‘Billions of dollars’ smuggled out of Iraq during Maliki’s rule

‘Billions of dollars’ smuggled out of Iraq during Maliki’s rule

Staff writer, Al Arabiya News Monday, 9 November 2015


Iraq's former Prime Minister Nouri al-Maliki speaks during an interview with The Associated Press in Baghdad, Iraq. (File photo: AP)



The Iraqi central bank has taken legal action against several banks and customers who went against official instructions regarding the sale of hard currency between from 2012 to 2014, during former Prime Minister Nouri al-Maliki’s rule, the Anadolu news agency reported on Sunday.

The Central Bank said in a statement to Anadolu that along with the  legal proceedings taking place, “heavy fines are being collected,” noting that “the bank’s audit teams are currently working on such actions in coordination with judicial authorities on financial irregularities.”

The statement comes only two days after the release of official documents from the Finance Committee in the Iraqi parliament which exposed the smuggling of billions of dollars out of Iraq through a number of banks and financial companies between 2006 and 2014 when Maliki was in power.

One of the documents dated Oct. 8, 2014, showed that the local Iraqi al-Huda bank used foreged documents when it had purchased foreign currency from the central bank for the years 2012, 2013 and 2014, during which a total of $6.5 billion were transferred to banks and companies in Jordan.

Iraq’s Commission of Public Integrity also announced in August the transfer of at least 2171 senior officials, including 13 ministers, to misdemeanor courts on charges of corruption. The ministers of defense, trade, electricity and former transportation were among the most wanted by judicial authorities.

Late last month, an Iraqi trade ministry media adviser was killed by a bomb attached to his car had allegedly been planning to hand over files accusing the ministry of corruption to the country’s Integrity Commission, officials in the ministry’s legal department told Reuters.

Baghdad’s Central Investigative Court for Terrorism and Organized Crime said in a statement that four trade ministry security guards confessed to blowing up Trade Minister Milas Mohammed Abdul Kareem’s media adviser, Nadhim Naeem.


http://english.alarabiya.net/en/News/middle-east/2015/11/09/Iraq-smuggled-billions-of-dollars-during-Maliki-s-rule.html

Did some of the half a TRILLION Dollars Maliki smuggled out of Iraq come from exchanging Dinars for Dollars?

Who knows, and how can it be proven one way or the other? Personally, what I have I purchased in good faith, and I'm not going to worry one second over something I have no way of controlling or answering. It is what it is, and it will be what it will be.

This looks like even more evidence that they have no intention of allowing all those exported Dinars to re-enter the country, JMO but I have long doubted that re-entry would be easy if even possible. Billions of Dollars worth of Dinars were sold to speculators with no official acknowledgement although it would have been impossible for them not to have been aware that much brand new uncirculated currency had left the country and they also had to have known where it was going. And why would they have prevented it? Billions of Dollars in hard currency coming in for what amounts to worthless paper if it never comes back, if they allowed it back for even the 1166 rate they would have to return all that U.S. currency so why would they want to do that?

This is old news and has Zero bearing on the dinar sold legally like that some of us may hold. So I agree with Kevind53 I am not going to worry about it as no one knows if or when this will occur if at all.

Slotexe wrote:This is old news and has Zero bearing on the dinar sold legally like that some of us may hold. So I agree with Kevind53 I am not going to worry about it as no one knows if or when this will occur if at all.

Sold legally only in that it was not illegal here in the U.S. for the Dinar dealers to sell it, that in no way means it left Iraq legally! Of course the dealers also sold it only as a "collectible", every single dealer specifically said it was not being sold as an investment! They had to because if they had indeed been selling it for investment purposes they would have gone to jail for doing so since THAT would have been illegal!


If Iraq decides to declare the currency that left without official acknowledgement to be illegal what can anyone do about it? You have nothing that indicates any kind of investment what-so-ever, indeed the dealers have stated very clearly that it in fact is NOT an investment and you have bypassed every regulatory agency both foreign and domestic governing forex trading so who would you turn to?

Nor does it mean that it left illegally. We have no way of knowing one way or the other. Either way there is nothing we can do about it, so why sweat it? What happens, happens, at this point it's all water over the dam.

Exactly KevinD53 and I agree completely.

dwm007 wrote:This looks like even more evidence that they have no intention of allowing all those exported Dinars to re-enter the country, JMO but I have long doubted that re-entry would be easy if even possible. Billions of Dollars worth of Dinars were sold to speculators with no official acknowledgement although it would have been impossible for them not to have been aware that much brand new uncirculated currency had left the country and they also had to have known where it was going. And why would they have prevented it? Billions of Dollars in hard currency coming in for what amounts to worthless paper if it never comes back, if they allowed it back for even the 1166 rate they would have to return all that U.S. currency so why would they want to do that?

Yep! More of this will come out when some of the investigations get completed. If you really think about it, take the top Dinar dealers and add up how much they sold to Americans over the years. D-Trade, Sterling, Dinar Inc all 10 billion dollar corporations. I'm sure that you got a good look at that picture on the other thread of the "Bricks" that added up to 3.17 billion of Dinar. How do you think those MSB's got all those "Bricks" of Dinar, that they bought at discounted rates, out of Iraq and over to the USA? In the videos on the other thread they say that they didn't come from the CBI, but from sources outside of Iraq.

If a lot of people started to sell back their Dinar back to the dealers, it would put the dealers out of business as they themselves won't be able to return the Dinar back to their "sources".

Do you want to get into why the Guru's say that you will be doing exchanges at exchange centers instead of banks and dealers? 800 #'s? LOL

Kevind53 wrote:Nor does it mean that it left illegally. We have no way of knowing one way or the other. Either way there is nothing we can do about it, so why sweat it? What happens, happens, at this point it's all water over the dam.

I never said it left Iraq illegally, all I was saying was that just because dealers legally sold it here without breaking any U.S. laws is no assurance at all that it did leave Iraq without violating Iraqi law! Just the fact that much brand new uncirculated Dinar left the country without official acknowledgement, not once have they so much as mentioned it, would seem to be quite suspicious and an indication that maybe they intend to fake surprise and claim it was smuggled out. Again why wouldn't they? It would cost them billions to let it back in.

dwm007 wrote:

Kevind53 wrote:Nor does it mean that it left illegally. We have no way of knowing one way or the other. Either way there is nothing we can do about it, so why sweat it? What happens, happens, at this point it's all water over the dam.

I never said it left Iraq illegally, all I was saying was that just because dealers legally sold it here without breaking any U.S. laws is no assurance at all that it did leave Iraq without violating Iraqi law! Just the fact that much brand new uncirculated Dinar left the country without official acknowledgement, not once have they so much as mentioned it, would seem to be quite suspicious and an indication that maybe they intend to fake surprise and claim it was smuggled out. Again why wouldn't they? It would cost them billions to let it back in.

You certainly implied it here:

Sold legally only in that it was not illegal here in the U.S. for the Dinar dealers to sell it, that in no way means it left Iraq legally!

Your scenarios are as much speculation as the dinar itself, and add little, if anything, to the conversation.

Kevind53 wrote:

You certainly implied it here:

Sold legally only in that it was not illegal here in the U.S. for the Dinar dealers to sell it, that in no way means it left Iraq legally!

Your scenarios are as much speculation as the dinar itself, and add little, if anything, to the conversation.

Evey post on this subject that I have replied to including this one I have said it was just my opinion so of course it's speculation on my part and I never said otherwise. 


"Sold legally only in that it was not illegal here in the U.S. for the Dinar dealers to sell it, that in no way means it left Iraq legally!"

Means just that, being sold here legally does not in any way mean that it left Iraq legally. And I stand by that, it's often mentioned that the Dinar people hold was sold legally and is stated thus to imply that being sold legally by the dealers somehow means that it left Iraq Legally when clearly it does not!

Maybe it did leave legally but we both know that it has never been acknowledged officially and Iraq has often referred to smuggled currency, both Dinars and Dollars. My point is that if Iraq does decided to deny re-entry as they did before during the Saddam era there is likely little or nothing anyone can do about it, no agency overseeing FOREX trading would be involved because holding onto the physical currency that was specifically sold as NOT being an investment can not now be considered such, especially since all these regulatory agencies were bypassed when the Dinar was bought through either the dealers or private sales between individuals. Would the Government step in and apply pressure to the Iraqis? Why would they? Again holding the physical currency is not a legitimate form of investment, certainly not illegal but totally outside the rules and regulations governing FOREX trading. Beside numerous State and Federal agencies including the FBI have been warning people holding Dinar that it is nothing but a scam so again I have to wonder, if Iraq decides to declare this Dinar illegal who would a holder turn to?

His bestest friend, his AK-47, and a hunting we WILL go!! Get ALL those raghead twits-