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External conversion controls for the year 2023
February 28, 2023
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https://cbi.iq/static/uploads/up/file-16775654148666.pdf
https://cbi.iq/news/view/2253
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INCOMPLETE and APPROXIMATE TRANSLATION of
https://cbi.iq/static/uploads/up/file-16775654148666.pdf
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According to Fanon, the Central Bank of Iraq No. (217) for the year 4100, for the purpose of achieving the goals of the central bank
By enhancing the role of the banking system and non-banking financial institutions in securing foreign currency to the beneficiaries »
And the financing of terrorism (59) for the year :copyright: 1110 by Sling al on the requirements of the Work Authority in a manner consistent with the directions
This bank adopts the attached external conversion controls.
with respect.
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According to the Law of the Central Bank of Iraq No. (57) for the year 5100 average »and in line with what was stated in Article (54)
From it, which allowed the Central Bank of Iraq to buy and simple and unconditional sale of foreign criticism »and with the aim of facilitating Foreign trade financing procedures and the Central Linc goals by enhancing the role of the banking system And the non -banking financial institutions in securing foreign currency to the beneficiaries"
leading to maintaining stability The exchange rates of that currency from AIL and simplifying the sale procedures, including monitoring mechanisms and verification of sales operations Daily on the other hand, with the need to adhere to the requirements of the Anti -Money Laundering and Terrorism Law No. (1)
Ys Yo Aud decides to adopt the controls below:
Dho external conversion controls for the year "01"
1. The authorities are allowed to be legally funded through the electronic platform
a. All types of companies registered with the Companies Registration Department in the Federal Ministry of Commerce.
The projects registered with the General Directorate of Industrial Development in the Ministry of Industry and Federal Minerals.
ZT Simple companies founded from the Chambers of Commerce (under a certified establishment contract from the notary)
It does not exceed the amount of (1,000) dollars (two hundred thousand dollars per month).
D, the branches of companies, 1 m, registered with the 4 JA circle (companies in the Federal Ministry of Commerce.
H. Investment projects of all kinds licensed by investment bodies.
And the. Agricultural and animal projects bitter. A privatization of the wealth circles of Anniya or No agricultural investments or Latter d In the Ministry of Federal Agriculture.
G. The original scientific offices from the Pharmacists Syndicate.
H. The constant international factories are appointed from these factories for the purposes of work in Iraq; And the agents who
I. Registered global companies registered according to the Wneak Commercial Agency Law.
Establishment or license is proven by the relevant sectoral bodies translated into Arabic translation Agi LD
This will be for a period ending in 77/17/913, provided that these bodies register with the sectoral authorities
The counterpart in the federal government, where it will not be allowed to participate in the electronic platform after the aforementioned date
above.
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If only a few signings:: Mate 1 1?.
Transactions permitted legally in foreign currency
a. Import goods and goods that are allowed to import legally.
B. Buying and equipping the allowable services, including shipping services.
C. Requests that are received to the central bank from governmental and public institutions and self -funded bodies
Her needs that have no allocation in dollars within the federal general budget of the state »is enhanced by documents Official that supports these requests.
Dr.. Enhancing the open sub-account balances of the GB Morgan Bank for banks and payment companies
H. YY balances of financial institutions that have a major membership of international financial transfer companies
(Western Yunin »Money Gram and others) to settle their obligations with those companies after submitting the required statements.
And the. Transfers on fundamentalist transactions to buy real estate abroad and as follows:
First: That the transfer of the same customer's account in the foreign country is required to purchase the property in it or for an account
Real estate brokerage companies or law firms operating in those countries after verifying a name
The customer in the contract signed with the operating brokerage company/law firm in the country to purchase the property
In which.,
Second: Providing what is proven permanent or temporary residency from the competent authorities in countries whose laws allow this
This is not required in countries whose laws do not allow residency before owning the property.
Fourth: That the customer submit to the bank what proves that he purchased the property in the foreign state within a maximum period Six months from the date of conversion.
G. Treatment abroad and the conversion is from the customer's account or one of his relatives from the first and second degrees to Hospital account abroad after submitting a medical report from | For the concerned hospital.
H. Pay the academic wages abroad and the transfer from the student's account or one of his relatives is of the first degree or The second is to the account of the university in which he studies or for the student himself in the country of study after submitting what cardy Its registration in the study is certified by the Iraqi Cultural Attaché in the country of study.
I. Transfers associated with foreign investments in Iraq and as follows:
First: The capital of the investment projects granted by investment vacations under the Investment Law (11)
For the year 51000 and its amendments (after proving its entry from outside Iraq for this purpose earlier) and returns: Investment projects after submitting audited financial data proving the profit achievement and what proves the settlement of obligations Investor with the Iraqi government and the rest of the relevant authorities inside Iraq.
Second: Transferring the returns of selling stocks to the Iraqi residing abroad or foreign (the origin of the value, in addition to its returns It was found) if it is sold to provide support from the Iraq Stock Exchange.
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J. The compensation decided or approved by Iraqi official bodies for foreigners, or for Iraqis residing abroad.
SS shareholders' profits in companies registered in Iraq after submitting authentic and authentic financial accounts in addition to Providing what is proven to prove the tax disclosure of the company and the minutes of the General Assembly meeting with the approval of distributions or a council Administration;
And that the transfer be after proving the residence of the applicant abroad and the transfer is for an open account to. Financial proceeds amounts (selling real estate, other assets or their returns) to the Iraqi residing abroad That the transfer from his account or the account of his agent in Iraq to his account or account of his company abroad is exclusively.
M. Related payments related to banking and credit facilities that the customer associated with banks
Outside Iraq (the origin of the commitment or the benefits due to it) »This requires that the bank retain a documented approval From the customer includes the following:
First: The loan contract signed between the customer and the bank that gave him credit banking facilities outside Iraq with the details and the reason for which the loan was granted.
Second: Providing what is proven to enter the origin of banking and credit facilities to Iraq through the agency Banking or goods to Iraq (in case the facilities are goods).?.
Capitalization procedures in the electronic platform
a. Aad requests to bank customers who want to buy the dollar for the purpose of financing their external imports through the platform Provided that the data includes the transfer process, including (customer data, the applicant, the beneficiary, the beneficiary data Final; Commercial menu data »Intermediate and correspondent bank data);
The equivalent is bound by the dinar on The ongoing bank accounts open to the central bank/the type of account designated for subscription operations Platform;
Provided that the bank is committed not to change the final beneficiary from the transfer process after subscribing to Platform.
B. The jerseys must be promoted to purchase via the platform with the following attachments:
First: The Commercial List (the bill), provided that it is a permeable date that does not exceed six months from the date of construction The demand for the platform; And twelve months for the commercial lists for making machinery and lines Production »It may be in a preliminary list, final list, postponed payment list, or a purchase contract.
Sources of his imported customers and legitimacy and adhere to the requirements of the Anti -Money Laundering Law Terrorism financing No. 79 of the year 5110,
and otherwise, the bank bears all the legal consequences
Accordingly, the pledge is signed by each of (the authorized manager, regional director, or those on behalf of Compliance Observer »Anti -Money Laundering Officer» Risk Management Officer) .
Third: According to Form No. (1), it is attached to each request to transfer (a documentary approval or external transfer) that He conducted the search, investigation, and verification of all parties related to the transfer process, including
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The final beneficiary on local and international sanctions lists, especially SESS IL LY (OFAC) lists
Terrorist money, when submitting the transfer request via the platform.
Fourth: A deposit is under the system
Devoted for subscription operations in the platform; It should be three days before the date of implementation
The sale process or according to what the Central Bank decides; It shows the date and type of participation..
The obligations of banks participating in the electronic platform
Banks are committed to applying the following:
a. Apply the principle of "I know your customer" according to the due care procedures stipulated in the Anti -Washing Act Money and terrorist financing No. 1 of 5110 and related compliance controls.
Which discloses the aspects of using the amounts transferred by the central bank.
C. For the purposes of documentary credits and external transfers used to finance the import of goods or services
Dr.. What supports the purchase of the goods or AGAI service (the commercial menu that then on the platform) and this is The menu is the only requirement required when creating a transfer request on the platform.
H. Shipping policy (in case of transfers to import goods), provided that the name of the transformer is mentioned either In the field (the charged side has the good Camera and Jupiter); Provided that the shipping policy is issued by the same state to which it was transferred.
If It was issued by a country other than the one that was transferred to, and it calls for proving the relationship between the two sides) And the.
What proves the receipt or provision of the service to the customer (in the event of transfers for the purposes of services) and it is a proof document
G. Documentary accreditation documents (in the case of credits to import goods) and these documents are The only requirement to check the subsequent transfers by documentary credits.
H. Swift messages for the implementation of the conversion process.
I. This supports the bank's conduct of searches, investigation and verification of all relevant parties
With transfers, including the beneficiary on local and international sanctions lists, especially lists (0174200)) and lists The parties related to both English and Arabic.
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Final rulings :copyright:
a. This bank guarantees that the customer data participating in the electronic platform with any party is not shared
B. The central bank sells foreign currency according to the official price announced by it », provided that it does not exceed a margin The dollar was sold by the bank to its customer for (10) dinars (ten dinars) per dollar.
C. Requests to transfer foreign currency on the electronic platform are submitted two days before the date of implementation The transfer process, or according to what the central bank decides.
Dr.. Any sale or purchase of foreign currency is excluded from the controls mentioned in these controls.
H. In the event that it is proven that the bank is transferred to any person or entity subject to local or international sanctions They are deprived of subscribing to the window of foreign currency permanently.
On the electronic platform to the central bank and their receipt by it, it does not represent an automatic acceptance of these documents And the data or ratification of health, as these documents and data are subject to scrutiny in the way and mechanism And the time set by the central bank.
G. Cases that have not been mentioned in the transactions allowed legally are studied under these controls before The relevant departments, and each case is subjected to the administration of the central bank to decide on it.
H. These controls are implemented as of the date of starting the electronic platform of external transfers.
LB cancels the instructions for buying and selling foreign currency for the year 1711.
Governor Agency
Chairman of Board of Directors
Ina l
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