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More Iraqi News Late Sunday PM 2-21-21

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$ 500 Billion Is Smuggled Out Of The Country And A Ploy Is Delaying Efforts To Get It Back

Posted On 2021-02-21 By Sotaliraq   Anti-corruption watchdogs say that many of those convicted of smuggling money outside Iraq claimed that they were opposed to the political process, which enabled them to remain outside the country. The smuggled money is estimated at $ 500 billion.

Said Yassin Musa, a former member of the Anti-Corruption Council, said in a statement to Al-Mada that “the procedures for recovering Iraqi funds from abroad are part of the task of the Integrity Commission and the Fund for Refund of Money,” indicating: “We need the Ministries of Foreign Affairs and Justice to intensify efforts in concluding bilateral agreements and contracts And collective with the states to recover the fugitive criminals and freeze and seize the smuggled money.

And he added, “What we seek is to analyze the judicial environment of the countries of refuge, that is, the haven of funds and fugitives in order to seize and freeze smuggled funds and return them to the Iraqi state,” explaining that “the money recovery law guarantees that there are legal companies that perform this task.

And Iraq failed to return its smuggled money, despite the formation of several committees to recover it. The last of these committees, which was formed in 2016, consisted of the Central Bank of Iraq, the Integrity Commission, the Ministry of Finance, the Intelligence Service, and the Ministry of Foreign Affairs, to follow up on the recovery of Iraqi funds smuggled abroad, but they did not lead to tangible results.

A former member of the Anti-Corruption Council notes that “some of the convicts who are now abroad claim that they are opposed to the current political system, and therefore returning them to Iraq is considered a political target, which is what delayed or hindered all efforts aimed at recovering these money,” stressing that “these allegations represent a ruse.” In order to stay in these countries and not return the money to Iraq.

“There are two types of money that we need to recover,” he continues. The first was smuggled before the year 2003 and registered in the names of the former regime’s men and their collaborators, and the second after the year 2003 and the judgments issued in absentia against convicts require their recovery from abroad with the smuggled money.

Successive governments have relied on foreign lawyers to recover the money, but without interest, while lawyers ’wages have reached nearly $ 9 million, which the government is required to pay.

Moussa points out that “the volume of smuggled sums before and after the year 2003 with fixed funds (farms, real estate, factories, etc.) amounting to about 500 billion dollars,” explaining that “these funds, when operating in the economies of these countries, have financial returns and profits, which hinder the recovery process in present time”.

A former member of the Anti-Corruption Council states that “the volume of cases opened until the year 2020 regarding the recovery of money smuggled from Iraq amounts to about 450 files of recovery,” noting that “there are funds that were recovered and prevented from being wasted by the Integrity Commission, estimated at about two billion dollars.”

Moussa explains that “there is a Security Council resolution obtained in 2018 that countries cooperate with Iraq in recovering money and seizing funds, which called for the development of the relationship with Switzerland, which has money from the previous regime to seize money in Swiss banks.”

The United Nations has expressed its desire to provide procedural facilities to the Iraqi authorities regarding removing the hand of smuggled and frozen Iraqi funds for the purpose of retrieving them.

Last October, Prime Minister Mustafa Al-Kazemi announced the establishment of an international financial alliance, under the name of the “Economic Contact Group”, which takes on its efforts to help Iraq “in advisory”, in overcoming its economic crisis.

The International Economy Group consists of the Group of Seven industrialized countries (France, Germany, Italy, Japan, the United Kingdom, and the United States of America) and the membership of the International Monetary Fund ((IMF, the World Bank, the European Bank for Reconstruction and Development, the Iraqi Ministry of Finance, the Central Bank of Iraq and the Financial Committee, and among others) The tasks of the “Economic Contact Group” fund are to help Iraq recover the smuggled money.

And Moussa continues, “The main countries that are considered as a haven for this smuggled money are Britain, Jordan, the Emirates, Turkey and Iran, but Jordan, Britain and the UAE are at the top of these countries, and these amounts reach billions of dollars.”

A former member of the Anti-Corruption Council notes that “only the purchase of real estate in Britain alone after the year 2003 reaches about (10) billion dollars,” pointing out that “these funds are still subject to suspicion and need full scrutiny by the regulatory authorities.”

The Integrity Commission had indicated in its annual report that it presented a few days ago that it had worked during the year 2020 to issue (120) judicial decisions in absentia to receive the fugitive convicts and accused wanted by the judiciary, and it had opened (51) extradition files for fugitive accused and convicted persons. To prove their departure from Iraq, including (2) ministers and those of his rank, and (25) of those with special ranks and general managers.

Integrity added in its annual report that “163 files have been worked on to recover smuggled money, including (5) files related to ministers and those of their rank, and (45) files against those with special ranks and general directors, and the total funds recovered from inside and outside Iraq and the money Sentenced to be recovered and seized since the creation of the recovery department in the authority until the end of the previous year (1,417,900,842) billion dollars, (33,582,725) million euros, (2,329,521) two million pounds sterling, (951,428,263,286) billion Iraqi dinars, and (720,529) thousand Jordanian dinars And (3,652) thousand Swiss francs, in addition to the seizure of (14) fourteen properties, and (5) stakes in various companies ”. LINK

Dollar Prices In The Local Market For Today

Economie| 11:10 – 21/02/2021 Baghdad – Mawazine News  publishes / Mawazine News /, the exchange rates of the dollar in the Iraqi local markets on Sunday (February 21, 2021).

Prices exchange offices:  dollar sale price 146.500   purchase price of the dollar 145.500

approximate price of the dollar against the Iranian Altoman Baghdad $ 100 2,400,000 Toman

{Microfinance} Is Supportive Of National Production

Sunday February 21, 2021  65  Baghdad: Hussein Thahab   Microfinance is receiving great attention in various countries of the world, due to its positive impact on gross domestic product and the expansion of the loan portfolio to more than $ 3 billion.

The head of the microfinance network in Iraq, Ahmed Al-Sarafi, said: “Iraq needs to go towards expanding the scope of work with microfinance, which represents an important trend at this time during which the work force is greatly increasing from the skilled and educated forces, which represent the outputs of Iraqi universities.”

Project lending

Pointing out that «the rounded microfinance loans in Iraq touched the 3 billion dollars that went towards nearly one million projects during the period following the year 2003, as the network’s work started towards lending to small and micro enterprises, which achieved remarkable success. We can see it through the size of the repayment Who achieved these projects ».


He stressed that “regional experiences have achieved great results and have become an important supporter of the economies of their countries, especially Egypt and Sudan, as they adopted a broad lending program that achieved results that exceeded expectations and became a source of great job creation.” It is noteworthy that the network’s capital amounts to $ 97 billion, and through the recycled loans and the great response of project owners from borrowers, the total loans targeting citizens exceeded the $ 3 billion barrier over the period from 2004 to now.   LINK

Economic Circles Are Calling For A Sober Surplus Revenue Planning

Sunday February 21, 2021  61  Baghdad: Morning   Great optimism among economic circles with global expectations, according to which the price of crude oil in global markets has reached about $ 150, as the Iraqi planner must prepare sober plans that employ any surplus revenue in real development projects.

Baghdad Economic Forum member Jassem Al-Aradi said: “The rise in international experts’ expectations of a rise in crude oil prices in the markets did not come from a vacuum, but rather according to data from the global ground and the global economies ’need for this important substance, which cannot be easily dispensed with no matter how developed Technology ”.

He pointed out that “the concerned authorities, in cooperation with the private sector, have the task of working hard to build a work base that changes the shape of the Iraqi economy.”

The Secretary of the Businessmen Union in Anbar, Mahmoud Mahidi stressed that “past experiences necessitate that we change the reality of dealing with the national labor market, in light of global expectations that crude oil prices will reach $ 150 per barrel during the next five years.

He pointed out that “the first step we must work on during the next period is to improve the reality of investment and to have a single window in granting investment licenses, within days, away from all forms of complexity, and all concerned institutions must support the local labor market.” To that, the British newspaper The Daily Telegraph expected an increase in demand for oil to its highest levels, bringing the price of a barrel to $ 150 during the next five years.

The newspaper stated in a report, that oil appears on the cusp of a new golden age during the next few years, when global demand for crude will reach its peak, but at the same time it warned that the rise in prices to their highest levels ever could accelerate the pace of the shift to electric cars and reduce investment. at Prospecting.

She indicated that oil prices have witnessed a noticeable increase since the start of the easing of the closure restrictions caused by the Corona epidemic, and with the activation of plans to distribute vaccines globally and the emergence of gradual indicators of economic recovery, and indeed the energy market sentiment has improved with the reopening of factories in China and Japan, and the high demand for fuel in Europe.  LINK

Saleh: Iraq Is On The Brink Of An Economic Recovery

Money  and business   Economy News _ Baghdad  The Advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Saturday, that Iraq is on the brink of economic recovery, indicating that the Supreme Committee for Reform has important decisions to advance the public and private sectors.

In an interview with Al-Sabah newspaper and followed by Al-Eqtisad News, Saleh explained that Iraq is on the edges of economic recovery at present in two areas.

The first is that there is a tangible agricultural boom that will achieve growth in non-oil GDP in the year 2021 by more than 4%, which is increasing by a Approximately one and a half times the population growth, and the second scope is the boom in the energy demand sector in the world.

Oil prices have gradually recovered, which is a positive sign and strengthens the country’s general financial capacity.

Saleh stressed the need to deal with this matter with great caution, by laying a basis for sustainable development and reducing economic shocks, and pointed out that the international community supporting Iraq through the International Financial Alliance team that was established months ago expressed its desire to support the established principles of sustainable growth in the economy As expressed in the white paper recently approved by the Council of Ministers, establishing a blueprint and an institutional entity (for economic reform), which is the linchpin of this developmental sustainability.

He added that the formation of the Supreme Committee for Reform, which will have decisive and radical executive decisions to promote the productive, investment and operational activity in the public and private sectors, will be supported by a large international presence represented by the multilateral international financial institutions and the Group of Seven major industrialized countries, pointing out that the availability of national and international will will be embodied in participation in reconstruction Establishing the country’s reform and transformation team from (crisis economy) to (construction economy and sustainable development), to be the cornerstone of the economic transition for development.

Iraq Is The Fifth In The World And The Second In The Arab World In Oil Reserves

Time: 02/21/2021 11:36:30 Read: 845 times  {Baghdad: Al Furat News} Iraq ranked fifth in the world and second in the Arab world in terms of the most countries possessing oil reserves for the year 2021, according to the GFP global classification institution

The Corporation stated in a report for the year 2021 that “Iraq’s reserves of crude oil amounted to 148 billion 800 thousand barrels, and thus it ranks fifth in the world after each of Venezuela, which ranked first with an amount of 302 billion 300 million barrels out of 92 countries that possess oil reserves, followed by Saudi Arabia comes second, with an amount of 266 billion 200 million barrels, then Canada comes in third place, with an amount of 170 billion 500 million barrels, followed by Iran in fourth place with 157 billion 200 million barrels.

She added, “Iraq ranked second in the Arab world after Saudi Arabia as the largest oil reserve. Kuwait comes third in the Arab world with 101 billion and 500 million barrels, and then the United Arab Emirates comes fourth with 97 billion and 800 million barrels.”

She pointed out that “Ethiopia was the country with the least oil reserves, with reserves amounting to 428 thousand barrels, preceded by Morocco 684 thousand barrels, preceded by Jordan with one million barrels.” Forgiveness Al-Khalidi   So… Iran is first in the Persian worldالعراق-الخامس-عالميًا-والثاني-عربيًا-من-حيث-حجم-احتياطي-للنفط