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Fund Act to recover Iraq's money
Monday January 23, 2012
Behalf of the people
Presidency
Based on what passed the House and endorsed by the President of the Republic and the provisions of item (I) of Article (61) and item (iii) of Article (73) of the Constitution,
Issued the following law:
No. () of the 2012
Law
Redemption Fund money Iraq
Article 1 - -
Establish a fund linked to the Council of Ministers called (Fund refund of Iraq) has a legal personality and is represented by Chairman of the Fund or his nominee.
Article - 2 -
The Fund aims to recover the financial rights of the Republic of Iraq, all obtained by others (of Iraqis and foreigners) illegally as a result of the misuse of oil for food program Oalhsar Owaltherib or economic sabotage or exploitation of the sanctions imposed on Iraq at the time for financial gain at the expense of the Iraqi people and the receipt of any compensation effect of the Republic of Iraq by any decision is legitimate and recognized.
Article 3 - -
The fund is managed by the Board of Directors consists of the following:
First - A agents and the Ministry of Finance nominated by the Minister of Finance Chairman
Second - a representative of the ministries and the following parties of not less than the functionality of any of them for a general manager named by the Minister or the President of the competent authority. Members of the
A. Ministry of Foreign Affairs.
B. Ministry of Planning.
C. Oil Ministry.
D. Ministry of Justice.
E. Ministry of Health.
And. And the Ministry of Commerce.
G. CBI.
H. BSA as a control.
Article - 4 -
The Board shall perform the following functions:
First - Management of the Fund in accordance with the objectives set for it.
Secondly - the use of those who deemed appropriate specialists from inside and outside Iraq, and his contract and determine which grant bonuses to them.
Thirdly - the proposal to hold international agreements with countries or regional and international organizations with regard to achieving the objectives of the Fund.
IV - the use of all means of communication to implement the tasks entrusted to him.
V - the establishment of civil and criminal inside or outside Iraq on the natural and juristic persons and appointment of counsel from inside or outside Iraq.
VI - exempt offenders cooperating with the Fund of the amounts resulting from discharged at a rate not exceeding (50%) fifty percent and up to (250,000) two hundred and fifty thousand dollars of the money recovered up to a maximum aggregated and approval of the Council of Ministers for more than that.
VII - Installment amounts recovered and agreed to no more than four installments within a period not exceeding (6) six months from the date of the agreement to meet guarantees.
VIII - to set off dues with collaborators in the various Iraqi constituencies agreed the amounts not to exceed the percentage set forth in item (vi) of this Article.
IX - to open an account is closed or more banks inside or outside Iraq on behalf of the Ministry of Finance for the deposit of revenue received by the Fund.
X. - Develop instructions and controls and the mechanism for recovery of funds and settlement, including the modeling of the Declaration on the establishment of the Fund and the application provided by the collaborators, information and documents and the required data regarding the violation and the amount of money.
Eleventh - give a reward to the informant, including not more than (10%) ten percent of the money recovered and no more than (250,000) two hundred and fifty thousand dollars.
Article - 5 -
The fund is composed of the following:
First - the Audit Committee and the investigation
The employee entitled under the chairmanship of Director General of the Office of Financial Supervision and the membership of representatives from the Ministry of Foreign Affairs and the Ministry of Justice and the Central Bank of Iraq of not less than the function of either an expert or manager and specialists and the following tasks:
A - received requests from interested in cooperation with the Fund of the bodies covered by the scope of work, and offenders and informants, study and request documents that reinforce it.
B - the use of the information available from different sources (internal and external) to identify natural and juristic persons suspected of doing illegal actions toward Iraq and that fall within the scope of the Fund's work and report to the Committee of the settlement.
C - evaluation disclosed Applicants and offenders and the Iraqi stock of money obtained illegally and determine the amounts due and the recovery of the approval.
D - Submission of proposals to the Commission for the settlement of each application separately that the proposal includes a clear and explicit and reasoned a settlement or not.
E - Audit of the Iraqi debt is the subject of scrutiny bodies and submission of proposals to the Commission that settlement.
And - participate in talks with Iraq's debt agencies and related companies and to fund non-payment of debt without the approval of the Fund.
G - coordination with the Iraqi authorities and non-Iraqi regarding debt settlement requests submitted by collaborators, or any fees required by the Fund's work.
II - Commission for the settlement and an employee entitled under the chairmanship of Director General of the Ministry of Finance and the membership of representatives from the Iraqi Central Bank and the board and they shall be a degree of integrity and General Manager of the following tasks:
A - study of the proposals made by the Audit Committee investigation and refund requirements apply to requests for collaborators.
B - Issuing decisions amounts to be recovered and propose a method for recovery and make recommendations to the Governing Council.
C - a proposal to take the following actions on non-collaborators and presented to the Board of Directors:
1. File a civil lawsuit or criminal.
2. Request for a name in the black list.
3. Request movable and immovable property according to law.
4. Request for seizure or confiscation of benefits and insurance departments of the State in accordance with the law.
5. Publish the names of offenders and details of the violations on the international information network (Internet).
6.'s Proposal required the privileges granted to the collaborators of the Fund set forth in item (vi) of Article (4) of this Act.
7. To review the proposals of the Audit Committee investigation and its repeal or modify, and when the objection raised to the proposals of the Board and his decision shall be final.
Thirdly - the GEF Secretariat
The number of staff designated by the President of the Council and to work unload it and do the following tasks:
A - Applications should be submitted to the Fund, review, and forwarded to the Board and record-keeping and documentation.
B - of doing business, financial and administrative coordination between the Council and Committees.
C - the fund's budget proposal and bank reconciliations.
D - the preparation of accounts of the Fund in accordance with the accounting system of government and submitted to the Board on or before 31 / 1 of the year and the subsequent maintenance of records of assessments of the system in question.
Article - 6 - may not be combined membership of the Audit Committee investigation and the Committee for settlement.
Article - 7 - the Board of the Fund's management report every (6) six months to the Council of Ministers.
Article 8 - - determine the instructions issued by the Minister of Finance meetings of the Board of Directors of the Fund and the quorum to take place and how to make decisions and recommendations and its work.
Article - 9 - the Finance Minister to issue instructions and internal systems to facilitate the implementation of the provisions of this law.
Article - 10 - This law shall be the date of publication in the Official Gazette.
Article - 11 - continue to fund the recovery of money Iraq and compensations duties entrusted to him enjoying legal personality and until the completion of its work.
Article - 12 - do not spend the financial rewards only after the deposit of assets recovered as a result of the information available in the Development Fund for Iraq or any other account is created to take over the assets by the Iraqi state assets, or assets of the former regime.
The reasons
For the recovery of the financial rights of the Republic of Iraq, all obtained by non-Iraqis and foreigners illegally as a result of the misuse of oil for food program and the economic blockade, smuggling and sabotage. Initiated this law.
[You must be registered and logged in to see this link.]
Monday January 23, 2012
Behalf of the people
Presidency
Based on what passed the House and endorsed by the President of the Republic and the provisions of item (I) of Article (61) and item (iii) of Article (73) of the Constitution,
Issued the following law:
No. () of the 2012
Law
Redemption Fund money Iraq
Article 1 - -
Establish a fund linked to the Council of Ministers called (Fund refund of Iraq) has a legal personality and is represented by Chairman of the Fund or his nominee.
Article - 2 -
The Fund aims to recover the financial rights of the Republic of Iraq, all obtained by others (of Iraqis and foreigners) illegally as a result of the misuse of oil for food program Oalhsar Owaltherib or economic sabotage or exploitation of the sanctions imposed on Iraq at the time for financial gain at the expense of the Iraqi people and the receipt of any compensation effect of the Republic of Iraq by any decision is legitimate and recognized.
Article 3 - -
The fund is managed by the Board of Directors consists of the following:
First - A agents and the Ministry of Finance nominated by the Minister of Finance Chairman
Second - a representative of the ministries and the following parties of not less than the functionality of any of them for a general manager named by the Minister or the President of the competent authority. Members of the
A. Ministry of Foreign Affairs.
B. Ministry of Planning.
C. Oil Ministry.
D. Ministry of Justice.
E. Ministry of Health.
And. And the Ministry of Commerce.
G. CBI.
H. BSA as a control.
Article - 4 -
The Board shall perform the following functions:
First - Management of the Fund in accordance with the objectives set for it.
Secondly - the use of those who deemed appropriate specialists from inside and outside Iraq, and his contract and determine which grant bonuses to them.
Thirdly - the proposal to hold international agreements with countries or regional and international organizations with regard to achieving the objectives of the Fund.
IV - the use of all means of communication to implement the tasks entrusted to him.
V - the establishment of civil and criminal inside or outside Iraq on the natural and juristic persons and appointment of counsel from inside or outside Iraq.
VI - exempt offenders cooperating with the Fund of the amounts resulting from discharged at a rate not exceeding (50%) fifty percent and up to (250,000) two hundred and fifty thousand dollars of the money recovered up to a maximum aggregated and approval of the Council of Ministers for more than that.
VII - Installment amounts recovered and agreed to no more than four installments within a period not exceeding (6) six months from the date of the agreement to meet guarantees.
VIII - to set off dues with collaborators in the various Iraqi constituencies agreed the amounts not to exceed the percentage set forth in item (vi) of this Article.
IX - to open an account is closed or more banks inside or outside Iraq on behalf of the Ministry of Finance for the deposit of revenue received by the Fund.
X. - Develop instructions and controls and the mechanism for recovery of funds and settlement, including the modeling of the Declaration on the establishment of the Fund and the application provided by the collaborators, information and documents and the required data regarding the violation and the amount of money.
Eleventh - give a reward to the informant, including not more than (10%) ten percent of the money recovered and no more than (250,000) two hundred and fifty thousand dollars.
Article - 5 -
The fund is composed of the following:
First - the Audit Committee and the investigation
The employee entitled under the chairmanship of Director General of the Office of Financial Supervision and the membership of representatives from the Ministry of Foreign Affairs and the Ministry of Justice and the Central Bank of Iraq of not less than the function of either an expert or manager and specialists and the following tasks:
A - received requests from interested in cooperation with the Fund of the bodies covered by the scope of work, and offenders and informants, study and request documents that reinforce it.
B - the use of the information available from different sources (internal and external) to identify natural and juristic persons suspected of doing illegal actions toward Iraq and that fall within the scope of the Fund's work and report to the Committee of the settlement.
C - evaluation disclosed Applicants and offenders and the Iraqi stock of money obtained illegally and determine the amounts due and the recovery of the approval.
D - Submission of proposals to the Commission for the settlement of each application separately that the proposal includes a clear and explicit and reasoned a settlement or not.
E - Audit of the Iraqi debt is the subject of scrutiny bodies and submission of proposals to the Commission that settlement.
And - participate in talks with Iraq's debt agencies and related companies and to fund non-payment of debt without the approval of the Fund.
G - coordination with the Iraqi authorities and non-Iraqi regarding debt settlement requests submitted by collaborators, or any fees required by the Fund's work.
II - Commission for the settlement and an employee entitled under the chairmanship of Director General of the Ministry of Finance and the membership of representatives from the Iraqi Central Bank and the board and they shall be a degree of integrity and General Manager of the following tasks:
A - study of the proposals made by the Audit Committee investigation and refund requirements apply to requests for collaborators.
B - Issuing decisions amounts to be recovered and propose a method for recovery and make recommendations to the Governing Council.
C - a proposal to take the following actions on non-collaborators and presented to the Board of Directors:
1. File a civil lawsuit or criminal.
2. Request for a name in the black list.
3. Request movable and immovable property according to law.
4. Request for seizure or confiscation of benefits and insurance departments of the State in accordance with the law.
5. Publish the names of offenders and details of the violations on the international information network (Internet).
6.'s Proposal required the privileges granted to the collaborators of the Fund set forth in item (vi) of Article (4) of this Act.
7. To review the proposals of the Audit Committee investigation and its repeal or modify, and when the objection raised to the proposals of the Board and his decision shall be final.
Thirdly - the GEF Secretariat
The number of staff designated by the President of the Council and to work unload it and do the following tasks:
A - Applications should be submitted to the Fund, review, and forwarded to the Board and record-keeping and documentation.
B - of doing business, financial and administrative coordination between the Council and Committees.
C - the fund's budget proposal and bank reconciliations.
D - the preparation of accounts of the Fund in accordance with the accounting system of government and submitted to the Board on or before 31 / 1 of the year and the subsequent maintenance of records of assessments of the system in question.
Article - 6 - may not be combined membership of the Audit Committee investigation and the Committee for settlement.
Article - 7 - the Board of the Fund's management report every (6) six months to the Council of Ministers.
Article 8 - - determine the instructions issued by the Minister of Finance meetings of the Board of Directors of the Fund and the quorum to take place and how to make decisions and recommendations and its work.
Article - 9 - the Finance Minister to issue instructions and internal systems to facilitate the implementation of the provisions of this law.
Article - 10 - This law shall be the date of publication in the Official Gazette.
Article - 11 - continue to fund the recovery of money Iraq and compensations duties entrusted to him enjoying legal personality and until the completion of its work.
Article - 12 - do not spend the financial rewards only after the deposit of assets recovered as a result of the information available in the Development Fund for Iraq or any other account is created to take over the assets by the Iraqi state assets, or assets of the former regime.
The reasons
For the recovery of the financial rights of the Republic of Iraq, all obtained by non-Iraqis and foreigners illegally as a result of the misuse of oil for food program and the economic blockade, smuggling and sabotage. Initiated this law.
[You must be registered and logged in to see this link.]
