Estimated at $500 Billion... Legal Researcher: Recovering Smuggled Iraqi Funds Is Possible Through Int'l Agreements

Baghdad / NINA /- Legal researcher Ali Al-Tamimi affirmed that Iraq possesses the legal mechanisms and international agreements necessary to recover funds smuggled abroad, estimated at around $500 billion.

Al-Tamimi stated in a press release that “the 2005 United Nations Convention against Money Laundering, which regulates the recovery of embezzled funds, clearly outlines recovery mechanisms in Articles 55 and 56. Iraq ratified this convention under Law No. 35 of 2007.”

He added, “Approximately $65 billion are held in the U.S. Federal Reserve belonging to the former regime and, therefore, to the Iraqi people. Iraq can claim these funds under Article 28 of the 2008 Iraq–U.S. Strategic Agreement, which allows Iraq to request economic assistance from the United States.”

Al-Tamimi also pointed out that “Article 50 of the UN Charter permits countries combating entities under Chapter VII to request economic support from the Security Council. The United Kingdom and France have announced their readiness to provide assistance, while Iraq has indeed fought against ISIS, which is listed under Chapter VII according to UN Security Council Resolution 2170 of 2014.”

He continued, “Iraq exited Chapter VI after fully settling its financial obligations to Kuwait, amounting to $4.5 billion. However, ongoing political, security, and economic crises could lead the Security Council to reconsider placing Iraq under international oversight, i.e., Chapter VII.”

Al-Tamimi noted that “countries such as the Philippines, Nigeria, Algeria, and Egypt have successfully recovered embezzled funds in coordination with the United Nations and the countries holding these funds, a path Iraq can also follow.”/ End