Iraq is preparing to formulate agreements with 3 countries to recover the looted funds

Wednesday, September 29, 2021 | 09:22 AM| Number of readings:

The Ministry of Justice revealed, on Wednesday, a government tendency to conclude agreements with 3 countries, to recover the looted funds, noting that these agreements will be concluded in accordance with the principle of “reciprocity .”The ministry’s spokesman, Ahmed Laibi, said, “The conference to recover the looted funds is the first step in the way to recover these funds, noting that what this conference has resulted in is the tendency to conclude bilateral agreements with some countries that have funds inside Iraq, in exchange for funds demanded by the government.” Iraqi “.He explained that “Iraq is drafting agreements with three countries, namely” Jordan, Egypt and Switzerland”, which include the return of funds and lands seized by the former regime, in exchange for the recovery of frozen Iraqi funds in the name of intelligence figures in these countries .He added, “The move towards recovering these funds comes through the lawsuit offices in the Ministry of Justice and the Fund for Recovering the Funds in the Integrity Commission, amid the desire of the regional and international parties to activate these agreements, ruling out the existence of accurate statistics on the amount of looted funds, ranging from 180 to 350 billion dollars .”The looted funds recovery conference, which was held in the middle of this month, came out with a number of important recommendations, the most prominent of which was the demand for the formation of an international pressure group; To work with the countries that are custodians of looted funds and assets, and whose refusal to cooperate is confirmed, in accordance with the provisions of Chapter V of the UN Convention against Corruption, in addition to the formation of international courts specialized in the issue of recovery, and the issuance of a bulletin on countries that refrain from providing assistance, as well as emphasizing the principle of Good faith in the implementation of international legal obligations in the field of recovering looted funds, and what is required to return illegally obtained funds and assets to the country requesting recovery.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s