Iraq recovers $70 million smuggled into Switzerland
The head of the Federal Commission of Integrity (COI), Haider Hanoun, during a press conference to announce that funds have been recovered. Photo: INA
Baghdad (IraqiNews.com) – The head of the Federal Commission of Integrity (COI), Haider Hanoun, announced on Sunday the recovery of $96 million, the majority of which was from Switzerland.
Hanoun, during a conference addressing the COI’s achievements, indicated that more than $70 million were recovered from a bank in Switzerland and $26 million were hidden in the Al-Rashid Bank, according to the Iraqi News Agency (INA).
The head of the COI revealed that the amount in Switzerland was smuggled by the director of relations in the intelligence service in the previous regime.
The Iraqi official also explained that the amount hidden in the Al-Rashid Bank belongs to a tour agency affiliated with the former intelligence service.
Iraq’s COI disclosed last October details about the theft of more than 3.7 trillion Iraqi dinars (2.53 billion USD) from the General Commission for Taxes.
The Iraqi judiciary issued arrest warrants for senior officials in the Ministry of Finance regarding this major breach and terrible abuse of public funds, the COI mentioned in October.
INA reported in October that an internal investigation carried out by the Ministry of Finance found the money had been withdrawn from the account of the General Commission for Taxes at a state-owned bank.
At that time, Al-Sudani vowed to tackle endemic corruption in the country. “We will not allow Iraqis’ money to be robbed,” he said via Twitter.
The Rafidain Bank issued a statement in October confirming it has nothing to do with any manipulation or theft and is only responsible for cashing the checks issued by the General Commission for Taxes.
The vast sum of cash, equivalent to nearly 3.7 trillion Iraqi dinars, was stolen by five companies from the General Commission of Taxes account at Baghdad’s Al-Rafidain Bank between September 2021 and August 2022 through the cashing in of 247 checks issued by the tax directorate, according to Rudaw News.