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[size=36]The most prominent of what is included in the draft law to recover proceeds of corruption?[/size]
Political| 01:48 - 23/05/2021
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BAGHDAD - Mawazine News
The Presidency of the Republic announced, on Sunday, the most prominent aspects of the text of the draft law on "recovering the proceeds of corruption."
The draft is as follows:
- All Iraqi state officials who have assumed the highest positions most vulnerable to corruption are subject to the procedures of this law.
- The law aims to recover the following funds inside and outside Iraq.
- The Integrity Commission provides the Central Bank of Iraq with a list of high-ranking office holders, their family members and people close to them within three months from the date this law comes into force, and updates it annually
- The investigation and investigation of corruption funds also includes members of the officials ’families, friends and close associates.
- Holders of senior positions must submit a written declaration within 60 days to authorize the Iraqi Commission of Integrity and Courts to request information from countries in which they have bank accounts, otherwise, after the lapse of 60 days, he shall be deemed to have resigned from his post.
Forming investigation and investigation teams between the Ministry of Foreign Affairs, the Intelligence Service, the Integrity Commission, the Central Bank of Iraq and the Board of Financial Supervision, in cooperation with countries, to investigate money smuggled abroad and the corrupt, and to collect information and documents on the funds of Iraqis in these countries who held high positions in Iraq.
- The Ministry of Foreign Affairs, and through the relevant ministries and bodies, is laying down a plan to conclude bilateral agreements with countries to recover Iraqi funds smuggled abroad and their returns and the corrupt and hand them over to the Iraqi authorities.
- Contracting with discreet international investigation companies to investigate Iraq's funds smuggled abroad and their returns.
Financial institutions shall notify the Central Bank of Iraq with lists prepared for financial transactions of more than 500 thousand US dollars in order to conduct investigations about them.
- Iraqi financial institutions, under the supervision of the Central Bank, are obligated to verify customers to determine the identity of the owners of funds deposited in accounts valued at more than one million dollars.
Cancellation or termination of any contract or investment license concluded on the basis of a bribe or abuse of influence, or any act of corruption.Ended 29 / A43
- To encourage reporting of corruption, a financial reward of up to 5% of the value of the corruption crime is given to the informant who provides information about Crime Leading to Recovery of Corruption Funds
- Penalties for those convicted of corruption offenses include confiscation and dispossession of all their movable and immovable property, legal documents and instruments.
- The death of the accused of corruption or the expiration of the period of the lawsuit does not prevent him from being responsible for the crime and may not be pardoned.
The Presidency of the Republic announced, on Sunday, the most prominent aspects of the text of the draft law on "recovering the proceeds of corruption."
The draft is as follows:
- All Iraqi state officials who have assumed the highest positions most vulnerable to corruption are subject to the procedures of this law.
- The law aims to recover the following funds inside and outside Iraq.
- The Integrity Commission provides the Central Bank of Iraq with a list of high-ranking office holders, their family members and people close to them within three months from the date this law comes into force, and updates it annually
- The investigation and investigation of corruption funds also includes members of the officials ’families, friends and close associates.
- Holders of senior positions must submit a written declaration within 60 days to authorize the Iraqi Commission of Integrity and Courts to request information from countries in which they have bank accounts, otherwise, after the lapse of 60 days, he shall be deemed to have resigned from his post.
Forming investigation and investigation teams between the Ministry of Foreign Affairs, the Intelligence Service, the Integrity Commission, the Central Bank of Iraq and the Board of Financial Supervision, in cooperation with countries, to investigate money smuggled abroad and the corrupt, and to collect information and documents on the funds of Iraqis in these countries who held high positions in Iraq.
- The Ministry of Foreign Affairs, and through the relevant ministries and bodies, is laying down a plan to conclude bilateral agreements with countries to recover Iraqi funds smuggled abroad and their returns and the corrupt and hand them over to the Iraqi authorities.
- Contracting with discreet international investigation companies to investigate Iraq's funds smuggled abroad and their returns.
Financial institutions shall notify the Central Bank of Iraq with lists prepared for financial transactions of more than 500 thousand US dollars in order to conduct investigations about them.
- Iraqi financial institutions, under the supervision of the Central Bank, are obligated to verify customers to determine the identity of the owners of funds deposited in accounts valued at more than one million dollars.
Cancellation or termination of any contract or investment license concluded on the basis of a bribe or abuse of influence, or any act of corruption.Ended 29 / A43
- To encourage reporting of corruption, a financial reward of up to 5% of the value of the corruption crime is given to the informant who provides information about Crime Leading to Recovery of Corruption Funds
- Penalties for those convicted of corruption offenses include confiscation and dispossession of all their movable and immovable property, legal documents and instruments.
- The death of the accused of corruption or the expiration of the period of the lawsuit does not prevent him from being responsible for the crime and may not be pardoned.
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