Glossary
This glossary explains in plain words every term used on the site, from a barrel of oil to the price gap. It holds 72 terms, arranged by subject. Each term has its own address, so other pages can link to it.
The legal-status labels at the end are the exact words used for every person, company and bank on the site, with their exact meanings. Anyone with no charge, conviction, sanction or official finding is shown as "Not charged as of the date of writing".
Oil, dollars and the dinar
- Oil exportتصدير النفط
Crude oil sold to buyers abroad. It is the source of most of the Iraqi state's income.
More: The oil
- Barrelالبرميل
The unit in which oil is measured and sold. One barrel holds about 159 litres.
More: The oil
- SOMOسومو
The State Organization for Marketing of Oil. It is the state company that sells Iraq's crude oil to buyers abroad.
More: The oil
- Paid in kindالدفع العيني
Oil handed to foreign oil companies as their fee, instead of money.
More: Follow the money
- New York account (DFI)حساب نيويورك (صندوق تنمية العراق)
The Development Fund for Iraq, and the account that replaced it at the Federal Reserve Bank of New York. The money from Iraq's oil sales is paid into this account.
More: Follow the money
- Kuwait compensationتعويضات الكويت
The share of Iraq's oil money paid to the United Nations Compensation Commission for the invasion of Kuwait in 1990.
More: Follow the money
- Letter of creditالاعتماد المستندي
A bank's promise to pay a supplier once the goods are shipped. Buyers of Iraqi oil usually pay SOMO in this way.
- Central Bank of Iraqالبنك المركزي العراقي
The state bank that issues the dinar, holds the country's foreign reserves and supervises the banks. It buys the oil dollars from the Ministry of Finance and sells them to banks and exchange companies.
- Dinarالدينار
Iraq's currency. Its international code is IQD. Salaries are paid in dinars, and most prices in Iraq are set in dinars.
- Exchange rateسعر الصرف
The number of dinars paid for one dollar. Iraq has two rates: the Central Bank's official rate and the rate in the street, which is the market price.
More: The price gap
- Currency windowنافذة بيع العملة
The daily sale of dollars by the Central Bank of Iraq to banks and exchange companies, for Iraqi dinars. It is also called the dollar auction.
- Official price (window price)السعر الرسمي (سعر النافذة)
The price the Central Bank charged for a dollar at its window, including its commission.
More: The price gap
- Market priceسعر السوق
The price of a dollar on the open market in Iraq on the same day.
More: The price gap
- Price gapفرق السعر
The value of the gap between the official and the market price of the dollar, which went to whoever received the dollars. It is calculated as the difference between the two prices, times the dollars sold. It does not show that any bank or person made that money.
More: The price gap
- Top-ups outside the windowتعزيز الأرصدة خارج النافذة
Dollars the Central Bank sends directly to banks' accounts abroad, outside the daily sale. The Central Bank has not published which banks received them.
- Transfer and cashالحوالة والنقد
The two forms in which the Central Bank delivered the dollars it sold. A transfer is money sent abroad by bank transfer for the buyer. Cash is dollars handed over as banknotes.
- Exchange companyشركة الصرافة
A licensed firm that buys and sells currencies. Some exchange companies were allowed to buy dollars at the Central Bank's window.
More: Who got the dollars
- Over-invoicingتضخيم الفواتير
Declaring a higher price for imported goods than was really paid, so that more dollars can be bought and sent abroad. One way to detect it is to compare what Iraq says it imported with what its trading partners say they sold to Iraq.
More: Six layers of corruption
- Not itemisedغير مفصَّل
Money that no published record breaks down by recipient or purpose. The term does not mean that the money was stolen.
More: Follow the money
The Ledger
- The Ledgerالسجل
Our reconstruction of the Central Bank's daily records of how many dollars each bank bought. It is built from the pages and files of those records that survive.
More: Who got the dollars
- Verified dayيوم متحقَّق منه
A day for which the rows of the individual banks add up to the total the Central Bank published for that day. The record of such a day can be relied on.
More: Day by day
- Coverageالتغطية
The share of the Central Bank's dollar sales in a year that the Ledger can attribute to a named bank. It differs from year to year, because many daily records were removed.
More: Who got the dollars
- Refused (excluded)المرفوض (المستبعَد)
The part of a bank's request that the Central Bank's committee turned down. The committee wrote the reason in its minutes.
What regulators did to the banks
- Barred from dollar dealing by the Central Bankممنوع من التعامل بالدولار بقرار البنك المركزي
The Central Bank stopped the bank from buying and dealing in dollars from the date shown in brackets.
More: The banks
- Reported barred from dollar dealingنُقل أنه مُنع من التعامل بالدولار
News reports said the bank was barred from dealing in dollars. No Central Bank document confirms it, and the register says so when the Central Bank denied it.
More: The banks
- Restricted from dollar dealing by the Central Bankمقيَّد في التعامل بالدولار من البنك المركزي
The Central Bank limited the bank's dealings in dollars without banning them outright.
More: The banks
- Under Central Bank guardianshipتحت وصاية البنك المركزي
The Central Bank appointed its own managers to run the bank in place of its board.
- Under judicial receivershipتحت الحراسة القضائية
A court placed the bank under the control of a receiver, who manages its assets while a dispute or a case continues.
More: The banks
- In liquidationقيد التصفية
The bank is being closed down. Its assets are sold and its debts paid, as far as the assets allow.
More: The banks
- Under US sanctions (OFAC)مُدرج في قوائم العقوبات الأمريكية (أوفاك)
The US Treasury's sanctions office (OFAC) put the bank on a sanctions list. This cuts the bank off from the US dollar. It is an official act, not a court judgment.
More: Sanctions and bans
- Subject to a FinCEN Section 311 special measureخاضع لإجراء خاص من فنسن بموجب المادة 311
The US Treasury's financial crimes unit (FinCEN) found the bank to be of primary money laundering concern and cut it off from the US financial system. This is a different measure from a sanctions designation.
More: Sanctions and bans
- Earlier US Treasury sanction (lifted)عقوبة سابقة من وزارة الخزانة الأمريكية (رُفعت)
The US Treasury once placed a measure on the bank and later lifted it. The dates are given in brackets.
More: Sanctions and bans
- Named among banks allowed back into non-dollar businessورد اسمه بين المصارف التي سُمح لها بالعودة إلى التعامل بغير الدولار
The bank was reported among the banks that the Central Bank allowed to deal again in currencies other than the dollar. The label on the bank's page gives the month of the report.
More: The banks
- No enforcement action foundلم نجد أي إجراء بحقه
Used for banks only. No action against the bank was found in the Central Bank's published lists or in the US sanctions lists, in the month given in brackets.
More: The banks
- Licensed; not yet operatingمُجاز ولم يبدأ العمل بعد
The Central Bank licensed the bank, but it has not yet opened for business.
More: The banks
Sanctions, watchdogs and licences
- Sanctions designationالإدراج في قوائم العقوبات
A government's decision to put a person, company or bank on a sanctions list. Assets within that government's reach are frozen, and dealings with those listed are banned. It is an official act, not a court judgment.
More: Registers
- OFACأوفاك
The Office of Foreign Assets Control. It is the office of the US Treasury that keeps the main US sanctions lists.
More: Sanctions and bans
- FinCEN Section 311المادة 311 (فنسن)
A power of the US Treasury's financial crimes unit (FinCEN) under section 311 of the USA PATRIOT Act. It allows FinCEN to declare a foreign bank a "primary money laundering concern" and to cut it off from the US financial system.
More: Sanctions and bans
- Money launderingغسل الأموال
Moving money obtained by crime through banks, companies or property so that its origin is hidden and it can be used openly.
- Integrity Commissionهيئة النزاهة
Iraq's federal anti-corruption body. It investigates corruption in public office and refers cases to the courts.
More: The watchdogs
- Federal Board of Supreme Auditديوان الرقابة المالية الاتحادي
Iraq's state audit office. It audits the accounts of ministries, state companies and the Central Bank, and publishes reports of its findings.
More: The watchdogs
- Coalition Provisional Authority (CPA)سلطة الائتلاف المؤقتة
The administration led by the United States that governed Iraq from May 2003 to June 2004. It controlled the Development Fund for Iraq in that period.
More: Follow the money
- Investment licenceإجازة الاستثمار
Permission from an investment commission to carry out a project. It often comes with the use of state land and with tax exemptions.
More: Six layers of corruption
- National Investment Commissionالهيئة الوطنية للاستثمار
The federal body that grants investment licences for large projects. Each province also has its own investment commission.
More: Registers
- Registersالسجلات
Systematic lists of office holders, bank owners, licence holders and sanctions designations. Being listed records a role, an ownership stake, a licence or a designation. It is not an allegation.
More: Registers
The record and its evidence
- Evidence tierمستوى الدليل
How firm a figure or a statement is, judged by its source. Every figure on the site carries one of four tiers. A: official document. B: our arithmetic on official figures. C: estimate by a third party or an official. D: media report.
More: How we work
- Date of writingتاريخ الكتابة
The date on which the data behind the site were last brought up to date. Each legal status is correct as of that date.
- Internet Archiveأرشيف الإنترنت
A public library of web pages at web.archive.org. It keeps copies of websites as they were on given days. Many of the Central Bank's pages now survive only there.
- SHA-256 fingerprintبصمة SHA-256
A code calculated from a file's contents. If a single character of the file changes, the code changes. Comparing two codes therefore shows whether two copies are identical.
More: Documents
- Right of replyحق الرد
Anyone named on the site may send a reply with documents. The reply is published next to the record, and any error is corrected with the date of the correction.
Legal status
- Convictedحكم إدانة
Found guilty by a court.
More: People and companies
- Convicted in absentiaحكم إدانة غيابي
Found guilty by a court while absent.
More: People and companies
- Pleaded guiltyاعتراف بالتهمة
Admitted guilt in court.
More: People and companies
- Convicted (reported)إدانة وفق التقارير
Reported convicted by credible media or an official statement; the judgment itself not seen.
More: People and companies
- Convicted; sentence servedحكم إدانة وانقضاء المحكومية
Released after serving a sentence.
More: People and companies
- Under sanctionsإدراج في قوائم العقوبات
Placed on a government sanctions list. An official act, not a court judgment.
More: People and companies
- Sanctions liftedرفع من قوائم العقوبات
Removed from a sanctions list.
More: People and companies
- Found liable (civil)حكم في دعوى مدنية
Ordered to pay in a civil case. Not a criminal conviction.
More: People and companies
- Wantedملاحقة قضائية
Wanted by the courts and out of their reach.
More: People and companies
- Charged or wantedاتهام أو أمر قبض
Charged, or the subject of an arrest warrant; not convicted.
More: People and companies
- Arrestedاعتقال أو احتجاز
Arrested or held; not convicted.
More: People and companies
- Released on bailإطلاق سراح بكفالة
Released while the case continues.
More: People and companies
- Disciplined by an official bodyإجراء تأديبي من جهة رسمية
Fined, suspended or otherwise punished by an administrative body.
More: People and companies
- Removed from officeإعفاء من المنصب
Removed from an official post.
More: People and companies
- Accused by an official bodyاتهام من جهة رسمية
Accused by an official body or office holder; not charged.
More: People and companies
- Under investigationقيد التحقيق
Named by an official body as under investigation; not charged.
More: People and companies
- Accused in credible reportingاتهام في تقارير صحفية أو بحثية
Accused by credible media or a published report; no official action known.
More: People and companies
- Conviction quashedنقض حكم الإدانة
A conviction later overturned.
More: People and companies
- Acquittedتبرئة
Found not guilty.
More: People and companies
- Charges dropped or case closedإسقاط التهم أو إغلاق القضية
Charges dropped or the case closed.
More: People and companies
- Pardoned or amnestiedعفو
Released or cleared under a pardon or amnesty.
More: People and companies
- Not charged as of the date of writingلم تُوجَّه تهمة حتى تاريخ الكتابة
Named, for example as an office holder, bank owner or licence holder, with no charge, conviction, sanction or official finding.
More: People and companies
Other names
- Auction, see Currency window
- Margin, see Price gap
- DFI, see New York account (DFI)
- CBI, see Central Bank of Iraq
- FinCEN, see FinCEN Section 311
- IQD, see Dinar
- Custodianship, see Under Central Bank guardianship
All terms in alphabetical order
- Accused by an official body
- Accused in credible reporting
- Acquitted
- Arrested
- Barred from dollar dealing by the Central Bank
- Barrel
- Central Bank of Iraq
- Charged or wanted
- Charges dropped or case closed
- Coalition Provisional Authority (CPA)
- Convicted
- Convicted (reported)
- Convicted in absentia
- Convicted; sentence served
- Conviction quashed
- Coverage
- Currency window
- Date of writing
- Dinar
- Disciplined by an official body
- Earlier US Treasury sanction (lifted)
- Evidence tier
- Exchange company
- Exchange rate
- Federal Board of Supreme Audit
- FinCEN Section 311
- Found liable (civil)
- In liquidation
- Integrity Commission
- Internet Archive
- Investment licence
- Kuwait compensation
- The Ledger
- Letter of credit
- Licensed; not yet operating
- Market price
- Money laundering
- Named among banks allowed back into non-dollar business
- National Investment Commission
- New York account (DFI)
- No enforcement action found
- Not charged as of the date of writing
- Not itemised
- OFAC
- Official price (window price)
- Oil export
- Over-invoicing
- Paid in kind
- Pardoned or amnestied
- Pleaded guilty
- Price gap
- Refused (excluded)
- Registers
- Released on bail
- Removed from office
- Reported barred from dollar dealing
- Restricted from dollar dealing by the Central Bank
- Right of reply
- Sanctions designation
- Sanctions lifted
- SHA-256 fingerprint
- SOMO
- Subject to a FinCEN Section 311 special measure
- Top-ups outside the window
- Transfer and cash
- Under Central Bank guardianship
- Under investigation
- Under judicial receivership
- Under sanctions
- Under US sanctions (OFAC)
- Verified day
- Wanted