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Kuwaiti bank: some remittances from Iraq Iranian

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Kuwaiti bank: some remittances from Iraq Iranian Empty Kuwaiti bank: some remittances from Iraq Iranian

Post  Admin Sun Sep 02, 2012 11:29 am

Interesting read!




09/02/2012

Kuwaiti bank: some remittances from Iraq Iranian

BAGHDAD / JD / Kuwaiti bank statement in a report by the Kuwaiti newspaper Al-Qabas said some remittances from Iraq yet clear inquiry it Iranian Government.

The bank says: he frequently comes to him inquiries from Kuwaiti traders about the possibility of receiving some remittances from Iraq and Tkyishha or other operations in the opposite direction .. It is the context of the procedures and inquiries unclear experienced it Iranian Government.

The attention that some regional banks drew behind commissions and revenue devise some measures to breach sanctions, including finding a third party or more of the mediator in the process to raise the critical direct.

There banks in the region is indifferent to working within the system global banking nor interested to maintain its reputation or credit rating have, what you want from the profits and revenue achieved its means easy above, there are also those who break the ban for political reasons because he takes the view Iranian Shiites ban and considers it an infringement Iran's sovereignty and its dealings.

Hchir banking sources Kuwaiti that the volume dealing with Iran and its banks is very limited, and are almost there banks do not have any financial transaction, while sources say again that some transactions based indirectly through companies or chain companies, and therefore what is not tantamount to Ranked deal directly, but when you reach additional instructions to the region can be classified as 'discourse', and wanted to stop him because it violates the ban.

The sources add: local banks is part of the «cleaning the» global banking, which by virtue of informed on what is happening from the variables and follow the instructions that have been applied in America, Britain and across the European countries, they started early review their positions and operations very narrow, whether directly or indirectly, so as to be ready procedurally and censorship to respond to any queries.

And banking sources reveal that the vast majority of these transactions are made through the direct use of cash, and there are processes through Iraqi Banks read it for the benefit of Iranian destinations but Ir explicit, not directly.

And ways to circumvent and quality of these processes and forms in the region, citing bankers that there are several methods including private companies is an Iranian working for the benefit of Iran in diverse markets in the region indirectly, note that there are points of major groups commercial reliable, surprised some banks or discover by chance that her relationships or transactions being conducted to Iranian interests.

So there is a partial reliance on some points of smuggling specializing in the transfer of funds and smuggled washed and hide their identity.

And another banker reveals he is seduced some banks and companies and large commissions returns very difficult to achieve any investment opportunity at the moment, so as to breach the U.S. embargo against Iran.

According to a report Qabas: do not exclude local banks instructions warned extra about tightening prohibition on dealings with Iran, especially in terms of those transactions covered prosecution by the U.S. authorities and European, after a wave of scandals rocked the largest banks in the world and negative news announced by the U.S. authorities on major banks, the The duty of caution has become more of a necessity both locally and regionally.

During last month it was announced about 10 major banks have had dealings said it is prohibited, with Iran, «HSBC» and «Standard Chartered Bank» and «Deutsche Bank» and «UniCredit» Italian, and «Royal Bank of Sktland» and « Credit Suisse »and« UBS Swiss »and« ABN Amro - Barclays ».. As well as the Chinese banks, and the penalties included by banks in Lebanon and another in Dubai, reaching spoken of fines it to hundreds of millions of dollars, as well as the bad publicity suffered by those banks.

Banker says observer: There are dozens of banks in the region and the world are now under the microscope of the regulatory authorities, U.S. eve elections heated their campaigns between Democrats and Republicans want President Obama to tighten the screws on Iran over its nuclear program, which will increase the dose to say to the world in general that very serious about it, and say Israel said the ban comes into effect until Israel does not initiate military action against Iran would have very serious consequences.

He adds: So the issue in a very serious, do not rule out instructions issued supervisory locally after proved reports that some banks and companies in the region are becoming a last resort now to the banks of Iran, and constitute a window allows the passage of money, both associated with the various exports or revenues oil revenue from the part that Iran still are exporting or succeed in selling abroad despite the ban.

The bankers that he could not any of the banks in the region under the control of central banks to hide their dealings with any banks or Iranian entities, especially in the credit and financial aspects, and dollar transactions. In such cases is secretly demand and through the U.S. Treasury and other U.S. agencies related to the foreign ministries of countries, which in turn addresses the central banks demanding disclose any dealings that found its size and quality, and then ask stopped.

Not to mention the responsible technical official delegations from the U.S. Treasury and some other security agencies related scouring the area for the procedures and some of the data and make it subject to revisions minutes.

In this sense is not difficult or sticks knowledge and restricting financial transactions with banks or major Iranian companies, since any breach will be more punitive consequences which may be achieved revenue especially for Kuwaiti banks that do not remember their dealings compared with another in the region.

Commercial source says historically known that most of Iran's trade business in the region through Dubai, Iraq, Turkey, Syria, and some republics of the former Soviet Union .. The smuggling and parallel processes outside the system known Vnsptha to total no more than 5% to 10% but expected to rise in light of tightening the embargo, and here lies the additional caution required.

And reveal sources banks that once prohibition on dealings with banks any country by U.S. authorities and European banks are on their own wary of dealing with the embargoed required to be in isolation and out of the body global banking, as rising risks of dealing with them, in addition to the fear of financial solvency The ability to do adjustments necessary financial, where little or no ايداعاتها Foreign reassuring, and therefore they could enter the bank deal cause has negative consequences or losses, so avoiding such transactions automatically and before he got any instructions Alracbah, and this conduct an internal self-declared mostly.

She adds: But if came additional help direct and obvious to the region will be Kuwait part especially that they have an obligation internationally, regarding these issues, and central bank will in this case to notify local banks immediately and urgently including it to bind units under his control Palmamol internationally.

Exclusively may be asked to carefully for any kind of dealings direct and indirect to ban it asks block them, then periodically renews FAQ and vigorous ask follow-up reports, just as he did with derivatives transactions that nearly killed one of the banks. / End / agencies /

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