Source: Dinar Daddy’s Tidbits
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Baghdad – He specialized in the economic importance of removing Iraq from Chapter VII imposed by the United Nations to give Iraq in general and the Iraqi trader in particular to deal with the international banks sober and well-known in the process of Transfer of funds (money orders) when the importation of goods from abroad, for fear of the vulnerability of Iraqi funds to money laundering or to embezzlement by shell banks and informal in most countries of the world, calling the talk (of the Agency news) to move toward the United Nations to lift the seventh item on the Iraq.

A member of the Economic Commission MP Nora Salem: The international banks known not to deal with Iraqi traders they deal in huge amounts, and Iraq still implies under Chapter VII, they are afraid of dealing with countries subject to this item.

The Salem in a statement to the Agency ( news) and there is a bold decision issued by the Economic Committee of the Council of Ministers established the Bank shareholder participation by local and international banks in order to facilitate the work of traders and investors in the process of transferring large sums of money to and from Iraq, calling for the necessity of applying for the protection of Iraqi assets from loss, not what happened recently, as we heard that the merchants of the Kurdistan region have to transfer money to merchants in Iran, the rejection of one of the banks delivered the pretext that the traders Kurds did not do the process of transfer of funds, and continued to be the establishment of the bank and have a large capital allows investment companies and traders Iraqis abroad transfer money to Iraq.

and called Salem Federal Government and the Parliament to move towards the lifting of what they called “injustice item VII” for Iraq that there are many things to Iraq, a parked because of this separation imposed by the United Nations.

The member of the Economic Commission for Investment: that the Iraqi trader have a significant role in the bleaching (money laundering) of the Iraqi funds since it deals with the banks is not an official because of the Chapter VII imposed on Iraq.

For his part, exclude a member of the Economic Commission Vice Qusay Fri incidence of money laundering Iraq during the current period, particularly in Baghdad, the fact that there is strict control by the central bank to funds that go out and get into the country, but fear the exposure of funds the Iraqi trader for embezzlement

, said Friday in a statement to the Agency (news): expanded meeting was held between the Economic Commission representative and the Department of Money Laundering of the central bank, and notified us of a central bank with adequate information and the development of processors sufficient for the emergence of any cases of money laundering or the like.

Gom’a the absence of the phenomenon to the process of bleaching of money, but there are operations to drain the difficult process of Iraq as merchants Iranians and two walls as a result of the deterioration of their currency because of political turmoil in which they live, stating: There are traders from Syria and Iran are withdrawing the dollar from Iraqi banks and local markets, which led to the depletion of foreign currency in Iraq.

While stressing the economic expert as beautiful on the need to handle the Iraqi trader with global banks sober and well-known in its financial transactions for receiving financial guarantees under the smuggling-money laundering, as a result of conditions the political situation in the region, particularly in Syria and Iran.

Jameel said in a statement to the Agency (news): Iraq still under Chapter VII, making the Iraqi trader restricted from dealing with international banks in the process of turning his money through the import of commodities and goods from abroad, although that international banks provide guarantees to enter the goods matching the specifications and they refused to deal amounts of imports of goods poor before shipment, calling for the need to lift the seventh item on Iraq to facilitate financial transactions with international banks.

The economist is that bank credit is a form of systems to ensure the trader and the source delivery amounts against the shipment of goods according to the specifications, noting that the Iraqi trader now pay part of the exaggeration or all of the processed and shipped his goods without the presence of safeguards and controls on the type of imported goods to the interior, especially with Iran, which lead to money laundering operations and other operations outside the law.

in Parallel to that, the Chairman of the Economy Bank Husam Obeid on the importance of raising Iraq’s Chapter VII as a grant to the Iraqi banks to deal with the international banks.

Obaid said in a statement to the Agency (news): Iraq is still shackled to item VII of the UN which impact on the work of Iraqi banks being given a bad reputation in its external and international, which led to the refusal of international banks to deal with Iraqi banks and merchant Iraqi import of goods from abroad.

and stressed the need to remove Iraq from Chapter VII because it gives freedom to deal with international banks in particular countries Representative of the UN Security Council, calling the move towards the lift for the advancement of the Iraqi economy and Ttaiwiraml Iraqi banks.

Earlier, The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh that the entry of global investment firms to Iraq subject to the exit of Iraq from Chapter VII, because they are afraid to enter Iraq the implementation of investment projects.

Salih said in an earlier statement (of the Agency news): The exit of Iraq from Chapter VII is very necessary for the transfer of foreign expertise and technological modern in various economic fields, the fact that Iraq needs a network of international contractors in the implementation of investment projects.

The benefit of to: that the local contractors who are not experienced, which led to a delay in the implementation of many investment projects in the country, indicating that the rate of implementation of projects per year of (30%) due to lack of experience and not to transfer technological modern Iraq.

He added that foreign companies, international contractors are afraid to enter the territory of Iraq because Iraq is still under Chapter VII and a bad reputation generated by the item on the peoples imposed on it.

and in favor: that Chapter VII allows the force and economic sanctions on countries that infringe on the world peace, stressing that the international community still believe that Iraq aggressor to world peace.

He continued in saying: It is assumed at the exit of U.S. troops from Iraq, it gives a signal to the international community that Iraq is safe and does not need to use force against him, calling the move towards the United Nations to remove Iraq from the desk of the seventh item to be a country safe open on the world.

The Iraq when the economic blockade imposed on him in the nineties of the last century, was placed under Chapter VII of the UN before making it restricted his actions and financial transactions with foreign affairs.

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