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

Originally Posted by rvalreadydang

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?

I find this hard to swollow when US Banks have been selling.

i believe it is a shakeout strategy to scare people and perhaps remove more dinar from circulation. If they refuse to honor their own notes, it would be suicide.

01/01/2007

Investigators looking for the lost wealth Saddam and focus on the restoration of funds from Syria

The newspaper Observer of yesterday, investigators American and Iraqi governments now looking for hundreds of millions of pounds sterling missing from the wealth of former Iraqi President Saddam Hussein and plan to interview a number of members of his family, and working to restore 2.2 billion pounds sterling collected through the trade with Syria.

The newspaper said that «American officials from the Federal Bureau of Investigations (FBI) and the Ministries of the Treasury (finance) and external working in particular to find 2.2 billion pounds sterling in illegal profits obtained by the Saddam regime during the period from the year 2000 to year 2003 by the trade and signed with Syria and expenditures covered by the oil outside the framework of the oil-for-food program administered by the United Nations.

It added, quoting the sources did not reveal the identity of that «officials of the Ministries of Foreign Affairs and the Treasury Americans claim that Syria failed to provide data on more than 500 million dollars of Iraqi oil profits deposited in the Syrian Central Bank had paid to Syrian businessmen after the fall of Saddam Hussein's regime.

She noted that the Syrian officials deny the allegations and say that the visits by American officials to Damascus in the fall of 2003 failed to uncover any evidence of Iraqi money lost in isolation from the $ 300 million has been frozen in advance.

The United Nations imposed economic sanctions against the former Iraqi regime, including a ban on oil sales year in 1990 after its invasion of Kuwait in 1996 and then launched the oil-for-food program to alleviate the repercussions of economic sanctions on ordinary Iraqis.

The program, which allowed supervised by the fifteen Member States in the Security Council of the previous Iraqi government sell limited amounts of oil to buy civilian goods.

The newspaper stressed that a prolonged Charles Dovler inspector of the former to the United Nations addressed to the Central Intelligence Agency (CIA) as the volume of money collected by Saddam Hussein through illegal means about 10.9 billion dollars during the period from the year 1990 when the United Nations imposed sanctions against it to the 2003, indicating that Saddam hide money in bank accounts in Switzerland, Japan, Germany and other countries and invested funds in precious stones.

The newspaper pointed out that Saddam Hussein was provided American investigators immediately after his arrest information on the places where concealed billions of dollars outside Iraq, pointed out that Prime Minister Iyad Allawi, former Iraqi was announced by the government was searching for 23 billion pounds sterling deposited in Switzerland, Japan, Germany and other countries names of bogus companies.

It went on to say that Barazan Al-Takriti, half brother of the former Iraqi president who was arrested in April 2003 is the main source for investigators and Iraqis and Americans who believe that some family members of Saddam have lost the keys to wealth.

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Cheers!
DayDream

Originally Posted by hightide3016

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?

Hello everyone. I am not worried about this article. Based on the President's authorization, major banks dealing in dinar, and dealers having to file with the US treasury, I not concerned. Too many outsiders, individuals (referred to as indirect investors) countries, and corporations have dinar. The cat is already out of the "bag". When I left Kuwait in Jan. '05, US customs officials told us we could take a maximun of $10,000 USD out with no problem. So, the money will be globally traded in a short time with many international banks in many countries. One of their (GOI & CBI) goals stated many times is to have a transparent economy fully intregrated into the global economy. So, we are in good shape and it looks like this 10% increase in the value of the dinar is being seen in less supply many places. I just took a look at e-bay and there are few large blocks of dinar for sale and most are around 1000$ per million. A very good increase in price. There are still many reports of dinar being unavailable at banks that previouly sold them. One minute Safe Dinar has dinar and then the next day they don't. Expect this supply problem to continue and this will effect price. In summary, you can have the dinar and you will be able to transact this currency at a major banks for USD or some other currency soon. (if you like the price) Take care. Thank You

Originally Posted by boomcreek

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.

Once the dinar hits the forex, wouldn't it make this article obsolete instantly?

Originally Posted by Wm.Knowles

Hello everyone. I am not worried about this article. Based on the President's authorization, major banks dealing in dinar, and dealers having to file with the US treasury, I not concerned. Too many outsiders, individuals (referred to as indirect investors) countries, and corporations have dinar. The cat is already out of the "bag". When I left Kuwait in Jan. '05, US customs officials told us we could take a maximun of $10,000 USD out with no problem. So, the money will be globally traded in a short time with many international banks in many countries. One of their (GOI & CBI) goals stated many times is to have a transparent economy fully intregrated into the global economy. So, we are in good shape and it looks like this 10% increase in the value of the dinar is being seen in less supply many places. I just took a look at e-bay and there are few large blocks of dinar for sale and most are around 1000$ per million. A very good increase in price. There are still many reports of dinar being unavailable at banks that previouly sold them. One minute Safe Dinar has dinar and then the next day they don't. Expect this supply problem to continue and this will effect price. In summary, you can have the dinar and you will be able to transact this currency at a major banks for USD or some other currency soon. (if you like the price) Take care. Thank You

Exactly what my husband was told......and so far not one thing on the cbi site has stated what that article states, still looking, but nadda so far.

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

I thought this was from article from early '06...and since most of are already holding outside the country, better not be a problem

Originally Posted by rvalreadydang

Exactly what my husband was told......and so far not one thing on the cbi site has stated what that article states, still looking, but nadda so far.

I left Iraq in Sept of 2006 and custons told me the same thing i oucld bring back $10,000 dollars worth. So i am not worried either

Happy New Year everyone

Originally Posted by hightide3016

Once the dinar hits the forex, wouldn't it make this article obsolete instantly?

I am expecting the dinar to be listed either on the New York or Tokyo currency exchanges. This we can expect in early 2007 to happen. There is just too much interest already in this currency for it not to be. When I was in the commodies and bond business, there was no way any commodity (currency is traded on commodity exchanges) could increase OR decrease 10% with out us knowing about it. That was twenty years ago and I think they have a lot better eletronics now than then. Rest assured, the world currency traders know about this currency by now. A lot is about to happen in the next week, demand will continue to increase, and hopefully, listed on some type of exchange. What this will do is give speculators the opportunity to buy "contracts" instead of the actual currency itself, or to buy "forwards" 30 day, 60 day or 90 day buy/sell contracts. All good for us. Thank You.

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

If this were true, then every bank in the world outside Iraq has been breaking the law by selling dinars.

Don't think the banks would have made a mistake such as this.

anyone happen to have a copy of the executive order saying it's perfectly legal? i want to post that on that twerp's site. I'm looking in my files, no luck yet.