Adviser to the President of the Republic: The money recovery law is implemented retroactively and an examination of suspicious wealth


06/03/2021 21:05

  • number of readings 46
  • Section : Iraq

Baghdad / Obelisk: Abdullah Al-Zaidi, Advisor to the President of the Republic, explained, Thursday, June 3, 2021, the reasons behind the introduction of the “Stolen Funds Recovery” law.

Al-Zaidi said in a press statement, “Some provisions of the law are scattered here and there, but they were collected in one paper to achieve benefit from them, and the Ministry of Foreign Affairs will benefit from them and even intelligence.”  

He added: “Whoever has wealth or accumulates and raises suspicion, he must show identification papers, and this does not start with the adoption of the law, but rather from taking office, such as special grades.”  

And he continued, “The law gave the Ministry of Foreign Affairs the opportunity, and even obligated it, to conclude some agreements with other countries, and this power of attorney will be given to the government by the law, meaning that there will be a power of attorney to pursue funds outside or inside Iraq.”  

And he went on: “It is our role to legislate the law and send it to the House of Representatives, as the President of the Republic is the protector of the constitution, and this allows him to follow up on the implementation of laws, and the prime ministers and representatives are the ones who have the authority to implement or follow up on laws.”

And the Presidency of the Republic announced, earlier, the full text of the bill to recover Iraqi funds from abroad.   

The President of the Republic, Barham Salih, said that “the draft law includes subsequent steps to recover corruption funds, and includes supporting financial and supervisory institutions and activating their tools.”      

He added: “Iraq has lost a lot of money because of corruption, with a value of one thousand billion dollars since 2003 due to corruption.”      

He continued, “150 billion dollars have been smuggled from corruption deals abroad since 2003,” noting that “corruption cannot be dealt with locally.”

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