Iraq Fund for the Recovery of Smuggled Assets has reportedly recovered approximately $379 million in Iraqi funds from abroad, according to its chairman, Mohammed Ali Al-Lami.
Speaking to the state-run Iraqi News Agency (INA), Al-Lami said the fund is seeking to sign cooperation agreements with international and local institutions to strengthen its investigative capacity and improve efforts to trace and recover Iraqi funds abroad.
He added that some assets remain frozen or under investigation overseas, including:
- $193 million in Turkey
- $700 million in Jordan
- $1.45 billion in Syria
Regarding legal action, Al-Lami said the fund has submitted 39 requests for judicial assistance against individuals and entities suspected of possessing Iraqi funds. These cases are handled by a designated judge in accordance with Article 12 of the Iraq Fund for the Recovery of Smuggled Assets Law.
Under the fund’s legal framework, all recovered assets are deposited into accounts held by the Ministry of Finance, in accordance with Law No. 9 of 2012 (as amended). The funds are then incorporated into the state’s general budget.
