Integrity Commission will recover $87 Billion Iraqi Money from 55 Countries

Integrity Commission will recover $87 Billion Iraqi Money from 55 Countries

The Integrity Commission has confirmed Iraq’s attempt to collect amounts in surplus of 87 billion U.S dollars as an initial evaluation amount. It is due to 55 countries that had contracted with it prior to the Iraqi invasion of Kuwait to form a contract with similar value goods. The Head of Recovery Department at the Integrity Commission issued a press conference. He said, “Iraqi laws authorize 2 official bodies to recover Iraqi funds abroad, which is the money recovery fund that was formed at the time headed by the Deputy Minister of Finance and the membership of a number of external agencies such as the central bank. The duration of economic sanctions on Iraq after the occupation of Kuwait and specialized in the topic of oil for food”. He added that the other side is the circle of recovery. It was formed under Order No. 30 of 2011, concerned with the recovery of alleged money after 2003 due to corruption crimes.

Integrity Commission will recover $87 Billion Iraqi Money from 55 Countries

He added that the Integrity Commission on the United Nations Convention against corruption has become the official entity to implement Iraq conditions under the United Nations agreement. The UN agreement doesn’t allow it to communicate with external and counterpart parties. It is among the United Nations’ agreement to fight corruption in the 5th chapter of the 4th on the recovery of assets and international cooperation as a restitution department. He also explained that the issue of the recovery of funds is the focus of the conversation, appeared on the surface after the Arab Spring. There were no lawful laws in this aspect such as the recovery of funds.

The statement said it is according to the Commission found the legal basis for one of the chapters to recover the assets and obligated the countries included in the United Nations Convention against corruption to provide possible assistance obtained from corruption crimes operations. The Integrity Commission started working in this field, as it is Iraqi money that must be worked on. The head of the Integrity Commission stressed that the work team was formed in the year 2017. It worked on amending the law of the Fund for the Recovery of Funds and the orientation had to be in the Integrity Authority and transferred the priorities of the recovery team to the Fund.

Comments are closed.