Experts are demanding the Justice Department to investigate about the frozen funds abroad

Experts are demanding the Justice Department to investigate about the frozen funds abroad

Date: Thursday, 07.19.2012 1:00

 Baghdad / Ahmed Abed Rabbo
demanded among competent jurisdiction, the Justice Department, the need to investigate to know the size of the frozen Iraqi funds abroad while assuring lawmakers the government’s inability to know the size and location of these funds. and called the deputy governor of the Central Bank of the appearance of Mohammed Saleh, Ministry of Justice to speed up the investigation for the issue of frozen Iraqi funds abroad, pointing out that it belonged to a legal issue of Security Council resolution on economic sanctions on Iraq.

Saleh (range): In accordance with Security Council resolution 1483 has frozen Iraqi funds in international banks to deposit these funds in the Development Fund for Iraq, which was established under the same resolution, indicating that the money section of which is ascribed to the Central Bank and the section of other Iraqi banks.
charged in favor of some States to freeze the funds under the threat of Iraq’s debt, pointing out that it did not comply with the recommendations of the Paris Club, which has led to drop most of the debt.
For his part, Chairman of the Economic Commission Ahmed Alwani inability of the government to know the size of Iraqi funds frozen in international banks and places of its existence, calling for a commission of diplomatic to negotiate with international bodies to recover those amounts.
said Alwani, said in press statements that the government does not have sufficient information of the amounts frozen already in the international banks and places of their existence there is no precise calculations determine the final figure of Iraqi funds because most of them secret accounts went with the former regime. He added that the process of recovery of that money needs to be diplomatic effort exceptional work by the government according to the foundations of scientific thought to how to negotiate with international bodies in order to return Iraqi funds, pointing out that some international reports indicate that the volume of funds is very large and which they can enhance the national economy in case retrieval.
He pointed out that the accumulation of Iraq’s debt and increase its value over time and tied the country to item VII things made Iraq is unable to recover his money, he said, adding: assumes that the debtor countries of Iraq to take into account the circumstances of Iraq through the amortization of the debt, but this has not happened yet.
confirmed Finance Committee representative, said earlier that the recovery of Iraq’s assets in international banks face a lot of difficulties and needs further study.
to that suggested the economic expert on behalf of Jamil Antoine formation of committees of legal and financial negotiations with the Council of the International Union for the lifting of restrictions on Iraqi funds deposited in the international banks and retrieval.
said Antoine including that Iraq is a member of the Organization of the international community is subject to international laws and regulations and can not go against it, referring to the Iraqi funds deposited abroad imposed by the restrictions not to be disposed of by the United Nations require a decision of an international right to dispose of them.
He : that international negotiations are not easy but you need to form committees and have international experience, both from the Central Bank or the Ministry of Finance and legal entities able leadership or power of attorney views international legal jurisdiction over this action to negotiate with the United Nations to lift restrictions on Iraqi funds.
He explained: When the issuance of Iraq UN resolution will be able to recover his money and acting in projects that serve the country and the national economy.
Source: almadapaper

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