Iraq, Switzerland Discuss Efforts to Recover Smuggled Assets
Iraq's Federal Commission of Integrity (COI) has called on United Nations Convention Against Corruption (UNCAC) member states to enhance legal cooperation in recovering stolen assets and illicit funds.
During a meeting with Swiss Ambassador Daniel Hunn, COI Chairman Dr. Mohammed Ali Al-Lami stressed Iraq's commitment to eradicating corruption and preventing capital flight, noting that recovered funds are essential for development and reconstruction projects.
Al-Lami outlined Iraq's two-pronged approach to asset recovery:
Pre-2003 misappropriations, including illicit gains from the Oil-for-Food Program, sanctions evasion, economic sabotage, and smuggling. Post-2003 corruption proceeds, acquired and transferred abroad by individuals engaged in fraud and embezzlement.
Ambassador Hunn praised Iraq's reconstruction efforts and commitment to combating corruption, affirming Switzerland's readiness to cooperate in recovering stolen assets.
He also acknowledged Iraq's understanding of Swiss legal requirements for asset restitution and confirmed that Swiss authorities are actively working with Iraq to facilitate the repatriation of funds.
(Source: COI)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Iraq Business
19 hours ago
- Iraq Business
RTB Launches Low-Interest Solar Panel Loan Scheme
By John Lee. Erbil-based Region Trade Bank (RTB) has launched a new low-interest loan programme aimed at supporting the installation of solar panels for residential and commercial customers across Iraq. The initiative aligns with the Iraqi government's national decarbonisation strategy and is funded through the Central Bank of Iraq (CBI). The loan scheme offers financing between 7 million and 30 million Iraqi dinars (approximately $4,800-$20,700), with repayment over seven years and an optional six-month grace period. RTB's move is designed to address Iraq's electricity shortages and promote sustainable energy adoption by making solar energy systems more accessible and affordable. RTB CEO Ahmed Nowzad said: " This programme presents a great opportunity to promote sustainable development and diversify the energy sources of the country. At RT Bank, we are committed to supporting our customers in building a greener future while fostering economic growth through innovative financial solutions. " As Iraq continues to face severe electricity shortfalls-particularly during summer months when demand surges-this initiative aims to ease pressure on the national grid and reduce dependence on fossil fuels. Applications for the loans are now open via the government's online portal at with further information available through RTB's local branches. (Source: Region Trade Bank)
Iraq Business
19 hours ago
- Iraq Business
Construction Starts at 1,000 MW Solar Power Project in Basra
By John Lee. The Iraqi Prime Minister has laid the foundation stone for the Shams Al-Basra solar power station, a landmark renewable energy project in Basra with a total generation capacity of 1,000 megawatts. Speaking at the inauguration, Mohammed Shia Al-Sudani highlighted the strategic importance of the project in supporting Iraq's power generation capacity and advancing the country's clean energy goals. He pledged full government support to ensure its timely completion. The solar project forms part of a broader agreement between Iraq's Ministry of Oil and French energy giant TotalEnergies. It will be built over 9,000 dunams [900 hectares; 2,224 acres] of land and comprise 2 million solar panels divided into four units, each generating 250 MW. The facility will also include: A 132 kV transmission network spanning 180 km; A newly built 132 kV substation; Upgrades to two existing ministry-owned secondary substations. The first 250 MW unit is scheduled to come online by the end of this year. Under the contract, TotalEnergies will operate and maintain the plant for 25 years. The project is expected to deliver environmental benefits by reducing air pollution, lowering reliance on fossil fuels, and cutting carbon emissions. It will supply power to three secondary substations across the region. (Source: PMO)
Iraq Business
19 hours ago
- Iraq Business
US Firm in Cybersecurity Partnership to Boost Iraq's Digital Defences
By John Lee. Resecurity, a US-based provider of threat intelligence and cybersecurity, has signed a strategic Memorandum of Understanding (MoU) with Iraq's national Cyber Events Response Team (IQ-CERT), in coordination with ICS Technologies, Resecurity's official distributor in Iraq. According to a press release, the agreement is designed to strengthen Iraq's national cyber defence infrastructure and accelerate the adoption of AI-driven threat intelligence solutions across public and private sectors. Key areas of cooperation include: Deployment of AI and risk management tools tailored for Iraq's cybersecurity ecosystem. Localization of Resecurity platforms to align with Iraq's technical and cultural requirements. Joint initiatives to combat cybercrime, fraud, and abuse of digital identities targeting key institutions and infrastructure. The partnership will be formally launched at a national cybersecurity and defence exhibition in Iraq, showcasing their shared commitment to technological innovation and national digital security. IQ-CERT is a joint national cybersecurity team in Iraq, it is responsible for responding to cyber incidents, securing national digital infrastructure, and supporting cyber awareness across Iraq's public and private sectors. (Source: Resecurity)
