By John Lee. According to a report from Associated Press (AP), a chain of three unauthorised "Starbucks" coffee shops is operating in Baghdad. It says genuine Starbucks merchandise is imported from neighboring countries, but without permission from the US-based corporation. Starbucks is reported to have filed a lawsuit for trademark violation, but the case was […]
Security forces have reportedly confiscated many USD and Euro bills and 88 million Iraqi Dinars (IQD) in counterfeit banknotes in Erbil province since the start of 2018. According to Kurdistan24, 100 suspects have been arrested for dealing and trading in counterfeit dinar. Full story here. (Source: Kurdistan24)
By John Lee. Authorities in Iraq have reportedly announced the arrest a gang believed to have forged Iraqi dinars worth "billions of dollars". According to The New Arab, the mafia-like network with Lebanese links was detained after a woman arrested at the Baghdad Airport confessed to involvement with counterfeiting money. (Source: The New Arab)
By Wassim Bassem for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Probe blames corruption for imports of bad food, medicine in Iraq Iraq's parliament is investigating allegations that corruption and fraud at border crossings involving "influential entities" have led to […]
By John Lee. Iraq is introducing new Iraqi Dinar notes with improved security features, such as guarantee ribbons and the internationally used SPARK feature. The Central Bank of Iraq treasury director Ihsan Shamran al-Yasseri announced the move, noting that this was a positive step forward that would help strengthen the currency. The new notes, to […]
Three Turkish citizens alleged to have been involved in selling counterfeit currency were arrested by security forces in Karbala today, reports AKnews. Karbala police said the three, from the Hay al-Sinaei area, 2km east of Karbala, sold counterfeit US dollars as part of a foreign exchange (forex) operation. Security forces seized more than $5,000 in […]
AKnews reports that businesses and currency traders are rejecting 10,000 dinar notes because of rumours about the increasing spread of counterfeit currency. Government sources said last year that an estimated 7 billion dinars worth of forged 10,000 notes came into Iraq from Iran. The fake currency is said to is said to be of high […]
Security forces in Sulaimaniyah City have detained two people on charges of forging Iraqi money, reports AKnews. The two men were arrested by the security forces with fake money and arms in their possession, after another man who had been detained the previous day on similar charges admitted the charges and identified the other two. The […]
On Wednesday a number of currency dealers in southern Iraq’s Nassirya City reported the spread of a new counterfeit 10,000-dinar notes, according to Aswat al-Iraq. “We have noticed the existence of a false 25,000-dinar currency in the market, being cautious against it, but a new false 10,000-dinar note, with a very close print to the […]
An Iraqi police source said that army forces arrested a gang of currency counterfeiters during a security operation in Basra 550 km south of the Iraqi capital, Baghdad. The official source said that the gang consisted of two people, and the security forces found nearly $90,000 [105 million Iraqi dinars] of counterfeit currency on site, […]
