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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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    Recovery Fund: A new proposal for refunds and exemptions of up to $5 million

    Rocky
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    • Post n°1

    Fund - Recovery Fund: A new proposal for refunds and exemptions of up to $5 million Empty Recovery Fund: A new proposal for refunds and exemptions of up to $5 million

    Post by Rocky Sun 20 Nov 2022, 5:57 am

    Recovery Fund: A new proposal for refunds and exemptions of up to $5 million

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    Economy News _ Baghdad
    Today, Sunday, the Money Recovery Fund in Iraq announced a new proposal to return funds from abroad, and while determining the value of the informant’s reward from the recovered money, it revealed in numbers the funds recovered in four countries during the recent period.
    The Deputy Chairman of the Board of Directors of the Fund, Moataz Al-Abbasi, said in an interview with the Iraqi News Agency and its follow-up, "Al-Iqtisad News", that "The Iraq Money Recovery Fund was established according to the Iraq Money Recovery Fund Law No. (9) of 2012, which was amended by Law No. (7). For the year 2019, and it was approved in Parliament,” indicating that “the most important goals that the fund aims to reach are: recovering all the financial rights of the Republic of Iraq that others (both Iraqis and foreigners) obtained illegally, as a result of misuse of the oil-for-food program or the blockade.” Or smuggling, or economic sabotage, or exploiting the sanctions imposed on Iraq at the time, to achieve financial gains at the expense of the Iraqi people, and to receive any compensation due to the Republic of Iraq as a result of any legitimate and recognized decision.
    He added, "The fund is linked, according to Article (1) of its law, to the Council of Ministers and enjoys a legal personality and is represented by the chairman of the fund's board of directors or whomever he authorizes. As for the management of the fund, it is represented by a board of directors consisting of: the head of the Integrity Commission as president, and the general manager of the Recovery Department in the Integrity Commission as a member and vice-chairman In addition to a representative with the rank of Director General of several ministries and entities with specialization as members, and these entities 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 Supreme National Commission for Accountability and Justice. .
    He continued, "The Board of Directors of the Fund may seek the assistance of whomever it deems appropriate from among the specialists from inside and outside Iraq to accomplish tasks, contract with them and determine the rewards granted to them, and it may also propose to conclude international agreements with countries or regional and international organizations regarding achieving the goals of the Fund, and the use of all means of communication." To carry out the tasks entrusted to him, in addition to filing civil and penal lawsuits inside or outside Iraq against natural and legal persons, appointing lawyers from inside or outside Iraq, and paying in installments the amounts agreed upon to be recovered in no more than four installments within a period not exceeding (6) six months from The date of the agreement in exchange for guarantees, and the opening of one or more closed accounts in banks inside or outside Iraq in the name of the Ministry of Finance, to deposit the revenues obtained by the fund, but mostly the fund relies on self-efforts and available expertise that led to the completion of many files.
    He referred to "efforts to conclude international agreements with countries or regional and international organizations regarding achieving the fund's goals and overcoming difficulties, especially legal ones," explaining that "if this is not possible, the government can be obligated when it concludes investment or economic agreements with any country that has funds for Iraq covered by provisions." This law requires concluding agreements with those countries to recover those funds, and this is what was stipulated in Law No. (9 of 2012), which was expressly amended by Article No. (14) of the aforementioned law.
    He pointed out that “the Fund, according to its amended Law No. (9 of 2012), has the power to exempt its collaborators from the amounts owed by them at a rate of (25%) and up to (5) million dollars of the recovered money as a maximum limit, and the approval of the Council of Ministers is obtained for what exceeds that, and on the one hand Another, set-off with the dues of the collaborators with the various Iraqi departments in the amounts agreed upon and not exceeding the percentage stipulated in Article (4 / Sixth) of the Fund Law regarding the exemption of the collaborators,” explaining that “the Board of Directors grants a reward to the informant at a rate of (10%), provided that It does not exceed (5) million dollars of the recovered money, but in the case of multiple informants, the rewards are distributed in specific proportions to each of them, and according to the role of each of them in recovering the money.
    Al-Abbasi stressed, “There is a special committee for auditing, investigation, and investigation stipulated in the Fund Law in Article (5/First) thereof, and it is formed under the chairmanship of an employee with the title of Director General of the Integrity Commission, and the membership of representatives from the Ministry of Foreign Affairs, the Ministry of Justice, the Central Bank of Iraq, the National Intelligence Service, and the Bureau of Supreme Audit. The job of any of them is less than an expert or a manager with specialization. This committee receives requests from those wishing to cooperate with the Fund from the bodies covered in its scope of work and from the violators and informants, and studies them and requests documents that support them, and uses the information available from its various sources (internal and external), to identify Natural and legal persons suspected of carrying out illegal actions towards Iraq, which fall within the scope of the Fund’s work, and submit a report thereon to the Settlement Committee, indicating that “The Fund consists of a Board of Directors, an Audit, Investigation and Investigation Committee, and a Settlement Committee, in addition to the secretarial department. For the purpose of supporting the work of these two committees, supportive technical departments have been created to receive applications, study them, and verify their validity, in order to complete the procedures and recover the funds.
    He continued, "The committee's tasks are wide, arduous, and important at the same time, as its work is represented by investigation and auditing through the investigation department, evaluating what the applicants and violators disclose, counting the Iraqi funds that they obtained illegally, determining the amounts that must be recovered for approval, and submitting proposals to the committee." Settlement for each request separately, provided that the proposal includes a clear and explicit opinion and justification for whether the settlement will be made or not, in addition to “the committee undertakes to audit the Iraqi indebtedness to third parties and the parties subject to audit and submit proposals in this regard, and participate in the indebtedness discussions for Iraq with the entities and companies related to the fund, and work not to Paying debts only after the approval of the fund, and coordination with Iraqi and non-Iraqi authorities regarding debt settlement requests submitted by collaborators or any wages required by the fund's work.
    He pointed out, “The Settlement Committee is responsible for studying the proposals submitted by the Audit and Investigation Committee, applying the requirements for refunding money to the requests of the collaborators, issuing decisions on the amounts required to be recovered, proposing the method of recovery, making recommendations to the Board of Directors, proposing to take several measures against the non-cooperators, and presenting them also to the The council, such as filing civil or penal lawsuits, requesting that the name be put on the black list, seizing movable and immovable funds in accordance with the law, seizing or confiscating dues and insurances with state departments in accordance with the law, publishing the names of violators and details of violations on the international information network (Internet), as well as proposing concessions It is required to be granted to those collaborating with the fund, and to reconsider the proposals of the Audit and Investigation Committee, and it has the right to cancel or amend it. When objecting, the proposals are submitted to the Board of Directors, and its decision is final.
    Regarding the connection of the Iraq Money Recovery Fund to the judiciary and the Integrity Commission, Al-Abbasi stated, “The Judicial Council assigns a judge of the first class to consider cases that are related to the tasks of the Fund. The Director General of the Recovery Department in the Commission, as stipulated in the Fund’s law in Article (3 / First and Second)”, indicating that “the Fund supports the Integrity Commission with the information available to it and which it obtains during the performance of its tasks and duties, in order to recover the funds of Iraq that were smuggled due to corruption after the year 2003.
    And he went on, "The fund's work is accurate and contains confidential information related to funds on the one hand, and the cooperating persons from the violators on the other hand, especially since some personalities have international and national judicial decisions issued against them, so out of concern for the safety of the collaborator and the success of the recovery process procedures are being investigated." Significantly and not revealing the procedures until the recovery stage is approaching. 
    And he added, "The fund's work and the measures taken to achieve its goals in recovering Iraq's money go through stages, and we may need quite short periods of time to complete and be able to recover the funds. (1282) requests, of which (482) were referred, according to the jurisdiction.
    He added, "The fund was able to achieve important and tangible achievements in the past short period, including the fund's recovery of (160,000,000) million US dollars from Switzerland, (20,495,415) US dollars from Germany, (5,447,473) US dollars from Germany as well, and (11,915,440). ) euros from Spain, and (65,102) thousand US dollars from Jordan, in addition to the presence of files in the process of completion, including: more than (185,000,000) million US dollars, in addition to settling claims on Iraq and the last of them with Jordan, as debts were extinguished in the amount of ( 750,000) thousand US dollars, while the fund’s negotiations with the collaborators are in full swing, and we will disclose the results once the desired goal is reached.

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    Added 11/20/2022 - 2:35 PM
    Updated 11/20/2022 - 2:56 PM
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