How can Iraq recover its funds from abroad? A legal expert explains.
How can Iraq recover its funds from abroad? A legal expert explains.
11-2-2026
Information/Baghdad…
Legal expert Ali Jaber al-Tamimi explained how Iraq can recover its smuggled funds abroad and the mechanisms in place to ensure their return and use within the country.
Al-Tamimi told Al-Maalouma, “The 2003 Anti-Money Laundering Convention, specifically regarding the recovery of smuggled funds, outlines the process for recovering these funds in Articles 55 and 56. Iraq ratified this convention in 2007 under Law No. 35 of 2007.”
He added, “The value of the smuggled funds is estimated at $500 billion. Coordination is possible with the United Nations, as this convention is deposited with the UN under Article 102 of the UN Charter. Coordination is also possible with other countries that hold these funds, as countries like Nigeria, the Philippines, Singapore, Egypt, and Tunisia have done in recovering smuggled money.”
He further stated, “The US Federal Reserve holds $65 billion belonging to the former regime, which is the property of the Iraqi people. Iraq can claim these funds according to Articles 27 and 28 of the 2008 Iraqi-American Treaty.”
He pointed out that “Article 50 of the UN Charter permits states fighting other states or entities or organizations placed under Chapter VII to request economic assistance from the Security Council, and Iraq fought ISIS, a terrorist organization placed under Chapter VII of the UN Charter.”
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