Sun. AM TNT News Articles 6-12-22



Protesters shut down vital oil facilities in Basra

Demonstrators from the contracts and daily wages segment in Basra closed, on Sunday, a number of vital oil institutions in the province, in protest of their not being included in the food security law voted by Parliament .

Hundreds of contract and daily procedure employees cut off the main roads leading to the oil fields and refineries in Basra Governorate .

Among the oil institutions, the roads leading to it have been cut off (Al-Barjisiya, the entrance to well 20, the Shuaiba refinery, Bab Al-Zubayr, the northern Rumaila entrance, the Majnoon oil field entrance, and West Qurna 1 and 2 fields) .

The demonstrators also cut off the Bin Omar gas and oil station, Umm Qasr Road and the port, and closed all oil and gas stations in Basra Governorate.

They threatened to close all oil institutions in Basra province if their demands were not met and to include them in the Food Security Law.  link

In preparation for its approval, a parliamentary address to send emergency support to the Presidency of the Republic (documents)

The Finance Committee addressed the General Secretariat of the House of Representatives to send the emergency support law to the Presidency of the Republic for approval.  link

Combating financial crimes enhances confidence in the banking sector

The methods and practices of people involved in financial crimes or what is called economic crimes have developed in most countries of the world that can be identified with money laundering crimes (money laundering), electronic payment crimes, currency counterfeiting, securities fraud and fraud crimes.

Therefore, governmental and judicial agencies have amended their laws in force and developed procedural and electronic means in order to control the reduction of these crimes in order to preserve their money and the national economy.

Iraq, like other countries, has its economic and legislative bodies and institutions active in combating these crimes, as it issued the Money Laundering and Combating the Financing of Terrorism Law No. 39 of 2015, which included 12 chapters and articles that specified the crimes covered by the law and the penalties for each financial crime,

in addition to the crimes of counterfeiting, forgery and fraud stipulated in the Iraqi Penal Code The instructions issued by the Financial Authority and the Monetary Authority – represented by the Iraqi Mercury Bank to combat these crimes in order to preserve Iraq’s money, especially its foreign currency

Due to the impact of these crimes on the national economy and the creation of stifling economic and financial crises for it and its reflection on sustainable development. It is necessary to refer here to the important role Which the Central Bank undertakes to form the Anti-Money Laundering and Terrorist Financing Council

And the Governor chaired this council, and his membership includes the authorities concerned with combating money laundering and combating the financing of terrorism in accordance with the applicable law and the regulations of the Financial Action Organization (FATF ) to which central banks are subject, including the Central Bank of Iraq, which moved from the gray area to the usual follow-up after filtering the diagnosed notes on internal banking operations in Iraq. The European Union’s decision to remove Iraq from the list of high-risk countries will also contribute to restoring confidence in the Iraqi economy and its foreign banking operations with Countries .

And the danger that the monetary and financial authorities fear is the failure of financial and banking institutions to comply with the rules of compliance, which means their exposure to financial and legal risks, the most important of which are reputational risks that directly affect Iraq’s economic and financial dealings

And banking, which affects Iraq’s external economic relations with the countries of the world, and in particular the financial and banking transactions of Arab and foreign correspondent banks, but laws alone and internal judicial procedures alone cannot combat these financial crimes, which requires the development of local and international proactive control methods by adopting mechanisms and policies regulated by international agreements to cooperate in limiting Among the financial crimes related to combating money laundering and terrorist financing and electronic financial crimes related to electronic payment operations and reaching the final beneficiary and the final use of the funds leaving Iraq for import purposes of all kinds and forms.

This requires training and qualification of supervisory and technical staff specialized in the issue of money laundering and the application of international standards in this field.

Therefore, the Central Bank of Iraq, the Association of Iraqi Private Banks, and the Iraqi judiciary have jointly set up specialized courses for banking, supervisory and judicial staff to exchange experiences and cooperate with each other to reduce financial and economic crimes, and they are granted a certificate specialized in combating money laundering and detecting currency counterfeiting.

Counterfeiting letters of guarantee, financial bonds and all other securities, focusing on electronic crimes and cyber  security.   link

Source: Dinar Recaps


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