$500 billion smuggled outside Iraq, expert says

On Wednesday, the activities of the International Conference for the returning of Iraq's smuggled money began in Baghdad, under the auspices of the Iraqi Prime Minister, Mustafa Al-Kadhimi, and with international participation, and will continue for two days.

Legal expert Dr. Ali Al-Tamimi told PUKmedia, "there is an agreement for the year 2005 regarding the returning of the smuggled money in accordance with Articles 55 and 56, which defines ways to recover the smuggled money, and Iraq signed it in 2007," pointing out that "the value of the smuggled money outside Iraq is estimated at 500 billion dollars."

"The US Federal Bank has 65 billion dollars belonging to the Iraq's previous regime, which belongs to the Iraqi people. Therefore, Iraq can return this money in accordance with Article 28 of the Iraqi-American Strategic Agreement of 2008, which allows Iraq to request economic assistance from the US," Al-Tamimi added. 

He also indicated that Iraq has fought ISIS under Chapter VII under Resolution 2170 of the Security Council; therefore according to Article 50 of the Charter of the United Nations, countries that fight parties under Chapter VII may request economic assistance from the Security Council, and so far Britain and France have announced their readiness to help. 

He stressed that Iraq is still under Chapter VI of the UN Charter because of its financial assets with Kuwait worth 4 and a half billion dollars.



PUKmedia