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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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The Iraq Money Recovery Fund announces a proposal to return funds from abroad

rocky
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The Iraq Money Recovery Fund announces a proposal to return funds from abroad Empty The Iraq Money Recovery Fund announces a proposal to return funds from abroad

Post by rocky Sun 27 Nov 2022, 5:24 am

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[size=52]The Iraq Money Recovery Fund announces a proposal to return funds from abroad[/size]

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The Money Recovery Fund in Iraq announced, on Sunday, 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 fund’s board of directors, Moataz Al-Abbasi, said in a press interview, “The Iraq Money Recovery Fund was established according to Iraq Money Recovery Fund Law No. (9) of 2012, which was amended according to Law No. (7) of 2019, and approved by the Council of Ministers.” Representatives,” 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 (Iraqis and foreigners) obtained illegally, as a result of misuse of the oil-for-food program, blockade, smuggling, economic sabotage or Taking advantage of 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 continued, "The Board of Directors of the Fund may seek the assistance of whomever it deems appropriate from 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 recover them in no more than four installments within a period not exceeding (6) six months from The date of the agreement is in exchange for guarantees, and one or more closed accounts are opened 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 in the matter of 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 has the authority 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, and the approval of the Council of Ministers is obtained for more than that, 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.
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.
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, and (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 as soon as the desired goal is reached.[/size]
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