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Effective proposals to recover the “smuggled money”
The first 2023/07/13
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Muhannad Abdel-Wahhab
Specialists demanded that the state move in two directions to recover the smuggled funds, one of which is political to control the internal situation and monitor corruption, and the other is diplomatic to investigate the smuggled funds and invest them in the countries to which they were smuggled, calling for the activation of new agreements with countries of the world to recover the funds and the use of specialized international companies for this complex task.
And a member of the Parliamentary Finance Committee, Mustafa Al-Karawi, stated that “recovering the looted funds requires a great effort from the government, and it has two tracks, political from the Iraqi internal point of view, and the effort and the other track is diplomatic and needs to move the Iraqi Foreign Ministry regarding the file of funds in foreign banks, in addition to pursuing the corrupt.” ".
He added, "The government must activate a special law to hold accountable the corrupt and money smugglers from private companies and corrupt officials," explaining that "if such agreements and cooperation between those countries are activated, this event will reflect positively on the Iraqi reality, and it will be a real shock to the corrupt and smugglers of Iraqi money." It will also reflect positively on the reality of the economy, and therefore on the citizen.”
It is not known precisely the amount of money that was looted and smuggled out of Iraq. While follow-up agencies estimate it at approximately $150 billion, specialists and experts in financial and political affairs say that this money is much more than the previous figure, and that the difficulty of recovering it lies in the fact that it merged and melted in the form of investments in the economics. And the markets of neighboring countries, regional countries and the world.
For his part, the economist, Dr. Safwan Qusai, pointed to the difficulty of tracking smuggled funds outside Iraq, and added, "However, there is cooperation between the Iraqi government and international auditing companies through which this file can be moved," noting that "the existence of a money recovery law and the existence of 5% of The disclosed funds are in favor of companies, so there will be greater cooperation in tracking the movement of funds, especially in countries of the world with which Iraq has cooperation at the level of second relations, and other countries that do not allow dirty money to be within their economies.
Qusai said to "Al-Sabah": "Iraq can invest the smuggled money in those countries if there is difficulty in recovering it, and it can be turned into investments in those countries, especially since we have a real estate market that has grown in Turkey, Jordan, the UAE, Lebanon and other regions in the world." Indicating that "we have to investigate the gender of this money that left Iraq and went to those countries and its connection to internal corruption files, and it is possible to direct international companies to find out the source of funds such as smuggled oil or drug trade and other heavy files that could be a window for investigation and examination."
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