Iraq calls on the U.S. Treasury to trace and recover its funds during the former regime's era

Baghdad – INA

The Federal Commission of Integrity-FCOI called on the U.S. Treasury to help it track Iraq's funds during the former regime's era.
 
 “FCOI Commissioner, Judge Haider Hanoun, and his accompanying delegation met with U.S. Treasury Deputy Assistant Secretary Jesse Baker to discuss the possibility of concluding a memorandum of understanding between the Iraq Retrieval Fund (IRF) and the U.S. Treasury," stated FCOI in A statement received by the Iraqi News Agency (INA).
 
During the meeting that took place at the headquarters of the US Treasury, Hanoun stressed "Iraq will ask for the U.S. assistance to track Iraqi funds before 2003, associated with the era of the former regime and its associates”, pointing out that “An MOU would help to facilitate this process and remove any obstacles that may exist.”
 
Hanoun added that "Negotiations with the former regime associates would require lifting the U.S. sanctions on the funds that have already been recovered,” praising "the speed of the American side's response in this regard and its pledge of full cooperation per the law ".”.
 
For his part, Jesse Baker noted the cooperation between the U.S. Treasury and the Iraqi Central Bank in combating money laundering and pledged to help the IRF achieve its quest.
It is noteworthy that The IRF was established by Law No. 9 of 2012 (amended) to recover Iraqi funds that were obtained illegally, either through the misuse of the Oil-for-Food Program, the embargo, smuggling, economic sabotage, or the exploitation of sanctions imposed on Iraq at the time.