Thread: Iraq/Dinar News. 09/05 to 01/14/07

Shiites and Sunnites of Iraq divided on the start of Eid Al-Adha.

(Voice of Iraq) - 01-01-2007
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Shiites and Sunnites of Iraq divided on the start of Eid Al-Adha between Saturday and Sunday

Some considered that the execution of Saddam already beginning of Eid

Oman : contagious Fayadh
Despite the fact that the Presidency Iraqi President Jalal Talabani, and his two deputies Adel Abdel Mahdi (Shiite), Tariq Hashemi (Sunni), have exchanged congratulations on the occasion of Eid Al-Adha, the day before yesterday, but the Shiites in Iraq saw yesterday, the first day of Eid Al-Adha, where Abdel-Aziz al-Hakim, head of the Supreme Council for Islamic Revolution word of congratulation on the occasion of the Eid.
The Iraqi Shiites celebrate Id al-Adha, the same date on which it considers Iran yesterday is the first day of Eid Al-Adha, and confirmed by Hashemi Rafsanjani, threw him Eid sermon, which congratulated the execution of former Iraqi President Saddam Hussein.

She Shi'ite leadership responsibility as the day before yesterday, the first day of Eid pending the supreme authority of any Grand Ayatollah Ali al-Sistani, who obtained from the Prime Minister Nouri Al-Maliki an advisory opinion to execute Saddam Hussein at the dawn of last Saturday, that excuse on the execution of former Iraqi president previously Eid one day, and not on the first day of the Feast of the acquittal of the Iraqi government from the strong criticism it has received from the Sunni Arabs inside and outside Iraq.

However, the news received from Iraq indicate that Muqtada al-Sadr and his followers celebrated Id al-Adha yesterday as the first day, a violation of the deadline set by al-Sistani, contrary to the wise head of the Shiite coalition in the Iraqi Parliament, which withdrew from the recent mass chest.

Whether the Iraqis had celebrated all Sunni, Shiite and one of the date of Eid Al-Adha, or they disagreed, the Mazaherabid completely absent from the Iraqi street due to the crisis on the security situation and fears of the escalation of the crisis because of the execution of Saddam Hussein.

Iraqis arrived in the Jordanian capital of Amman yesterday confirmed that the execution of former Iraqi president on the first day of Eid Al-Adha lost on the Iraqis joy Holiday, considering that the government deliberately timing of the execution date with the Sunni Arabs celebrate Id al-Adha, which spoiled them the joy of the holidays, especially Saddam supporters.

She said Hayam Al-Saadi, 56 years old, a teacher retired had arrived yesterday in Amman «I left with my family Baghdad to keep away from the dangers of murder», indicating that «the government deliberately spoiling the joy of Eid us, and execute the President of Iraq, who ruled the country 35 years, and turned the event into ceremonial sectarian, while Zrvna We tears sad, even that he had committed crimes against the people, as he was able to postpone the execution until after the Eid Al-Adha».

The Engineer Jalil Hashemi, who arrived in Amman by air yesterday, that he left Baghdad, which is based on the brink of a volcano erupts because of the usual security crisis and because of what will happen after the execution of Saddam Hussein.

He said Hashmi told «» Middle East, saying «I am ashamed to Shiite and speak these designations, but I forced it and the execution of Saddam Hussein in the first day of Eid Al-Adha to all Muslims and the abuse of Iraqis and the Arabs, even our children have been deprived of the celebration of the first day of Eid».

The manifestations of the holidays disappeared completely from Baghdad, the dissolution of its exchange news and pictures of the execution of Saddam Hussein, via mobile phones and planning to escape from Iraq and almost everyone blamed the Iraqi government, which «has not done anything to solve the security and economic crisis worsening, but has worked to create additional crises», according to the Engineer-Hashemi.

Monday, January 1, 2007

Iraqi Money

Iraqi officials state that it is illegal under Iraqi Law to export Iraqi Money (the new Iraqi currency). This statement was included in a letter we recently received from a bank (we asked for iraqi money investment information) 'you can not transfer any Iraqi Money out of Iraq because it is not allowed by the regulation of Iraqi Central Bank'.

There are some major risks associated with holding Iraqi Money outside of Iraq and this page dedicated to Iraqi Money provides some information you should consider!

It's not illegal to buy Iraqi Money provided it is not removed from Iraqi, so then, how do you buy Iraqi Money and do it legally? Read the information below which explains how to legally buy Iraqi Money plus avoid the markup dealer's are charging!

Over the last year, the circumstances of the war in Iraq have created the phenomenon of businesses trading in new Iraqi Money. Many of these businesses advertise or conduct business over the Internet, and suggest that Iraqi Money, much like the Kuwaiti dinar following Operation Desert Storm, will increase in value exponentially following United States military involvement in Iraq. Most investors purchase dinars from websites established particularly for selling Iraqi Money or from major auction websites.


Iraqi Currency

FinCEN has been receiving inquiries regarding the legitimacy of websites offering Iraqi Money. While it is not necessarily illegal to buy or sell Iraqi money, there are a number of risks and compliance concerns for the financial community.

For example, Iraqi officials state that it is illegal under Iraqi law to export dinars. Therefore, in addition to questions about the source of the money, and the potential for investment or securities fraud, businesses offering to sell dinars may also pose the risk of being used to fund terrorism or as a vehicle for money laundering.

FinCEN also has a particular interest in these businesses because they may be money services businesses required to comply with the Bank Secrecy Act.

Any United States entity that buys or sells currency, including Iraqi Money (dinars), in amounts of more than $1,000 U.S. to any one person in one day may be a money services business under FinCEN's regulations at 31 C.F.R. Section 103.11(uu). [Note: there have been questions about the old dinar with Hussein's picture on it. That dinar ceased to be legal tender around January 15, 2004 and thus ceased to be currency for purposes of the Bank Secrecy Act.] Money services businesses include:

-Money transmitters;
-Currency Dealers or Exchangers (except those who do not exchange more than $1,000 in currency or monetary or other instruments for any person on any day in one or more transactions);
-Check cashers (except those who do not cash checks in an amount greater than $1,000 in currency or monetary or other instruments for any person on any day in one or more transactions);
-Issuers, sellers, or redeemers of traveler's checks, money orders, or stored value (except those who do not issue, sell or redeem such instruments in an amount greater than $1,000 in currency or monetary or other instruments for or from any person on any day in one or more transactions);


Iraqi Money Dealers

Money services businesses generally are required to register with FinCEN, to establish anti-money laundering programs, and to comply with recordkeeping and reporting requirements under the Bank Secrecy Act.

Websites selling Iraqi Money frequently claim that their businesses are registered with the Department of the Treasury. These assertions are not always accurate. Further, it may be difficult to discern from the money services business registration list on FinCEN's website (msb.gov - Welcome) whether the business is in fact registered, particularly if the business is an affiliate of, or a "doing business as" alias for, the business that is registered.

Moreover, even if the business is registered with FinCEN, that registration does not guarantee that the business is in compliance with other Bank Secrecy Act requirements or with applicable state law. For these reasons, a financial institution that conducts business with entities selling Iraqi Moneys should conduct appropriate due diligence to assure itself of the legitimacy of such entities. All financial institutions that do business with, and potential customers of, such money services businesses, are reminded that registration with FinCEN in no way authenticates either the legitimacy of a business, or the compliance of the business with any federal, state, or local laws.


New Iraqi Money

An analysis of FinCEN's Suspicious Activity Report database for filings referencing Iraqi Money indicated suspicion of the use of Internet dealers of Iraqi Money in terrorist financing, although not all of the corresponding narratives provided clear or complete justification about the terrorist financing nature of the activity reported.

This serves as a potent illustration of the critical importance of a clear and complete narrative description when filing a Suspicious Activity Report. Particularly when terrorist financing is suspected, conclusory statements with no supporting facts or justification are of limited use to law enforcement in pursuing their investigations.

Further analysis of businesses engaged in selling Iraqi Money is ongoing. For instance, FinCEN analyzed Bank Secrecy Act data (including Suspicious Activity Reports, Currency Transaction Reports, and Reports of International Transportation of Currency or Monetary Instruments) involving the purchase of Iraqi Money to support a law enforcement initiative that uncovered an elaborate network of structured money movement by and to persons suspected or convicted of substantial fraud or other illicit international activities.

A portion of this information derived from the SAR Activity Review.

Iraqi Dinar Advice Center: Iraqi Money

Cheers!
DayDream

Wow where did that come from??? I find that really strange, they even allow travelers to leave with dinar up to a certain amount......anyone else have any ideas?

Have deployed : 2007 budget means theft of public money to the pockets of

(Voice of Iraq) - 01-01-2007
This issue was sent to a friend

Have deployed : 2007 budget means theft of public money to the pockets of power
By Haider al
Najaf - (Voices of Iraq)

Sheikh Mohammed have deployed spiritual leader of the Virtue Party, today, Monday, to increase the budget for Iraq in 2007 as an increase in the suffering of Iraqis and the beneficiaries of these funds are autocrats and the decision because of the spread of financial and administrative corruption.

He added, have deployed in a statement issued today, and received the news agency (Voices of Iraq) independent copy of which, against the background of the government to allocate more than $ 40 billion earmarked for 2007, said : "The government described the budget set by the 2007 as explosive."

He said that "this news is a human Sarah in many countries of the world because it means more construction projects, reconstruction and improvement of the standard of living of the citizens."

He added : "But in Iraq, such news bears more of the pain and bitterness and rejection of the revolution and that means more of stealing public funds, and filling the pockets of power sources who dominate the resolution and illicit enrichment at the expense of the disadvantaged people."

He pointed out that have deployed "the Iraqi people defy the government to provide him a list regardless part of this amounts to find strategic projects on the ground and not imaginary projects and on paper."

He said, "strange that the government would convene the end of 2006 and shows the Prime Minister at a press conference to express the acceptance and satisfaction with the performance of the government and is described as better than expected" and said "despite the devastation crawl in the State facilities and vital installations and infrastructure."

The first deputy chairman of the Iraqi parliament, Khaled al-Attiyah said earlier that the presidency of the parliament over the budget in 2007, amounting to 41 billion dollars, an increase of $ 11 billion from the budget in 2006. N p

Read the information below which explains how to legally buy Iraqi Money plus avoid the markup dealer's are charging

and this part makes no sense, it doesn't explain how to legally get it out of country, for example, my husband bought our first portion while in kuwait, already out of iraq

Originally Posted by shotgunsusie

How one mobile phone made Saddam's hanging a very public execution - World - Times Online

Saddam: The execution


How one mobile phone made Saddam's hanging a very public execution
Ned Parker and Ali Hamdani

Those close to him said he had wanted to die with dignity. Within a day, a million people had seen an illicit film of his last moments

Read Ned Parker’s blog from inside Iraq

The final image of Saddam Hussein was on jerky unedited footage filmed by an anonymous onlooker standing at the foot of the steps beneath the gallows. The video showed the noose around his neck as he recited the shahada, or last testimony. Before he could finish, he dropped through the floor to the sound of the trapdoor crashing open. After a few seconds of confusion the footage ended with a close-up of the dictator’s twisted head.

None of the images was part of the “official” footage filmed from the top of the gallows, which was aired on Iraqi state television and beamed around the world. In Iraq the other footage, which was filmed on a mobile phone, was being swapped on handsets for 20p and soon spread around the world on the internet.

At the height of his power Saddam had always had himself filmed in military uniform with shiny epaulets or standing on a balcony firing a gun — an image that would play again and again on state television in homage to his self-declared greatness. Just before sunrise on Saturday, a witness to the former Iraqi President’s death filmed his ignonimous end using the phone. Hours later the grainy, darkly lit footage was on the internet.

In a former military intelligence building, now an Iraqi prison, Saddam was sandwiched between two stout men in black hoods who guided him to the gallows. He bundled himself in a dark overcoat to warm himself in the December cold in Baghdad and stood on an elevated platform with its rusty metal bars. Beneath the coat was the white shirt and black blazer and trousers that he had worn throughout his trial on charges of crimes against humanity.

The two hangmen lifted the thick hemp noose over his neck and Saddam stood passively, his piercing brown eyes indicating a flicker of fear.

“Ya Allah [Oh God],” he said. The room’s 15 witnesses roared back: “Peace to be upon Muhammad and his followers. Peace be upon Muhammad and his followers.” Their voices rose in glee and some added a rallying cry belonging to the followers of the radical cleric Moqtada al-Sadr, whose militia movement has helped to fuel Baghdad’s current sectarian bloodletting. “And quicken his [the Mahdi’s] appearing and curse on his enemy,” and then one zealous spectator shouted: “And support his son Moqtada Moqtada Moqtada.”

Ignoring the baying crowd, Saddam, whose dyed black hair was askew, pretended that he misheard the young cleric’s name, whose movement in its violence is reminiscent of Saddam’s own ruthless Baathist cells that paved his way to power. Saddam smirked at his tormentors.

A voice shouted back: “Long live Muhammad Baqir al-Sadr”, the name of the ayatollah who helped to found the Prime Minister Nouri al-Maliki’s Dawa party and was murdered by Saddam in 1980.

“To Hell,” another spectator bellowed. The scene had begun to resemble a medieval execution or a wild hanging in Texas. “Please stop, the man is being executed, please stop,” one witness shouted over the clamour. Saddam peered down at the mob and then recited the shahada. His skin was wrinkled; he looked tired and knew the end was near.

“God is great and Muhammad is His prophet,” he said and started to repeat the phrase intended to ensure one dies a good Muslim and goes to paradise. But the trapdoor opened and his body plummeted. His neck snapped.

“Peace be upon Muhammad and his followers,” some shouted. “The tyrant is gone,” another cried. Pandemonium reigned in the shadowy room. A voice interjected: “Leave him for eight minutes. No one pulls him down. Leave him for eight minutes . . . .Everyone back please, everyone back.” Saddam’s body swung beneath the trap door, eyes partly open, and his neck crooked, like his many nameless victims. He swung like the corpses of those who had been executed in his name in prisons across Iraq throughout the Baath party’s 35-year reign.

Those close to him said he had known for months that the end was coming and had no illusions that he would survive. But he wanted his dignity. The man whose vanity led him to portray himself as the defender of the Arab world was determined to get the better of his adversaries. He refused their offers of cigarettes and a last meal of chicken. When the hangmen took Saddam into an unheated room before Judge Munir Haddad, one of the nine judges who had upheld his death sentence on Tuesday for the killing of 148 Shia villagers from Dujail, north of Baghdad, after a 1982 assassination attempt on his life, the man did not panic and chastised his enemies.

“I read the death sentence to him and asked him if he wanted to say anything or has any final words. Then he said: “I commend you to adhere to liberality and to beware of the Persians,” Mr Haddad told The Times. Mr Haddad asked him if he had any final request and Saddam asked him to hand his Koran to the son of Awad al-Bandar, the former judge who had also been sentenced to death for sanctioning the killing of the Dujail villagers. Mr Bandar’s son, Badr, has served on the defence team for Saddam and his six co-defendants. Saddam then went readily to the execution room. “He looked very calm and quiet and wasn’t shaking or afraid at all and was walking very normally but his face became pale when they took him to the other room but he was very calm,” Mr Haddad said.

To his family and his team of lawyers, his final hours were an outrage. From the moment, the appeals court announced on Tuesday that it had upheld his death sentence, it had been a dash to the execution chamber. The defence and his family claimed that they had not been notified by the Iraqi Government or the Americans of his death and learnt of it only from television. Repeated requests to see Saddam by his attorneys and daughter, Raghad, were rebuffed.
In Amman Raghad and her sister, Rana, stayed up through the night, watching the news, reading the Koran and praying, Rasha Oudeh, Raghad’s personal secretary, told The Times. When a news channel reported at 5.30am that Saddam had been led off to the gallows, the women prayed for their father in Baghdad, “They called on God to help him and to give him strength,” she told The Times.



Until the Americans transferred Saddam by helicopter from his prison in the Baghdad airport compound to the green zone he did not know when his end was coming, members of his defence team said. He knew that it would be soon, but thought it would come after the Muslim Eid holiday. He had even scheduled an appointment with his lawyers for this Friday. On hearing the appeals court ruling on Tuesday, Saddam had asked to see his half-brothers for what could be the last time. One of them, Barzan Ibrahim al-Tikriti, had also been sentenced to death in the Dujail trial.

Next, his defence team sent him one of his lawyers, Wadud Fawzi. Mr Fawzi would meet him again on Thursday and then leave for Amman not knowing Saddam would be killed the next day. Under Iraqi law, they believed, the state could not kill him until after the Eid holiday. But at the moment Mr Fawzi headed off for Amman, Mr al-Maliki was secretly embarking on his own campaign to kill Saddam before the Eid holiday started at sunrise on Saturday.

The move had come as a surprise even to members of Mr al-Maliki’s Government. On Tuesday night, Basam Ridha al-Hussaini, who was in charge of Saddam’s file for the Prime Minister, had left a meeting with US court advisers, in which all sides had agreed that Saddam would not be killed until January 10. The Americans were already unhappy that the appeals court had upheld Saddam’s death sentence only three weeks after receiving written arguments from the defence. But Mr Hussaini was sure that nothing would happen until January and headed off on a short vacation to Dubai. On Thursday Mr al-Maliki decided to push through the execution despite the Americans’ objections.

“The American Government didn’t want to see the verdict to be certified by the Iraqi High Tribubal so soon, neither to have an execution so soon, but Mr al-Maliki insisted that the execution take place as soon the verdict was certified by the appellate chamber, That was his call. It shows his courage and his decisiveness that he went ahead and took the matter into his own hands despite that fact it was a logistical nightmare to do it,” Mr Hussaini told The Times. “The Americans were hoping that the Iraqi government would take more time to execute Saddam... But again we wanted to do it our own way. It’s an Iraqi matter,” Mr Hussaini said.

The Iraqi Government was afraid that Sunni insurgents would do something rash like take school children hostage to halt the proceedings or that international pressure against the death penalty would prove insurmountable. “Mr al-Maliki didn’t want to take any more chances of pressure from human rights groups, or even surrounding Arab countries and European countries. We knew the dictator better than anyone else. This was not revenge. This was justice for Iraq and justice needed to be served by putting the rope around Saddam’s neck and putting an end to this,” Mr Hussaini said. The Americans and the Iraqis negotiated the matter all through Friday.Nothing was certain until a late-night meeting between US embassy officials and the Prime Minister’s office, Mr al-Maliki’s confidante, MP Sami alAskari, told The Times that evening.

In their final meeting on Thursday, Mr Fawzi found his client at peace and looking towards his legacy. “Saddam told me, ‘I have to face it because that’s why I’m a leader, the leader has to fight and bear everything and that is what makes him a leader’,” Mr Fawzi told The Times yesterday. He had even rejected his lawyer’s plea to appeal to the Vatican to save him. “What would I say to Iraqis, Arab, and Baath comrades if I negotiate for my neck?” Saddam told Mr Fawzi. The two conversed some more. Mr Fawzi read to him a Baath Party statement condemning his death sentence and Saddam was happy.

Then he talked about President Bush’s push to revise his Iraq strategy. “They will never be successful in these reconciliation calls because the Americans are failing to knock on the right doors. If they want it to work they should negotiate with the Baath Party as an organisation and sit with its leadership and negotiate, otherwise they will never achieve any improvement in the situation,” Saddam said.

He assured his attorney that he was at ease with his destiny. “I feel very comfortable and if God wants me to die I will die but I’m relieved that I built Iraq and ensured its unity.” The two men said goodbye not knowing it was for the last time. Saddam handed him a cigar. “I’m still keeping it and will keep it for ever, a souvenir from Saddam,” Mr Fawzi said. On Friday, his attorneys would be shocked by the announcement that they should send someone to receive Saddam’s personal belongings. The end was only a matter of time. His legal team did not call the Iraqi Government. They believed it was futile.

All that was left was to pick up his belongings.

They included books by the Muslim philospher Ibn Khaldun and the Arab poet Ibn al-Muttanabi; an unfinished manuscript of Saddam’s autobiography; poems by Saddam; some essays he had written about the Baath Party; some jackets; and a few suits.

Saddam had also asked to send a message to his family written in pink candle wax, but a US military officer had refused, Mr Fawzi said.

Thanks Susie, for this post. What caught my attention was the part where it says that Maliki took matters into his own hands. I see that as important in light of the talk of him being taken out of his position of authority. This being made public could very well be what was needed to put new "wind" in his political "sail" in the eyes of the Iraqi people and world leaders.

The American government provided $ 7.5 million for the implementation of strategic projects in Kirkuk

01 / 01 / 2007

(MENAFN) The American provincial reconstruction team in Kirkuk, about 7.5 million American grant for the implementation of strategic projects in the governorate of Kirkuk came within the American administration's efforts in improving the economic situation in the province.
Deputy Chairman of the Committee and reconstruction projects in the governorate provincial reconstruction team know that the maintenance grant for the implementation of a number of strategic projects for the advancement of our future planning in Kirkuk.

He pointed out that these projects include a basic design for the city of Kirkuk and the draft master plan for city sewer and survey project of the year by RDX on Kirkuk, which will contribute in facilitating communications between neighboring governorates through Kirkuk and therefore lead to an increase in trade exchanges among themselves as well as purchasing medical equipment and laboratory of the University of Kirkuk and the health sector in the province because of the scarcity in these organs.

Cheers!
DayDream

Originally Posted by rvalreadydang

The Iraqi dinar rose 12.5% after penalty


:Mohamed thanked wrote :
.The exchange rate of the Iraqi dinar in Kuwait during the last two days, he developed against the background of the execution of former Iraqi President Saddam Hussein, where the exchange rate grew from 200 million Iraqi dinars to 225 million of which is a growth rate of 12.5% during the short period of time. .He said dealers in the exchange market to 'Al-Qabas' to make sure that as soon as the execution of Saddam initiated many of the exchange to speculation in the Iraqi dinar has reached the rate of one million when the execution on satellite channels to 260 million Iraqi dinars to one.

Translated version of http://www.alqabas.com.kw/Final/NewspaperWebsite/NewspaperPublic/

Hello everyone. What this tells me is that the Kuwaitis have always been closer to what is happening in Iraq and that they are driving the price of the dinar up in that country. Another example from the "street" that leads us to think the dinar is undervalued and demand is growing. Expect better things to come. thank You.

Originally Posted by DayDream

Monday, January 1, 2007

Iraqi Money

Iraqi officials state that it is illegal under Iraqi Law to export Iraqi Money (the new Iraqi currency). This statement was included in a letter we recently received from a bank (we asked for iraqi money investment information) 'you can not transfer any Iraqi Money out of Iraq because it is not allowed by the regulation of Iraqi Central Bank'.

There are some major risks associated with holding Iraqi Money outside of Iraq and this page dedicated to Iraqi Money provides some information you should consider!

It's not illegal to buy Iraqi Money provided it is not removed from Iraqi, so then, how do you buy Iraqi Money and do it legally? Read the information below which explains how to legally buy Iraqi Money plus avoid the markup dealer's are charging!

Over the last year, the circumstances of the war in Iraq have created the phenomenon of businesses trading in new Iraqi Money. Many of these businesses advertise or conduct business over the Internet, and suggest that Iraqi Money, much like the Kuwaiti dinar following Operation Desert Storm, will increase in value exponentially following United States military involvement in Iraq. Most investors purchase dinars from websites established particularly for selling Iraqi Money or from major auction websites.


Iraqi Currency

FinCEN has been receiving inquiries regarding the legitimacy of websites offering Iraqi Money. While it is not necessarily illegal to buy or sell Iraqi money, there are a number of risks and compliance concerns for the financial community.

For example, Iraqi officials state that it is illegal under Iraqi law to export dinars. Therefore, in addition to questions about the source of the money, and the potential for investment or securities fraud, businesses offering to sell dinars may also pose the risk of being used to fund terrorism or as a vehicle for money laundering.

FinCEN also has a particular interest in these businesses because they may be money services businesses required to comply with the Bank Secrecy Act.

Any United States entity that buys or sells currency, including Iraqi Money (dinars), in amounts of more than $1,000 U.S. to any one person in one day may be a money services business under FinCEN's regulations at 31 C.F.R. Section 103.11(uu). [Note: there have been questions about the old dinar with Hussein's picture on it. That dinar ceased to be legal tender around January 15, 2004 and thus ceased to be currency for purposes of the Bank Secrecy Act.] Money services businesses include:

-Money transmitters;
-Currency Dealers or Exchangers (except those who do not exchange more than $1,000 in currency or monetary or other instruments for any person on any day in one or more transactions);
-Check cashers (except those who do not cash checks in an amount greater than $1,000 in currency or monetary or other instruments for any person on any day in one or more transactions);
-Issuers, sellers, or redeemers of traveler's checks, money orders, or stored value (except those who do not issue, sell or redeem such instruments in an amount greater than $1,000 in currency or monetary or other instruments for or from any person on any day in one or more transactions);


Iraqi Money Dealers

Money services businesses generally are required to register with FinCEN, to establish anti-money laundering programs, and to comply with recordkeeping and reporting requirements under the Bank Secrecy Act.

Websites selling Iraqi Money frequently claim that their businesses are registered with the Department of the Treasury. These assertions are not always accurate. Further, it may be difficult to discern from the money services business registration list on FinCEN's website (msb.gov - Welcome) whether the business is in fact registered, particularly if the business is an affiliate of, or a "doing business as" alias for, the business that is registered.

Moreover, even if the business is registered with FinCEN, that registration does not guarantee that the business is in compliance with other Bank Secrecy Act requirements or with applicable state law. For these reasons, a financial institution that conducts business with entities selling Iraqi Moneys should conduct appropriate due diligence to assure itself of the legitimacy of such entities. All financial institutions that do business with, and potential customers of, such money services businesses, are reminded that registration with FinCEN in no way authenticates either the legitimacy of a business, or the compliance of the business with any federal, state, or local laws.


New Iraqi Money

An analysis of FinCEN's Suspicious Activity Report database for filings referencing Iraqi Money indicated suspicion of the use of Internet dealers of Iraqi Money in terrorist financing, although not all of the corresponding narratives provided clear or complete justification about the terrorist financing nature of the activity reported.

This serves as a potent illustration of the critical importance of a clear and complete narrative description when filing a Suspicious Activity Report. Particularly when terrorist financing is suspected, conclusory statements with no supporting facts or justification are of limited use to law enforcement in pursuing their investigations.

Further analysis of businesses engaged in selling Iraqi Money is ongoing. For instance, FinCEN analyzed Bank Secrecy Act data (including Suspicious Activity Reports, Currency Transaction Reports, and Reports of International Transportation of Currency or Monetary Instruments) involving the purchase of Iraqi Money to support a law enforcement initiative that uncovered an elaborate network of structured money movement by and to persons suspected or convicted of substantial fraud or other illicit international activities.

A portion of this information derived from the SAR Activity Review.

Iraqi Dinar Advice Center: Iraqi Money

Cheers!
DayDream

Mr Knowles, can you give us your opinion on this article? Are we going to have a problem with are investments if it is illegal to have dinars outside the country?

Originally Posted by rvalreadydang

and this bit

This statement was included in a letter we recently received from a bank (we asked for iraqi money investment information) 'you can not transfer any Iraqi Money out of Iraq because it is not allowed by the regulation of Iraqi Central Bank'

Is this the opinion of the "the bank"......or an actual statement from iraq officials, i'm beginning to think this is a big pile of poo

Simply put...if this is something to be concerned about, it may be rerferring to anymore Iraqi currency, otherwise, every transaction that has taken place at Chase, BOA, Halifax, or any other bank, has been illegal. I, personally, think your word "poo" discribes it exactly.