MP Abdul Amir Najm said on Monday that the government is preparing several important draft laws to send to Parliament in the coming period. One of the main proposals is the Settlement and Recovery Law, which aims to help recover stolen public money and fight financial and administrative corruption.
Najm said Parliament is waiting for the government to submit several draft laws related to financial oversight. He explained that the Settlement and Recovery Law would give oversight and judicial authorities stronger legal tools to track down money smuggled abroad and pursue those responsible for stealing public funds, both inside and outside Iraq.
He added that passing the law would help the government recover stolen money more quickly and return it to the public treasury for use in development projects. It would also close legal loopholes that have allowed corrupt individuals to escape with public funds.
Najm said the Parliamentary Integrity Committee would give priority to laws aimed at fighting corruption and protecting Iraq’s national wealth once they reach Parliament. He also stressed the need for close cooperation between the government and Parliament to pass these laws and protect the public’s money.
Previous official figures showed that final court rulings had ordered the recovery of around $20.48 billion in public funds. The figures also reported that more than $25 million had been recovered internationally over a two-year period.
Iraqi oversight and judicial authorities, along with the Iraqi Funds Recovery Fund, reportedly recovered $379 million from abroad, including $13 million from French banks, $9 million from Italy, and $3 million from Lebanon. Authorities also recovered 19 billion Iraqi dinars inside the country.
Investigations also identified assets and funds under monitoring in neighboring countries, including $1.45 billion in Syria, $700 million in Jordan, and $193 million in Turkey. Rewards ranging from 5% to 10% were offered to people who provided information or helped recover the funds.