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Recovery Fund: a new proposal for the return of funds smuggled out of the country
November 20, 2022
Journal(JNA)
The money Recovery Fund in Iraq announced on Sunday a new proposal to return money from abroad, and
while determining the value of the informant's reward from the recovered money, it revealed in figures the funds recovered in four countries over the past recent period.
The deputy chairman of the board of Directors of the fund, Moataz Abbasi, said in an interview with the official agency and followed by the Journal, that
"the Iraq money Recovery Fund was established under the law of the Iraq money Recovery Fund No. 9 of 2012, which was amended by Law No. 7 of 2019, and approved in the House of Representatives," indicating that
“The most important objectives that the fund aims to reach are: the
"the fund is linked based on Article (1) of its law to the Council of ministers and enjoys a moral personality and is represented by the chairman of the board of Directors of the fund or whoever authorizes him,
but the fund's management is represented by a board of directors consisting of: the chairman of the integrity commission as chairman, the Director General of These bodies are: the ministries of foreign affairs, oil, finance, justice and trade, the Central Bank of Iraq, as well as the Federal Office of financial supervision, the Iraqi National Intelligence Service, and the Higher National Commission for accountability and justice,” he said.
Recovery Fund: a new proposal for the return of funds smuggled out of the country
November 20, 2022
Journal(JNA)
The money Recovery Fund in Iraq announced on Sunday a new proposal to return money from abroad, and
while determining the value of the informant's reward from the recovered money, it revealed in figures the funds recovered in four countries over the past recent period.
The deputy chairman of the board of Directors of the fund, Moataz Abbasi, said in an interview with the official agency and followed by the Journal, that
"the Iraq money Recovery Fund was established under the law of the Iraq money Recovery Fund No. 9 of 2012, which was amended by Law No. 7 of 2019, and approved in the House of Representatives," indicating that
“The most important objectives that the fund aims to reach are: the
- recovery of all financial rights of the Republic of Iraq obtained by third parties (Iraqis and foreigners) illegally, as a result of the misuse of the oil-for-Food Program, the blockade, smuggling, economic sabotage or the exploitation of sanctions imposed on Iraq at the time; to
achieve financial gains at the expense of the Iraqi people, and
Any compensation incurred by the Republic of Iraq as a result of any legitimate and recognized decision”. He added that
"the fund is linked based on Article (1) of its law to the Council of ministers and enjoys a moral personality and is represented by the chairman of the board of Directors of the fund or whoever authorizes him,
but the fund's management is represented by a board of directors consisting of: the chairman of the integrity commission as chairman, the Director General of These bodies are: the ministries of foreign affairs, oil, finance, justice and trade, the Central Bank of Iraq, as well as the Federal Office of financial supervision, the Iraqi National Intelligence Service, and the Higher National Commission for accountability and justice,” he said.
