FinCEN: The SAR Activity Review states that the circumstances of the war in Iraq have created the phenomenon of businesses trading in new Iraqi Money. Many of these businesses advertise or conduct business over the Internet, and suggest that Iraqi Money, much like the Kuwaiti dinar following Operation Desert Storm, will increase in value exponentially following United States military involvement in Iraq. Most investors purchase dinars from websites established particularly for selling Iraqi Money or from major auction websites.
Many websites dealing Iraqi Money display a receipt and claim that it is approval from the United States Government. FinCEN has been receiving inquiries regarding the legitimacy of websites offering Iraqi Money. While it is not necessarily illegal to buy or sell Iraqi money, there are a number of risks and compliance concerns for the financial community.
For example, Iraqi officials state that it is illegal under Iraqi law to export dinars. Therefore, in addition to questions about the source of the money, and the potential for investment or securities fraud, businesses offering to sell dinars may also pose the risk of being used to fund terrorism or as a vehicle for money laundering.
FinCEN also has a particular interest in these businesses because they may be money services businesses required to comply with the Bank Secrecy Act.
Any United States entity that buys or sells currency, including Iraqi Money (dinars), in amounts of more than $1,000 U.S. to any one person in one day may be a money services business under FinCEN’s regulations at 31 C.F.R. Section 103.11(uu). [Note: there have been questions about the old dinar with Hussein's picture on it. That dinar ceased to be legal tender around January 15, 2004 and thus ceased to be currency for purposes of the Bank Secrecy Act.] Money services businesses include:
- Iraqi Money transmitters;
- Currency Dealers or Exchangers (except those who do not exchange more than $1,000 in currency or monetary or other instruments for any person on any day in one or more transactions);
- Check cashers (except those who do not cash checks in an amount greater than $1,000 in currency or monetary or other instruments for any person on any day in one or more transactions);
- Issuers, sellers, or redeemers of traveler’s checks, money orders, or stored value (except those who do not issue, sell or redeem such instruments in an amount greater than $1,000 in currency or monetary or other instruments for or from any person on any day in one or more transactions);
Iraqi Money Dealers
Money services businesses generally are required to register with FinCEN, to establish anti-money laundering programs, and to comply with record keeping and reporting requirements under the Bank Secrecy Act.
Websites selling Iraqi Money frequently claim that their businesses are registered with the Department of the Treasury. These assertions are not always accurate. Further, it may be difficult to discern from the money services business registration list on FinCEN’s website (www.msb.gov) whether the business is in fact registered, particularly if the business is an affiliate of, or a “doing business as” alias for, the business that is registered.
Moreover, even if the business is registered with FinCEN, that registration does not guarantee that the business is in compliance with other Bank Secrecy Act requirements or with applicable state law. For these reasons, a financial institution that conducts business with entities selling Iraqi Moneys should conduct appropriate due diligence to assure itself of the legitimacy of such entities. All financial institutions that do business with, and potential customers of, such money services businesses, are reminded that registration with FinCEN in no way authenticates either the legitimacy of a business, or the compliance of the business with any federal, state, or local laws.
Iraq’s new Money
Pictures of the Iraqi Dinar 50 and 250 Note
Picture of the Iraqi Dinar 1,000 and 5,000 Note
Picture of the Iraqi Dinar 10,000 and 25,000 Note
An analysis of FinCEN’s Suspicious Activity Report database for filings referencing Iraqi Money indicated suspicion of the use of Internet dealers of Iraqi Money in terrorist financing, although not all of the corresponding narratives provided clear or complete justification about the terrorist financing nature of the activity reported.
This serves as a potent illustration of the critical importance of a clear and complete narrative description when filing a Suspicious Activity Report. Particularly when terrorist financing is suspected, conclusory statements with no supporting facts or justification are of limited use to law enforcement in pursuing their investigations.
Further analysis of businesses engaged in selling Iraqi Money is ongoing. For instance, FinCEN analyzed Bank Secrecy Act data (including Suspicious Activity Reports, Currency Transaction Reports, and Reports of International Transportation of Currency or Monetary Instruments) involving the purchase of Iraqi Money to support a law enforcement initiative that uncovered an elaborate network of structured money movement by and to persons suspected or convicted of substantial fraud or other illicit international activities.
You can now obtain Iraqi Money from certain banks right here in the U.S. and remove the risk of dealing with a website you know nothing about. See my eBook for more information.
I worked in the US Military Base in Iraq, i bought millions of Iraqi Dinar, can i exchange it in my own country into Peso if ever the exchage will be legally worldwide. Please advise
If you are buying iraqi dinar money you might as well go ahead and buy drugs from the Mexican cartels or the Afghans the money you spend is going to come back to all of us as terrorism and ill will! don’t believe all these get rich people, INVEST IN AMERICA, NOT A TERROR STATE
I bought 300000 in iraqi money yesterday for Rs.24200 Pakistani. At I.I Chundrigarh Road Karachi 25000 and 10000 cost dinar.
Hey Adilene,
That’s always the excuse used by victims of fraud, “Everyone else is doing it, so it must be okay, right?”, but the catch is, NOT everyone else is doing it. You have some friends that believe everyone is doing it and now you’re thinking the same thing, but if you search the government websites, you’ll see that this is considered nothing but a fraud because of the ridiculous odds it will ever happen.
The only people making money on this are those selling it! The iraqi money has not increased in value for years now, regardless of charts; do NOT use websites selling dinar with charts as a reference, use government websites or look at the Central Bank of Iraq’s value history of this money.
Your friends have invested and are now going to be resistant to anything but ‘Good News’, at least until a few years pass and nothing happens, as is the case with a number of visitors to this site.
This “Get Rich Quick of Iraqi Money” idea has been out a LONG time now, it’s old news, the government warns people to stay away, big investment firms publish warning letters to their customers and visitors can attest, it is NOT your ticket. If it was as good as the sharks promise, dealers would be buying as much as they can, NOT selling it. Don’t fall for the stories that famous people are buying it up or someone knows a person in a high position with inside info.
People who get scammed love company, they don’t want to be alone – Be smart, stay away from iraqi money!
ok everyone is saying diffenret things i really want to know if spending money on this iraq money good or is it all liez cuz my friend bought some but im not really sure so someone plzz decide is it good or bad?????
25000 big iraqi money note wt do if revalve dinar .i think change small note ryt than exchange money accept this note 25000iqd . Wt do i dont know.any one explain ts matter
lol iraqi money “should” increase between june and Dec. There are no facts just alot of bs that people want to believe (called wishful thinking). I have not read anywhere, where it is says “shall” increase. Then give a time and date when it will happen. No one know if or even when it might happen. I do hope it will happen for all of us but I feel as a father I led my son in the wrong direction. I hope I didnt give him false hope.
thats what you said about the japanese yen back in ’46
Christi,
I bought 1,550,000 so far. Here is the deal: the iraqi’s trade their oil mainly for food. Once the US removes their troops, and they’re selling oil for the going market price. the value of their money will rise much like stock in a company. Once it gets to a value you feel is worthy; weather it’s .50 on the dollar or worth $3.00 for every one usd like Kuwaites, who are also oil rich, then you simply exchange it. Do your homework. Banks will be charging fee’s and percentages and that could eat up your dinars. Also, unearned taxes will be an obstacle. you may want to reinvest some…36000 dinars could soon be worth $36,000.00
Hang on to them. When Iraq straightens back out thier money system sell and make money. Just be patient!
Hang in there. Current exchange rate is $224 US for 200k dinar, or 1170 iraqi dinars for 1 US dollar.
Look people, “Quit” whining,moaning,groaning and complaining! You know on at least a monthly average you waste more of your precious American money, like I do all the time. So the mere 40.00 I paid for a 25k Iraqi Dinar isn’t so bad. If it revalues, then fantastic, if not,,, oh well, I would of easily wasted that much money in one day. But when it revalues and pays off, then I will be out of a bind even from the profits of a mere 25k certificate.
I’m beginning to think that this whole Dinar thing is a BIG international scam. I fell for the hype and bought millions in Dinar. That’s was four years ago…..
Rick,
Why are you telling people this. I agree that there is some good points in this type of investment, but what you are spouting is pattenly false!
Now how much longer does it look like before the iraqi money revalues? do you see it happening soon?
you can sell them to me if you want to for $25.00
dinar iraquiano says:
August 20, 2011 at 12:41 am
Good! I have 220,000 Iraqi dinars that will be worth waiting to see if the currency rises or more worth selling?
Just thought I would translate that for the curious ones out there.
Boas!Tenho 220.000 dinares iraquianos sera que compensa esperar para ver se a moeda sobe ou mais vale vender ?
How much you are asking for your Iraqi dinars?
Jamil
My husbands dad gave him 36000 new dinars. we don’t know anything about it. Could anyone tell me more about it and what should i do with it? thanks.
The selling price for Kuwait Dinar after the Gulf War was 1,800 to 1. It now exchanges for over $3 USD to 1 Dinar. Kuwait is small with less than Iraq so you do the math. I am in Iraq right now and rumore has it that a delivery of 2012 Dinar bills are stock piled. The new note will be 1/4, 1/2, 1 Dinar the largest note is 25! I rather have 3.5 mollion in worthless notes than watch other people take the risk and cash in big.
Thank you for the words of encouragement. I have been purchasing dinar everytime payday comes around. I believe that it will revalue soon!
IQD is still the same Bob, why do you say this?
looks like the dinar took a big dump its worth nothing
my husband served in Iraq 2003-2005 and he purchased dinar while he was there. We would like to sell $1 million dinar for $1200. We will pay to ship Priority Mail and will insure the shipment.
I bought my dinar in kuwait 2005. I paid 700.00 for 1 million. My second tour under Operations Iraqi Freedom in 2007. I got another half a million for a total 1.4 million, I watch it regliously, just like the next person. But yaw have to understand I want to be rich too. I got bills and a family, Im a reservist with real problems too. Money is bad and slow for everyone. But be postive in life. Its a lotto ticket, and if your number up. Its way up! So patience, please, work, live and count our blessing; we live in a great nation. It will all come to us all. If not by this DINAR, hopefuly thru other investments. You have only one life. Thank you. And GOD bless all our VETs who fought in Iraq and Afganistan, Which, with out them, we may had never falling on this small investments.
I bought my dinar at Fith Third Bank hoping it will pay off for my kids, I would like it 2 pay off for me but that’s being very hopeful !!!
Everything changes with Iraqi money June 30 2011. The DFI fund is handed over to the USA and the Paris Club Act is handed over also and the G-20 announces currency revaluations for many countries including Iraq, the UN moves Iraq from Chapter 7 to Chapter 8 as Iraq pays back Kuwait.
This revalue may be between 86 cents and 1.17 . Buy the dinar quickly and hold until the rate is announced international on the Forex and then take it to your bank and cash it in, it will take 10 business days for your account to be credited with the funds, you will have to pay CAP and GAINS tax on it next April.
It will increase, don’t give up, this has been in the making for 8 years. If you have to wait till 2012, just hold it and wait, should increase between June 30 and Dec 31,2011
How much are you selling the 6 mill of iraqi money for Malik?
If the Dinar you have still have Saddams face on it…you’ll be better off wiping your rear with it because it is worthless and only good for collecting and making scrap books.
The US Dollar is accepted in Iraq…and is the preferred choice of currency next to the Pound.
when this will be happen to have an exchange, i bought my iraqi dinar when i was in iraq supposedly, people said that this will be a big investment for those who want it, but the question when is the possible to be having a value of their money into International Monetary fund i mean into a exchange market in a proper way.
Hi, I have 6 million Iraqi Dinar and in trusted to sell them any one want to buy? Looking for good response from you. Thanks
Zulfiqar Ahmed Malik
I purchased 2 mil years ago for $700, still sitting on it. I figured it was a gamble but at worst, I could wallpaper a bathroom. The Kuwaiti denar left the market at $.33 and that is what it came back at. Look at what happened to it. The Iraqi denar left at $.37. I’m not going to wallpaper just yet.
I am looking to buy some Iraqi Dinars soon, hope I’m not to late, it sounds like this thing has been out for a long time, looking to spend about $325.oo on some soon, is this a good amount? This is my first time hearing and investing in such a thing. I have tried all kinds of investments mostly things we have to convince someone else to buy from us to make a profit, but when I heard about this, I am jumping on it as soon as I can, I wouldn’t want to miss out on an opportunity and it don’t sound like a hoax to me especially if banks all over the world is selling and buying these foreign currency because if it was then the whole world is going to the penitentiary.
Ok Christian,
You gotta be kidding right! The guy working on your cable is the financial guru you are banking on. Now making a call on “speaker phone” is impressive, but come on!! You really think there is a chance that “Very Soon” you will turn your $322.00 or $325.00 (whichever it is) into $800,000.00?? REALLY!! I know your guy knows a guy who heard that a guy says things are going to sky rocket cause one of the guys on the board of 12 guys said so , but come on! Now I have heard that “Keeping one’s fingers crossed” is a sound financial tactic so I give you bonus points there, but I personally would consider holding off on buying more Iraqi Money. Now I admit I am not a cable guy so my advice may not be quite up to snuff, but stepping back and thinking logically you are looking for a ROI that is laughable. Just my two cents (or should I say dinar) Best of luck to you.
Well i hope everyone that invested does very good. We need some good things out of this economy. Sincerly,ED
I Just bought 250000 for 325 yesterday. I Had a man over working on my cable who has quite a bit invested in Dinar. He made a couple phone calls, on speaker phone, and the people he was talking to, who didn’t know we were listoning, said this new Currency rate of the Dinar was looking like it is going to happen Very Soon. If it IS a scam, These people were VERY Convincing, And I just lost $322. But if it IS True, I will have flipped $322 into about $800000+. You know I have MY fingers crossed.
Also, I just heard that they JUST Seated 12 and it is Really starting to come together over there. I Just bought 250000 dinar and looking to buy more soon. I believe this is Real, as well as the future for many other countries. I am a Vet And support our troops. I want to make money off of this Dinar thing but I hope I’m not hurting our troops and the USofA by trying. Godspeed
Charlie
Where is the Chase bank located that you bought your dinars?
what is the current value of this dinar.
i use chase bank and just got some dinar from there , so whoever you spoke with dont know what they are talking about !!!!!
I just bought a million dinar in 25k notes. Am I going to regret this? This company checked out to be good. Several vet from Iraqi bought iraqi money and seems to be a good investment, what do you think?
I feel like its a worthy risk,just like democracy. In the long run it will prevail
5th 3rd takes about 40% to 60% of what you paid to take iraqi money back. Sort of depends on how much what denominations and if they sold them to you or not.
Your best bet is to sell your money on e-bay. Looks like you would get about $390.00 less fees. If you sell them back to a bank or Foreign Exchange you will probably only get about $170.00 to $230.00. This is based on phone calls to various institutions that deal in the Dinar. You still come out a bit ahead, but factor in time value of money and it’s about a wash.
If you paid $180.00 for 100,000 Iraqi Dinars, that’s kind of expensive if you consider you can now buy same amount of Iraqi Money for $110
I purchased 2 million dinar’s on April 19 2011 and it cost me $1,057 per million……
The 25000 iraqi dinar, is the money going to lose its value? brought them in around 2006
I feel this may be a short term wait when and if Iraq can join the IMF.
If you want to sell at reasonable price I am open to buying
email me at mailforart@gmail.com
I personally called Chase bank & they do NOT sell Dinars.
I paid $180.00 plus $24.00 shipping and handling for 100,000 Iraqi Dinars in 25,000 denominations, which mean to me that you have made money. My intention is to buy more, without putting myself in a bad situation and keep them 20-30 years, maybe my kids will enjoy the money made. At the worse case we may lose 20% of our investment, I’m willing to take a chance.
Not short term, and the currency is not a hoax. Buy 100k and put it in the drawer with the quarter collection. It may pay you some day.
I purchased Dinars at the Capital One Bank in my small town. Also Chase bank does it as well.
Also The dollar is no longer Accepted in Iraq. Only Dinars!
I am holding 300,000 Iraqi Dinars in 25,000 denominations. I bought these in 2002 for 100$ but don’t know what’s the worth now. I keep misplacing and finding the packet as in my subconscious it has no value.
Where is a best place to Convert Iraqi Dinars to U.S. dollars? Have heard large international Airports are good. Thoughts?
George Tyree, You are wrong! I just did a test call to the First Convenience Bank of Irving Texas. I went through the system…got a representative on the line and he told me this ” Yes, we do trade ( BUY & SELL ) Iraqi Dinar. He could not provide an exchange rate unless you came into the bank.
There are mentions of World Bank this…and World Bank that on many sites. I called World Bank. This is one currency they “do not deal with”.
I invested in this currency as a lottery ticket. You have to be in it to win it, I do not lose sleep over it. I have read many things lately though.
If someone offers you a money saving code, this is a referral code. That means someone is being paid to get you there.
If you are offered to listen to “conference calls” by entering a code…guess what…someone is getting paid.
Iraq will have to get their shit together to be remotely considered a viable currency in the world market. If they can show to be able to curb their corruption. Make progress of debt pay off etc. Maybe they will have a chance.
Oil is bought and sold inside Iraq in dollars. Any natural gas pockets found will be as well. The Iraqi government collects dollars and pays its workers in Dinar. This keeps dollar profit high and the Iraqi government paying for cheap labor. Does that sound like something they will push to change anytime soon?
Are there any banks in California to buy Dinar directly??
I’ve about 100 Pieces of 1000 Iraqi Money …..
Illusion on Dinar’s Worth??
Any One ???
save it or burn it?
notes: hope to get the original price when it was b4….
rock it
Get the 10,000 iraqi dinar notes if you can. Most websites charge $120 extra for a million dinar in 10k notes rather than 25k notes.
If zeros are shaved (they decide to reduce the value to dinar currently out there) then it’s likely to happen with the big note, like the 25k. Shaving zeros may never happen in which case you would be spending an extra $120 dollars. However, if you can get the 10k for the same price as the 25k, then I’d go for the 10k.
Which Dinar should i purchase? Ex: 10k notes or 25k notes? Please explain the differance?
Thanks!
i am a poor person, i would love to buy some iraqi money, but i cant afford to lose my money on a hoax. i would like to know the truth about the iraqi dinar. do you honestly think that the new iraqi dinars are worth my investing now for a short term profit or should i wait until the country gets out of debt.
Hey Q,
What was the total rate you got when it was all done and said? How much did you buy?
Thanks for the tip!
Marci
For the people in the us. u can buy iraqi dinar from first convenience bank. they are usually inside walmart stores. i just bought some on Thursday 3/17/11 in Irving Texas. the rate right now is 1 us dollar to 1,000 dinar or around that with fees. hopefully we all are able to gain some thing out of this new rate change!!! god bless u!!!!!
purchased 3-12-11 at fifth third in Ohio cost is $1,057 for a million………
I bought 2,000,ooo in Dinar yesterday for 2,100. At a 5th 3rd bank.
You are dead wrong, I’ve listed a number of them in my ebook as well as on this site under dinar banks. I verified this yesterday, so you’re information is completely inaccurate.
Finally! Thank you thank you aaaand thank you. I am a combat vet from IPF involved in Beruit, 1983-84, USN honorale. Its very good to find an honorable no punches pulled corporation like yours. Yes I am unemployed, no I am not seeking employment with you. My little brother has been bugging me for weeks about the Dinar inv to become rich an so Ive been attempting reaearch on it, a word he apparently cannot even spell. The internet can be a cunning and baffling monster and yet you get to the point. The insane silliness I witness on the airwaves can be unsettling. I may be unemployed but I am very dedicated to improving my knowledge and common sense. Thanks for the breif, fact filled explanation of the dinar. If it were me I wold simply advertise the dinar as a highly possible and quite probable internet sceme to support terrorism, which I faught against in Lebanon, Truely-God Bless America, thankx again jimmie vee of Truth or Consequences,N.M. 87901
You can’t find a bank here in America to sell an individual Iraq Dinar. Why is that?
It is Feb 15 2011