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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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The most prominent of what was included in the draft law on the recovery of proceeds of corruption s

rocky
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The most prominent of what was included in the draft law on the recovery of proceeds of corruption s Empty The most prominent of what was included in the draft law on the recovery of proceeds of corruption s

Post by rocky Sun 23 May 2021, 8:03 am

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Today, Sunday, the Presidency of the Republic announced the most prominent contents of the draft law on "recovering the proceeds of corruption" submitted by the President of the Republic, Barham Salih, to the Parliament .
And the Presidency of the Republic said in a statement received by the Iraqi News Agency (INA): "The law includes all Iraqi state officials who have assumed the highest positions most vulnerable to corruption, and from 2004 until now, from the rank of director general and above, and the competent financial authorities prepare a documented list of occupants." These positions during the past 17 years. "
She added that "the law aims to recover the following funds inside and outside Iraq: money and criminal proceeds in any corruption crime, or property equivalent to its value, revenues and benefits derived from the proceeds of a corruption crime and the property that was transferred to it, exchanged with it or mixed with it." 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 of this law’s entry into force, and updating them annually. The Central Bank of Iraq, with its uncles on the financial institutions, conducts audits.
The presidency continued that "the investigation and investigation of corruption funds also includes members of the officials' families, friends and close associates who have any kind of political or commercial relationship, as well as those with influence, who are the people who have influence in decision-making within the state's facilities and agencies." Submitting a written declaration within 60 days to authorize the Iraqi Commission of Integrity and Courts to request information from the countries in which they have bank accounts, as this is considered an acknowledgment by them to lift the confidentiality of their assets for the Iraqi official authorities and the countries in which the bank accounts are located, otherwise after 60 days he is considered resigned from his job ".
 The Presidency stated that "the Integrity Commission, based on the availability of evidence and in coordination with the Intelligence Service and the Office of Financial Supervision, has the right to investigate financial transactions, transfers, and properties within and outside Iraq for those covered by this law to investigate their sources and the nature of their influence in decision-making within the state's authorities and agencies and to pursue any corruption crimes that emerge as a result of investigations." .
 The presidency affirmed "the formation of investigation and investigation teams between the Ministry of Foreign Affairs, the Intelligence Service, the Integrity Commission, the Central Bank of Iraq and the Office of Financial Supervision, in cooperation with countries to investigate the money smuggled abroad and the corrupt, and to collect information and documents about the funds of Iraqis in these countries who held high positions in Iraq." Pointing out that "the Ministry of Foreign Affairs, and through the ministries and relevant 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."
The presidency stressed "contracting with discreet international investigation companies in order to investigate Iraq's money smuggled abroad and their returns", pointing to the need "for financial institutions to notify the Central Bank of Iraq with lists prepared for financial transactions whose value exceeds 500 thousand US dollars in order to conduct investigations about them." ".
She emphasized that "Iraqi financial institutions, under the supervision of the Central Bank, are obligated to verify customers to determine the identity of the owners of the funds deposited in accounts whose value exceeds one million dollars," noting that "the cancellation or termination of any contract or investment license that is concluded based on bribery or the exploitation of influence, or any other." An act of corruption. "
She explained that "to encourage reporting of corruption, a financial reward of up to 5% of the value of the corruption crime is granted to the informant who provides information on a crime that leads to the recovery of corruption money." She added that "penalties for those convicted of corruption crimes include confiscation and dispossession of all their movable and immovable property, and documents." And legal instruments. "
She pointed out that "the death of the accused of corruption or the expiration of the period of the legal case does not prevent his lack of responsibility for the crime and may not be pardoned, and his property and money are subject to penalties accusing him of corruption."
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