, within the framework of the international coalition.

In early 2020, the Iraqi parliament voted on a resolution requiring the government to set a timetable for ending foreign presence. This followed escalating tensions following the assassination of Iranian Quds Force commander Qassem Soleimani and deputy head of the Popular Mobilization Forces (PMF), Abu Mahdi al-Muhandis, near Baghdad airport.

Despite political pressure from Iraqi Shiite political parties, the United States emphasizes that any withdrawal must be carried out in full coordination with Baghdad and ensure that terrorist threats do not return. The United States emphasizes that the issue is still under negotiation through joint official channels.

Shafaq.com

The Iraqi currency: a document that attracts tourists and investors.

Currency has played a significant role in regulating economic and political life in Iraq, with its forms and symbols evolving over the ages, all the way to the modern era. It has become an essential part of the national and international economic structure, and with Baghdad being designated the Arab Capital of Tourism, it represents a means of attracting tourist investors.

The Iraqi currency has undergone many transformations, as historian Dr. Adel Shaker explains in a statement to Al-Sabah: “Commercial transactions in Iraq were based on a commodity exchange system, with commodities such as wheat, sheep, and vegetables being exchanged before they were regulated by written laws. These laws were written in cuneiform script, protected the rights of merchants, and regulated exchange operations.”

He emphasized that over time, currencies evolved and diversified in their forms. Gold and silver coins appeared bearing important slogans, such as “There is no god but God, Muhammad is the Messenger of God” or “Ali is the guardian of God.” They immortalized the names of kings and historical events, especially in regions such as the city of Hatra in northern Iraq, which went through multiple political phases. Its kings placed slogans expressing their beliefs and deities, such as the sun god.

The system was initially disorganized, until laws intervened to regulate these processes. Priests controlled the temple and regulated religious, social, and political life. They wrote down laws on cuneiform tablets, which are now part of museums and illustrate ancient trade operations.

Shaker explained that the beginnings of the use of currency in Iraq date back to the First World War, when Iraq was part of the Indian monetary region, and the Indian rupee was used as legal tender during that period until the year 1932. In the year 1931, the Iraqi Currency Committee was established pursuant to Law No. (44) of 1931, then it was abolished and the National Bank of Iraq was established pursuant to Laws No. (42, 43) of the year (1947) to undertake the issuance of currency.

Pointing out that the Iraqi currency went through several stages, namely the royal edition bearing the image of King Faisal, which continued until 1958, the edition bearing the republican emblem until 1978, and the international edition called (the Swiss edition), which was printed by the British company Delao and the Soviet Exportless until 1990. As a result of the economic blockade that Iraq went through, the Central Bank of Iraq printed banknotes at the Al-Nahrain Printing House, which did not meet security specifications and were made of plain paper. In early 2003, the Central Bank withdrew all local and international banknotes called the Swiss edition, and introduced the new series of Iraqi dinars, consisting of seven denominations, which were printed with high security specifications, and continued to be developed.

Alsabaah.iq

The Minister of Finance discusses with the World Bank developing the private sector and encouraging investment.

Finance Minister Taif Sami and the World Bank’s representative to Iraq discussed enhancing cooperation to support development projects, grow the private sector, and encourage investment on Sunday.

The ministry said in a statement received by Al-Maalouma that “Minister of Finance Taif Sami Mohammed received the World Bank representative to Iraq and his accompanying delegation to discuss plans to enhance cooperation to support development projects by leveraging the technical and financial support provided by the bank in implementing strategic projects to stimulate economic growth, particularly in the areas of infrastructure and human development.”

The statement added, “The two parties discussed developing the private sector and encouraging investment as the primary driver of sustainable economic growth, in addition to the need to support financial reforms to achieve stability and growth.”

The statement explained that “the bank’s representative expressed his commitment to continuing to support Iraq in achieving its development goals and enhancing its ability to confront economic and development challenges.”

Almaalomah.me

Sudanese orders on selling prices after dollar stabilization

On Monday, Iraqi Prime Minister Mohammed Shia al-Sudani directed the departments responsible for combating economic crime to pursue and hold accountable those who manipulate prices, particularly food and medicine vendors, bakeries, and ovens, given the “stability of the dollar exchange rate against the Iraqi dinar.”

According to the directive, which Shafaq News Agency has seen, it included: “Given the stability of the exchange rate (dollar) against the Iraqi dinar, it has been observed that some companies, traders and weak-willed individuals are exploiting prices or keeping them as they were without taking into account the stability in the markets, especially food and medicine owners, bakeries and ovens, due to their failure to adjust the selling prices of the materials that citizens need on a daily basis, as there is no clear oversight role by the economic departments to follow up on these cases.”

The directive also stated that, “After the Prime Minister reviewed the above content, he ordered the departments responsible for combating economic crime to monitor and hold accountable those who manipulate prices, take the necessary legal action against them, and coordinate with the Ministries of Commerce, Agriculture, and Health to ensure the stability of the price ratio of items that affect citizens’ lives on a regular basis.”

Shafaq.com

A “black” trick and banking loophole generate millions of dollars for Iraqi factions.

A US report revealed that Iranian-backed Iraqi militias have been exploiting a loophole in the Iraqi banking system, namely Visa and MasterCard, to withdraw dollars from Iraq. Transactions have rapidly increased to $1.5 billion per month.

A report by the American newspaper “The Wall Street Journal,” translated by Shafaq News Agency, explained that loopholes and weak oversight have allowed the militias to benefit from manipulating the credit card system. It added that the small market that appeared for Visa and Mastercard in early 2023 has suddenly transformed into a financial transfer operation worth $1.5 billion per month. American and Iraqi officials say that behind it stand Iranian-backed militias exploiting American payment systems to circumvent sanctions and reap huge profits.

Noting that “a new loophole has replaced the old one,” the report explained that after the US Treasury and the Federal Reserve Bank of New York halted fraudulent international bank transfers conducted by Iraqi banks in late 2022, Iraqi militias quickly shifted to using another mechanism, namely Visa and Mastercard credit and prepaid cards.

The report noted that the card system emerged with the dismantling of the previous system of bank transfers, which lacked anti-money laundering controls. This flawed system was introduced by the United States after the Iraq War and allowed militias and Iran access to billions of dollars. It added that the sudden shift to bank cards occurred almost immediately after the shutdown of that tap.

The report stated that by mid-2023, cross-border transactions using Iraqi cards had increased by nearly 3,000%, indicating that a significant portion of this volume was related to the exploitation of the gap between the official exchange rate and its high black market rate.

The report explained that the militias and their partners load the cards in Iraq, then use them to withdraw dollars from neighboring countries. They then return the cash to Iraq and exchange it for dinars at a profit that has sometimes reached 21%.

The report quoted officials as saying that the profits were substantial, with cardholders linked to the militias generating an estimated $450 million in profits in 2023 alone from this fraud. They added that Visa and Mastercard, which charge fees on international transactions, together generated approximately $120 million from these practices.

According to the report, despite repeated warnings from the US Treasury Department since mid-2023, Visa and Mastercard delayed taking action for several months. It added that after Treasury officials revealed that individuals linked to militias were flooding ATMs in Dubai with their Iraqi bank cards, the two companies postponed major action until March 2024.

In addition, the report noted that the militias have expanded their operations by using fictitious transactions with foreign merchants, point-of-sale devices that operate via VPNs, and smuggling networks to transfer money.

According to the report, some merchants accepted fake purchases in exchange for cash, a portion of which was returned to the seller, while others helped launder these transactions through jewelry stores and shops in free trade zones in the UAE and Turkey.

Additionally, the report stated that Iraqi government-backed cards were also used, as Qi cards, designated for paying the salaries of government employees and militia members, were a key part of the fraud scheme. Militias seized the cards of ordinary fighters, and the names of fictitious employees were inserted onto payrolls to obtain more cards, which were then used in this transaction cycle.

Under mounting pressure, Mastercard and Visa finally implemented sweeping measures in early 2024, according to the Wall Street Journal. Mastercard cancelled more than 100,000 cards and removed 4,000 UAE merchants from its network. Visa followed suit, identifying 70,000 suspected fraudulent cards and temporarily banning thousands of foreign sellers.

The US report indicated that Iraqi regulatory authorities imposed a monthly maximum of $300 million on cross-border transactions, and a maximum limit of $5,000 per cardholder.

In addition, the report noted that the Central Bank of Iraq hired a New York-based financial crimes firm to monitor the system and required all card issuers to operate through banks with correspondent relationships with the United States, while many Iraqi card issuers were excluded from the Visa and Mastercard networks.

The US report noted that the Treasury Department blacklisted three card companies suspected of having ties to militias, including a company affiliated with the Imam Abbas Shrine in Karbala, a major destination for Iranian pilgrims.

He considered this case to reveal significant weaknesses in global payment systems, particularly in fragile or poorly regulated markets. He noted that Iraq’s economy remains heavily reliant on cash transactions, while oversight is weak. The transition to digital payments occurred without adequate safeguards, allowing armed groups subject to US sanctions to exploit Western infrastructure to circumvent restrictions.

He concluded that despite Visa and Mastercard’s assertions of their rapid response and strong cooperation with authorities, US and Iraqi officials believe the companies’ delay allowed the fraud to expand and reach billions of dollars.

The Wall Street Journal report concluded by noting that while the United States seeks to preserve the global integrity of the dollar and strengthen the implementation of sanctions, the Iraqi payment system and the companies operating within it have become a stark warning of what can happen when financial innovations bypass oversight.

Shafaq.com

With over $70 billion, Baghdad offers dozens of investment opportunities to Tehran.

Iraqi Ambassador to Tehran Nasser Abdul Mohsen Abdullah revealed on Monday that Iraq offers dozens of investment opportunities to Iranian companies in vital sectors, including renewable energy, oil and gas, heavy industries, free zones, and industrial complexes.

Iran Front Page reported, in a report translated by Shafaq News Agency, that “the head of the Iranian Chamber of Commerce, Samad Hassan Zadeh, called during his meeting with the Iraqi ambassador to expand the volume of Iranian investments in Iraq,” explaining that “Baghdad seeks to strengthen the economic partnership between the two countries and push the wheel of bilateral trade towards higher levels through wide-ranging investment facilities.”

The Iraqi ambassador indicated, according to the newspaper, that “his country is offering 27 investment opportunities in the field of renewable energy distributed across 14 governorates, in addition to two major projects in the oil and gas sectors, along with 22 opportunities in heavy and medium industries, nine investment opportunities in industrial zones and free trade zones, and 10 opportunities in the agricultural sector, most of which are concentrated in the governorates near the Iranian border, in addition to 10 opportunities in the healthcare sector and 25 opportunities in the housing sector.”

He added that “investment prospects in Iraqi free zones and industrial complexes alone could exceed $70 billion,” adding that “expanding Iranian participation would contribute to achieving a trade balance between the two countries.”

For his part, the head of the Iranian Chamber of Commerce stressed “the importance of removing obstacles facing Iranian investors, most notably bank guarantees and legal procedures,” asserting that “joint production projects are a priority for Tehran at this stage.”

The Iranian official also called for “providing a transparent legal environment that preserves investors’ rights and encourages increased engagement in the Iraqi market.”

Shafaq.com

Al-Nujaifi: The role of forces linked to Iran in the next parliament will not exceed 30%

Former Nineveh Governor and leader of the United Alliance, Atheel al-Nujaifi, predicted on Monday that the role of Iranian-backed political forces would decline in the upcoming parliamentary session. He indicated that these forces would only obtain 30% of the seats, due to regional and domestic changes.

Al-Nujaifi said in a Facebook post, “There are four factors that clearly indicate that the next parliament will be further removed from Iranian influence, and that Tehran’s supporters will not exceed, at best, 30% of parliamentary seats.”

Al-Nujaifi explained that “the first reason is that a large portion of the votes in central and southern Iraq oppose Iranian influence. This was evident in the last elections, when they voted for the Sadrist movement and forces associated with the October protests.”

He continued, “With the Sadrist movement’s withdrawal from the political process, the current composition of parliament has emerged. Consequently, many of those votes will be directed toward other opposition candidates in the upcoming elections.”

He added, “Regional changes have given us a firm conviction that Iranian influence has declined significantly, and that those who still seek refuge in it are facing crises and problems, and have lost influence and gains. The situation is not the same as it was four years ago.”

Al-Nujaifi pointed out that “the performance of the winning political blocs in the current parliament was not satisfactory to their constituencies, which led to a decline in their popularity.” He emphasized that “the division within the pro-Iranian forces and the attempts of some of them to adapt to regional changes and avoid clashing with international will represent an additional factor in the decline of their influence.”

Al-Nujaifi concluded by saying, “I am fully convinced that change in Iraq will be gradual and will occur through the ballot box, with one party’s influence diminishing in favor of another. This does not mean the demise of a particular party, but rather the tipping of the scales in favor of another.”

Shafaq.com

Iranian Trade: Our Electricity Is a “Strategic Mission,” Otherwise We Will Lose Iraq “to Saudi Arabia”

Considered Energy Committee In the Iranian Chambers of Commerce, today, Wednesday, that Iran Generate electricity itself and supply it to Iraq so that it does not become a problem Saudi Arabia Iran’s place, considering that the presence of Iranian electricity in Iraq “Strategic mission.”

The president said Energy Committee in Iranian Chamber of Commerce Arash Najafi, “Saudi Arabia May Allah provide for you. Iraq With electricity and do so immediately.”

He added, “Today, we are in danger of losing Iraq, and the right thing for us to do is to generate our own electricity and supply it to Iraq.” He considered that “the presence of our electricity in the Iraqi market is a strategic task, otherwise Saudi Arabia will replace us.”

Alsumaria.tv

Central Bank Governor: Iraq is committed to combating money laundering at the international level.

The Governor of the Central Bank of Iraq, Ali Al-Alaq, affirmed on Wednesday Iraq’s commitment to combating money laundering and terrorist financing in cooperation with international partners.

In a speech delivered at a conference held in Baghdad on combating money laundering and terrorist financing, Al-Alaq said, “We in Iraq are cooperating effectively with our international partners, particularly with the Middle East and North Africa Financial Action Task Force, to implement international treaties on combating money laundering and terrorist financing and to eradicate them completely.”

He added, “Iraq has a distinct set of strengths in the areas of transparency in financial data and accessibility by relevant authorities in monitoring funds transferred outside the country,” noting that “we have international coordination and cooperation in exchanging information through deep communications networks in this area.”

Al-Alaq also noted, “We had a number of weaknesses that needed to be reviewed and addressed, which we addressed effectively and immediately by taking appropriate measures to reduce the risks of money laundering and ensure it is not used to finance terrorism.”

The Central Bank Governor continued, saying, “Iraq is committed, at the highest levels, to ongoing cooperation with the Financial Action Task Force, which is concerned with the issue at the member state level, to combat money laundering and terrorist financing.”

Shafaq.com