Iraq Economic News and Points To Ponder Wednesday Afternoon 8-27-25
Estimated At $500 Billion, Legal Researcher: Recovering Smuggled Iraqi Funds Is Possible Through International Agreements.
Wednesday, August 27, 2025, | Politics Number of reads: 149 Baghdad / NINA / Legal researcher Ali Al-Tamimi confirmed that Iraq has the legal paths and international agreements that allow it to recover the money smuggled out of the country, estimated at $500 billion.
Al-Tamimi said in a statement, "The 2005 United Nations Anti-Money Laundering Convention on the recovery of smuggled funds stipulated in Articles (55 and 56) clear mechanisms for recovery, and Iraq signed it by Law No. (35) of 2007," indicating that "these funds are estimated at $500 billion."
He added, "There are about $65 billion in the US Federal Reserve that belong to the former regime and are the property of the Iraqi people, and Iraq can claim them according to Article (28) of the 2008 Iraqi-American Strategic Agreement, which allows Iraq to request economic assistance from the United States."
Al-Tamimi pointed out that "Article (50) of the United Nations Charter allows countries fighting parties under Chapter VII to request economic assistance from the Security Council. Britain and France have announced their readiness to provide assistance, and Iraq has already fought ISIS, which is listed under Chapter VII pursuant to Security Council Resolution No. 2170 of 2014."
He continued, "Iraq has exited Chapter VI of the United Nations Charter after fully paying the financial dues with Kuwait, which amounted to $4.5 billion, but the continuation of political, security and economic crises may lead to the Security Council returning to placing Iraq under international trusteeship, i.e. Chapter VII."
Al-Tamimi pointed out that "countries such as the Philippines, Nigeria, Algeria and Egypt have succeeded in recovering their smuggled funds under the aforementioned agreement, in coordination with the United Nations and the countries in which these funds were deposited, and this is a passable path for Iraq as well." https://ninanews.com/Website/News/Details?key=1248744
Congress Expresses The US Administration's Desire For Close Cooperation With Iraq To Achieve Stability In The Region.
Local A US congressional delegation expressed, on Wednesday, the US administration's desire for close cooperation with Iraq to achieve stability in the region.
The Prime Minister's media office said in a statement, "Prime Minister Mohammed Shia al-Sudani received, today, Wednesday, a delegation from the US Congress, including two members of the House of Representatives: Darin Lahoud from the Republican Party, and Steve Cohen from the Democratic Party, where they discussed developing bilateral relations and ways to enhance them in various fields."
The Prime Minister welcomed the visiting delegation's visit to Baghdad and commended their efforts to strengthen bilateral relations, particularly within the framework of the Strategic Framework Agreement. He also stressed Iraq's keenness to enhance joint cooperation with the United States, particularly in the fields of energy and investment.
The situation in the region was reviewed, with the Prime Minister pointing to "Iraq's firm and supportive stance toward dialogue to establish security and stability and expand the scope of the relationship to include various sectors."
For their part, the congressional delegation expressed their admiration for "the progress achieved in Iraq in terms of construction and stability, and thanked Iraq for its close cooperation in the fight against terrorism," praising "the level of the relationship between the two countries and considering it an essential relationship for the United States."
They described Iraq as "an important partner," noting the US administration's desire to cooperate closely with Iraq and work with it to achieve stability throughout the region. https://economy-news.net/content.php?id=59313
To Maintain Economic Security, National Security Announces "Qualitative Operations" And Seizes Materials Worth Billions.
Local The National Security Service announced, on Wednesday, the implementation of qualitative operations to combat smuggling, while seizing materials worth billions.
A statement by the service said, "As part of the ongoing efforts to maintain the country's economic security and combat smuggling and illegal imports, the National Security Service, in cooperation with its specialized directorates, carried out a series of qualitative security operations in several governorates, resulting in the seizure of large quantities of smuggled materials that violate legal controls."
The statement added, "The Ports Security Directorate, in cooperation with the Anbar Security Directorate, and based on accurate intelligence information and intensive field follow-up, was able to seize two vehicles loaded with (48 tons) of chicken imported from origins legally prohibited from import, in addition to arresting the drivers and referring them to the competent judicial authorities.
It was also able to thwart an attempt to smuggle a large quantity of prohibited materials, as two large vehicles were seized containing (3,640 cartons of food and food prohibited from import), with three suspects arrested and all seized items referred to the competent authorities."
In Diyala Governorate, security detachments seized two vehicles carrying live chickens with an increase estimated at (3,650 chickens) without a proper veterinary health certificate, and they were referred to the competent authorities based on a proper seizure report, according to the statement.
He continued: "Our apparatus in Kirkuk, in cooperation with the Ports Security Directorate, succeeded in thwarting an aluminum smuggling operation during a thorough inspection campaign, where three transport vehicles carrying (17 tons) of aluminum were seized due to violating the legally specified shipment route, and the vehicles and drivers were handed over to the competent authorities to complete the investigations.
" The Ports Security Directorate in Baghdad carried out "a qualitative security operation that resulted in the seizure of a large shipment of smuggled motorcycles, where a large transport vehicle was seized containing a container inside it containing (400) motorcycles prohibited from import, with the driver arrested and detained pending investigation."
The statement concluded by stressing that "all the aforementioned operations were carried out after obtaining the necessary judicial approvals, and all the seized items and the accused were handed over to the competent authorities to take the necessary legal measures in accordance with the applicable laws." https://economy-news.net/content.php?id=59310
Makiya: Iraq Has The Potential And Opportunities To Become A Global Investment Hub.
Reconstruction and construction Economy News – Baghdad Chairman of the National Investment Commission, Haider Makiya, said on Wednesday that Iraq possesses the potential to become a global investment hub.
This came in a speech he delivered during a workshop held at the Commission's building in the capital, Baghdad, on security and investment.
In his speech, Makiya said that experience has proven that when an investor enters a country, he seeks to ensure the security of his capital, and that security is not only a factor that helps investment, but is also a condition for its existence and continuity.
He added that the Authority is responsible for providing investment opportunities in collaboration with security and executive institutions to protect projects from the laying of the foundation stone until they are operational.
Makiya also emphasized that successful investment cannot thrive in an isolated environment. Rather, we require the cooperation of the entire state and a strategic framework between the security services and executive institutions. https://economy-news.net/content.php?id=59301
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