By John Lee.

The Ambassador of Iraq in London, Mr. Mohammad Jaafar Al-Sadr, has met Mr. Enzo Quattrociocche, the Secretary-General of the European Bank for Reconstruction and Development (EBRD).

During the meeting, they discussed the possibility of Iraq joining the bank. The Ambassador stressed the importance of moving forward with the implementation of Iraq’s economic development plans by supporting private sector, promoting investment projects and building capacities in the field of developing the banking system.

Mr. Quattrociocche stated that EBRD is ready to cooperate and support Iraq in its bid to become a member of the bank, indicating the advantages of this membership to Iraq, including the opportunity to benefit from global banking experiences to develop Iraq’ banking sector and obtain technical support, assistance that prepares the good environment to invest.

(Source: Iraqi Ministry of Foreign Affairs)


Source: Iraq News

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Iraq Repays more than $20bn in Foreign Debt

Iraq has paid back more than $20 billion in foreign debt, the head of the parliamentary finance committee Haitham Al-Jubouri has said.

“Iraq’s foreign debt amounted to more than $50 billion. More than $20 billion was paid back over the last period,” Al-Jubouri told the Iraqi news agency.

According to the official, Iraq still owes $27 billion to foreign countries, in addition to $41 billion to Saudi Arabia given as a grant to the late Iraqi President Saddam Hussein.

(Source: Middle East Monitor)


Source: Iraq News

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Big Fines for Dinar Auction Fraud

By John Lee.

Iraq’s Commission of Integrity has revealed that it has concluded cases resulting in fines of more than 245 billion dinars ($206 million) on private banks, due to violations relating to customs licences and foreign currency auction instructions for 2012.

The CoI mentioned that one of these corruption cases related to a private bank smuggling foreign currency abroad by process of purchasing foreign currency to companies’ interests under the pretext of importing goods. The Office noted that upon investigation, it was found that the companies did not import goods to Iraq since 2004.

The Office clarified that the issues included some governmental and private banks when they committed fraud and entered the auction of selling currency in the names of companies and private account holders without their knowledge, and submitted invoices and forged import manifests. They also violated the instructions of the Central Bank when entering the auction pursuant to provisions of article (3) of money laundering law no. (93/2004).

(Source: Commission of Integrity)


Source: Iraq News

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EUAM Iraq: New Head of Mission Appointed

By John Lee.

On 11 December 2019, Christoph Buik was appointed as new head of mission for the European Union Advisory Mission in Iraq (EUAM Iraq). He will take up his duties on 1 January 2020.

Christoph Buik, a German national, is currently Director of the UN Standing Police Capacity. Previously, he was Police Commissioner for the UN Assistance Mission in Somalia. He has long experience in international peacekeeping and peace building operations.

He will take over from Markus Ritter, who has held the post since October 2017.

The decision was taken by the Political and Security Committee on 11 December 2019.

EUAM Iraq is based in Bagdad and contributes to the implementation at strategic level of a comprehensive strategy countering terrorism and organised crime with specific reference to border management, financial crime, money laundering and the trafficking of cultural heritage. The mission works in coordination with key international actors operating in Iraq, including the NATO mission in Iraq.

The mission was launched on 16 October 2017 to support the implementation of the civilian aspects of the Iraqi National Security Programme. This programme aims at building state institutions capable of consolidating security, peace and preventing conflicts under the rule of law, and outlines a number of threats to national security, including terrorism, corruption and political instability.

Please click here to read Christoph Buik’s CV

(Source: European Council)


Source: Iraq News

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