Iraq, Switzerland Discuss Efforts to Recover Smuggled Assets
By John Lee.
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)
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