Iraq contracts auditing firm after 2.53 billion USD disappeared
Iraqi dinars and U.S. dollars. Photo: Al-Ain News
Baghdad (IraqiNews.com) – The Iraqi government contracted an international auditing firm to deal with tax insurance funds after what became known as the ‘theft of the century’ was discovered.
The Iraqi cabinet agreed to authorize the office of the Prime Minister to contract with a major international company specialized in financial auditing after a theft of tax insurance funds was discovered, according to a statement issued by the press office of the Council of Ministers.
The statement added that the approval was granted in order to audit tax insurance funds.
Supervisory authorities previously discovered the embezzlement of more than 3.7 trillion Iraqi dinars (2.53 billion USD) from the General Commission for Taxes, which became known as the ‘theft of the century.’
The Iraqi News Agency (INA) reported in mid-October that an internal investigation carried out by the Ministry of Finance found the money had been withdrawn from the account of the General Commission for Taxes at a state-owned bank.
The Iraqi judiciary issued arrest warrants against those involved in the ‘theft of the century,’ confiscating movable and immovable assets, and seizing real estate belonging to them and their families.
Financial corruption in Iraq is one of the most important and complex challenges facing successive governments running the country since 2003, and which caused drainage of huge wealth.
Prime Minister Mohammed Shia Al-Sudani, during his speech in the Parliament after his government was granted confidence, described corruption as a ‘pandemic,’ and vowed to develop programs and plans to restrict corruption and limit the waste of public funds.