Breitling Email to DD: Parallel Currency Laws Being Passed in US & Iraq

March 11th, 2011 10:37 pm

I’m posting this to point out some conversations I’ve had about the goings on with the Fed’s new laws and Iraq itself as they too have included new legislation on currency exchange.

Some of the laws passed down to currency traders in the US are as follows:

1. No ledger to ledger transfers

• They are doing this so you’re forced with a wire transfer.
• If you use the wire transfer then it is Fed controlled,
• A ledger-to-ledger transfer is considered inner-banking, and the information from ledger-to-ledger will just be in the company reports.
• With wire transfer, the Feds will have the eye on the package from the get-go.

2. Per US Treasury Department directives, wires can only be sent to the individual exchanging the dinar, and the account must be in that person’s name.

• Again this is to control who will be receiving the funds upon exchange, and at what amounts.
• Each and every individual will have to cash in using name and appropriate ID based on Fed regulations.

3. Per US Treasury Department directives, wires can only be sent internationally if the individual making the exchange is a citizen of that country and the account is in the customer’s name.

• Again, this is so feds can keep an eye on the package for tax reasons.
• They have skewed options, and unless you are a non-US citizen, you have to trade your dinar into a US Bank or US Dealer/Exchange/Trader.

4. Per US Treasury Department directives, dinar exchanges must convert to US dollars in the customer’s name prior to any purchase of precious metals or other commodities.

• This is also a way of skewing different tax reducing tactics.
• Before you trade the dinar, you have to fill out the tax forms, and then you can buy gold.
• The reason they want to do this is to stop people from trying to convert dinar into gold so they can get into a long term cap and gains.
• Also, trading for gold was speculated by some you do not have to fill in amounts and report to the feds.

I want to point out that none of this is in anyway bad news.  In fact, it’s very good news because if the feds ever thought no one was cashing in, or going to cash in, then why even bother with such alarming new regulations. The fed has laid out a strategy to get dinar in their hands.  They even have a right to do so I might add.

Now let’s look at Iraq.   The timing should make you very excited. This was sent to me by 8ball. Dinar Daddy had it up on his site. Mind you, regulations related to investments, currency, and wiring-of-funds for both countries were put out just about the sometime.

Iraq May Legislate on Currency Exchange

Posted on 09 March 2011

According to a report from AKnews, a number of bankers in Baghdad have demanded that the Iraqi parliament legislates to regulate and protect their businesses from market changes because of the sudden decisions taken by the Iraqi government.

Ali Abdul-Zahra, owner of an foreign exchange bureau, told AKnews that banking in Iraq is still precarious and that regulation is needed on the opening of forex services.

“The law is supposed to prevent any economic decision that may disrupt the currency market which negatively affects the work of the offices.”

“The circulation of hard currency (dollar) at the present time follows the decisions taken by the Iraqi government in particular with regard to the entry of goods into the country.”

fadil Taher, the owner of Qusour Exchange office in Baghdad told AKnews that “the exchange work in Iraq is subjected to unjustified controls and in need of great facilities by the concerned authorities.”

“The banking offices suffer from the problem of mobile money-changers who affect the Iraqi market and this must be addressed by the Iraqi government to prevent the currency exchange outside of regulated offices.”

“The well-known banks do not deal with unknown external financial dealers and they work according to the regulations of money laundering law, which is adopted by the Iraqi Central Bank (ICB).”

So there you have it!

• We have it on our end regulations from the Fed set up to get our dinar rather than the currency dealers and Iraq.
• On Iraq’s end, they need regulation to also protect bankers from unfair advantage from currency dealers based on sudden decisions taken by the Iraqi government.
• The Iraqi bankers are lobbying because regulation is needed on the opening of forex services.

If you’re getting the point, both sides are maneuvering for a change in status and activity in the IRAQI CURRENCY, and the laws on both sides just gave us a heads up!!!

Breitling