Iraq, US discuss MoU to trace, recover funds stolen by the former regime

Shafaq News/ The Iraqi anti-corruption commission met with U.S. Treasury Deputy Assistant Secretary Jesse Baker on Sunday to discuss a memorandum of understanding (MOU) between the Iraq Retrieval Fund (IRF) and the U.S. Treasury.

The commission's chairman, Judge Haider Hanoun, said Iraq will ask for the U.S. assistance in tracing and recovering the funds that were stolen by the former regime and its associates prior to the 2003 invasion. He said that an MOU would help to facilitate this process and remove any obstacles that may exist.

Hanoun noted that any negotiations with the former regime's associates would require lifting the U.S. sanctions on the funds that have already been recovered.

Baker, for his part, noted the cooperation between the U.S. Treasury and the Iraqi Central Bank in combating money laundering and pledged to help the IRF achieve its quest.

The IRF was established by Law No. 9 of 2012 (amended) to recover Iraqi funds that were obtained illegally, either through the misuse of the Oil-for-Food Program, the embargo, smuggling, economic sabotage, or the exploitation of sanctions imposed on Iraq at the time.