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Iraq is preparing to hold a conference to discuss the recovery of its looted funds

The former member of the Anti-Corruption Committee, Saeed Yassin, revealed on Thursday, September 9, 2021, the amount of looted and smuggled funds from Iraq, and while he announced that a conference would be held to discuss its recovery in the middle of this month.

Yassin said in a press statement followed by “The Obelisk” that work to recover the looted funds is carried out through the Integrity Commission’s Money Recovery Department, the Fund for Recovering the Funds, whose membership includes the Integrity Commission and the ministries of finance, foreign affairs, justice, the judiciary, the Central Bank, the intelligence and national security agencies, as well as the Financial Supervision Bureau. .

He pointed out that there is a conference to recover funds that will be held on 14 or 15 September to activate the role of the Ministry of Justice as it is considered as Iraq’s lawyer before the world, indicating that the volume of corruption funds is estimated at 360 billion dollars .

On Monday, September 6, 2021, the judge of the Rusafa Court, which is competent to look into issues of integrity, money laundering and economic crime, Ayad Mohsen Damad, revealed that efforts are being made to recover smuggled funds in Morocco and the UAE.

Damad said, in a press statement, that dozens of cases were reviewed regarding (key card) outlets and exchange companies that operate and transfer money outside Iraq without a permit, noting that such work is tainted by many suspicions of currency smuggling and money laundering.

Since 2003, Iraq has been suffering from the smuggling of its financial resources outside the country, as if it had become a norm practiced by political forces.

According to estimates, the Iraqi funds smuggled abroad range from 150 to 350 billion dollars.

The amount of smuggled funds – according to estimates – is very large, which requires a double effort from the government and the relevant institutions to recover these funds.

Iraq needs to legislate laws in order to recover this money, as well as activate a law from where did you get this, which will have an impact on recovering the smuggled money.

And last October, Prime Minister Mustafa Al-Kazemi announced the establishment of an international financial alliance, under the name of the Economic Contact Group, that takes responsibility for helping Iraq as a consultant, in overcoming its economic crisis.