Iraqi parliament to vote on bill targeting billions in smuggled funds: lawmaker
Shafaq News/ A lawmaker on Sunday said the Iraqi parliament will soon vote on a key bill crafted to claw back billions of dollars in embezzled funds smuggled out of the country.
"The draft law will be voted on soon," said Alia Nasif, a committee member, speaking to Shafaq News Agency. "Passing the bill will boost the Federal Integrity Commission's efforts to recover illicit funds stashed abroad."
Specific details of the bill remain undisclosed, but Nasif confirmed it establishes a framework for "enhanced cooperation" between the Integrity Commission and government entities. "This collaboration aims to facilitate the retrieval of stolen assets and apprehend corrupt officials on Iraqi arrest warrants," she said.
"The law would streamline the Integrity Commission's ability to forge agreements with other nations," Nasif explained. "These agreements would target the repatriation of smuggled funds and the arrest of corrupt culprits."
The move follows a February 2024 MOU between the Iraqi and Lebanese Integrity Commissions, which facilitates cooperation on recovering illicit funds and extraditing convicts.
Similarly, a May 2023 agreement between the Integrity Commission and the Central Bank aims to unify efforts in tracking wanted individuals and recouping looted and laundered funds.
Corruption continues to plague Iraq, with the exact scale of embezzled funds a matter of contention. Government figures offer conflicting estimates, making a definitive figure elusive.
Former President Barham Salih previously submitted a draft law seeking the recovery of an estimated $150 billion smuggled abroad since 2003. The Integrity Commission, however, has presented a much higher figure, estimating the total amount of embezzled funds at roughly $350 billion – a sum equivalent to 32% of Iraq's national revenue over the past 18 years.
