Al-Kazemi's advisor proposes issuing a law to return "expatriate funds" to Iraq

[yota691]

The financial advisor talks about 'leaps' that have been achieved in protecting and recovering public money

2022.04.08 - 11:51

 

Baghdad - people  

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, on Friday identified two main national bodies working to protect public money and address financial crimes, while declaring that "great leaps" have been made in protecting and recovering public money.  

  

 

  

Saleh said in a statement to the official agency, followed by "Nass" (April 8, 2022), that "there are two main national bodies working to protect public money and address financial crimes: the first is the Money Recovery Fund and it has a higher council headed by the head of the National Integrity Commission, which is the important council that resumed His work is under Law No. 7 of 2019, which represents the first amendment to the Funds Recovery Fund Law No. 9 of 2012.  

He added that "the new law obligated the government, when concluding investment and economic agreements with any country that has Iraqi funds covered by the provisions of this law, to conclude agreements with those countries to recover those funds, in addition to the international cooperation drawn by the map of the United Nations Convention against Corruption and approved nationally," noting that "The council has made great strides in the past in its work in protecting and recovering public money."  

He continued: "The second main body is the Office for Combating Money Laundering and Crime and Terrorism Funds, which operates according to Law No. 39 of 2015, and it is a specialized entity that represents the National Financial Intelligence Unit and has agencies spread in the Iraqi banking and financial activity and a Supreme Council that draws up its policies, regulations, and regulatory and supervisory instructions headed by Governor of the Central Bank of Iraq.  

He explained that "the office enjoys international links through its important membership in the International Financial Action Organization, and it addresses suspicious transactions and prosecutes financial crimes at the regional and international levels, without neglecting effective cooperation with economic crime-fighting agencies."  

[yota691]

To enhance the investment map

Al-Kazemi's advisor proposes issuing a law to return "expatriate funds" to Iraq

2022.05.02 - 22:01

 

  

Baghdad - people  

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, stressed, on Monday, the importance of issuing legislation or a law that encourages the return of Iraqi expatriate capital to the interior, to benefit from it in the investment map.  

 

  

Saleh said, in a statement to the official agency, followed by "Nass", (May 2, 2022), that "the phenomenon of the exit of Iraqi capital and its settlement in its investment strongholds outside Iraq came according to a long history that extends back to the fifties of the last century, and the leakage of funds was done in invisible ways. By inflating the import values through bank credits to wealthy importers, but on a very small scale.  

  

And he continued, "The situation has continued by various illegal means over the years, political conditions, crises, long wars and economic siege, as Iraqi law historically did not allow Iraqi private sector investment abroad at all, which encouraged the phenomenon of flight."  

  

The financial advisor explained, "Due to the abolition of restrictions on external transfer under the Central Bank of Iraq Law No. 56 of 2004 and the liberalization of the current account of the balance of payments in particular, economic freedom after 2003 allowed the leakage of a lot of money to invest outside the country with wide freedom and settlement in environments that may have low returns. But the security is relatively high, without the availability of sufficient and explicit legal texts that prevent the leakage of capital outside the country or the existence of explicit texts that allow the exit of national capital for the purpose of investing outside the country, especially after this was permitted by Article (28/b) of the Central Bank of Iraq Law No. 56 For the year 2004, which stipulated: (the simple unconditional purchase or sale (cash or forward) of foreign exchange).  

  

And Saleh stated, "Thus, those funds that left the country without legal prosecution are considered national (expatriate) capital whose proceeds have been invested in various aspects of investment in assets or assets outside the country and for different years and enjoy the legal status in their foreign investment sites and are subject to the controls and conditions of the jurisdiction and legal area in Countries of foreign settlement, but unfortunately they are cut off from their mother country Iraq, and they are excluded from the funds that the Iraqi state is currently pursuing based on the provisions of the Iraq Funds Recovery Fund Law No. 7 of 2019 amending Law No. 9 of 2012 on looting public money, as well as excluding funds that are subject to the law Combating Money Laundering, Crime Funds and Terrorism No. 39 of 2015".  

  

The financial advisor added, "In order to return Iraqi expatriate investments abroad, it is appropriate to issue a legislation or law that encourages the return of Iraqi expatriate capital to the interior to find its way in the investment map in Iraq and to advance the development of our country, provided that it provides full legal protection for it and enjoys the same privileges that The foreign investor obtains it through the effective investment law, as well as the enjoyment of all protective legal rights,” noting that “Iraq is organized under the International Convention for the Protection of Foreign Investments, specifically the International Investment Guarantee Agency known as “MIGA” and it is one of the agencies affiliated with the World Bank Group.  

  

Saleh stressed, "The necessity of the birth of a semi-official entity to represent (the Investment Board for Iraqi Expatriates) to establish the best relations with the Iraqi expatriates to invest their money in their country of Iraq, whether real or financial investment and with the various assets that will be allowed by the Iraqi expatriate capital investment law, which we propose to issue."  

[yota691]

Where does the excess oil price differentials go?

 

money and business Economy News - Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified, on Tuesday, two directions for disbursing the expenses obtained from the increase in oil revenues due to the increase in oil prices globally in the 2022 budget.   Saleh said in a statement to the official news agency, "The expenditures obtained from the increasing revenues from oil revenues will be spent on a budget with an expansionary pattern in two directions, and the priority will be on three areas: the poor classes, food security and income-generating investment projects."   He added, "The first trend goes towards strengthening operational spending towards addressing the problems of poverty and poor classes, especially by supporting social welfare programs to include in their ranks the poorest segments to be integrated into the welfare programme, in addition to expanding the ration card work program and supporting grain producers for food security purposes."   He pointed out that "the other direction will be a shift towards income-generating investment projects that operate with productivity packages within strong investment payments."   He continued, "This will be evident in the budget law for the year 2022, and the preparation of the 2023 budget, in order to maintain economic growth that exceeds population growth and enhances job opportunities and prosperity in the national economy."

Views 439   Date Added 05/03/2022