Iraq May Legislate on Currency Exchange

The CBI proposed a new law earlier this month to combat money laundering in coordination with other government institutions, in order to provide greater protection for Iraq’s economic system and improve its international trade.

The Anti-Money Laundering law adopted in 2004 specifies a fine of up to 40 million Iraqi dinars, or twice the value of the property, for everyone who initiates illegal financial transactions with his knowledge, with respect to the issue of financing crime and terrorism.

The ICB monitors the financial institutions for compliance with the regulation, and issues a list of suspicious financial activities.

The anti-money laundering law authorises the ICB to control the financial institutions and check their documents and accounts.

MP Haidar al-Yasiri told AKnews that the parliament will work to organize the work of banks after the completion of some important laws for the Iraqi economy.

“The exchange offices do not need legislation, but non-governmental actions that coordinate with the government to organize its work.”

“The parliament is considering the formation of a council for foreign exchange services to change the work.”

Hundreds of forex offices are found in Iraq and they work almost daily and have links with the most countries in the world.

The Iraqi dinar (IQD) currently trades at around 1170 to the US dollar.

(Source: AKnews)

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One Response to Iraq May Legislate on Currency Exchange

  1. Iraq Dinar Investor 30th March 2011 at 09:53 #


    I’ve been buried once again with emails due to the controversial article that compared the Bernie Madoff ponzi scheme with investing in the Iraqi Dinar. I placed it yesterday in the “News“ section of the site. I’m posting this to give you all clarity about why and where I posted it.

    [Advertising and promotion of another website removed by the Editor] As such, that includes those things that may not make us feel to comfortable about our investment. As such, I felt an obligation to post it so all could be made aware of another perspective and argument. Posting it was the responsible thing despite my not agreeing with the guy’s take.

    Secondly, because it’s a news article, I posted it there. Trust me when I say this… just because it’s placed in the “News” section, doesn’t mean I believe it. I know I have “Doozies” and “Rumors“ sections that make it obvious how I feel about certain information shared, but the “Chats & Posts“, and “News Articles” sections have equally misleading information placed in them daily. Because I have no way of verify all information placed on the site, I put it in the most appropriate place on the site. In this case, I felt the “News” section was most appropriate.

    Thirdly, each of you needs to understand your own reasons for investing, why you’ve invested, and who you feel you should trust on this wild ride. I can’t tell you want to believe. I can only tell you how I personally feel. As far as the Bernie Madoff comparison article, here’s what I think… personally:

    Comparing the Bernie Madoff ponzi scheme to investing in the Iraqi Dinar is a complete joke, and for the writer to even suggest it tells me one of the following things…
    He has no clue about the Iraqi Dinar
    He is jumping to conclusions without truly understanding what makes this investment tick
    He doesn’t understand any investor at any time can sell their Dinars back through a dealer or participating banks at the then market purchase rate.
    He doesn’t understand investing in Dinar is simply moving money from one currency to another, and as such people
    He doesn’t understand that purchasing Dinar is nothing more than moving if from one form to another (i.e. from USD to IQD).
    He feels somehow he’s been taken advantage of in this… maybe a shady dealer sold him Dinar over the market rate?
    He doesn’t understand this isn’t a “centralized” investment. No one person is driving interest in the Dinar. There are MANY banks, dealers, currency exchange counters, secondary market, and even eBay buyers and sellers who participate in this investment.
    He’s unaware of the way the UN, IMF, World Bank, Forex, and other currency markets work, and that what we’re “speculating” about has happened time and again since the world currency markets came into existence. It happens to only be now that more of the public are aware of this event, due to the extreme and concerning state of the world’s monetary system.
    He doesn’t understand Iraq is free to do with their currency as they wish.
    He doesn’t know anything about the country of Iraq, and that they are soon to be one of the richest countries on the planet.
    He doesn’t understand market economies, and that Iraq can’t and won’t continue to live in poverty and hold such an invaluable currency.
    He doesn’t understand that Iraq was blown to bits by the USA and its allies. As such they need to rebuild in the least expensive way possible, all the while bringing true value and encouragement to their citizens.
    He must not know that poverty breeds violence… wealth breeds cooperation and hope.
    I could go on, but I think you get my drift. Hang in there, and please learn to think critically. I’ve quoted this before, and I’ll quote it again… “If ye are prepared, ye shall not fear”. Such is the case here. Arm yourselves with knowledge. Stay firm in YOUR reasons for doing what you do. Don’t invest more than you can afford to lose or do without for any extended period of time. Continue to expose yourself to all information about your investment, both encouraging and disappointing. This way you will never be caught off guard, and will always be prepared.

    Go Clarification… Go Truth… Go Explanations… Go Dinar!

    Dinar Daddy