President: Iraq Lost US$1 Trillion Due to Corruption since 2003

Iraqi President Barham Salih has claimed that an estimated US$150 billion has been smuggled out of Iraq since 2003. He said that his country has lost US$1 trillion due to “rampant financial and administrative corruption in state institutions.” In a speech he gave on corruption in the country, Salih discussed a draft law aiming to recover the proceeds of corruption, saying the law must allow pre-emptive and deterrent measures, as well as subsequent steps to recover stolen funds.

He said these include supporting financial and supervisory institutions and activating their tools. Earlier in April, an anti-corruption committee has arrested a number of officials and employees in Iraq for misusing public funds. The committee also banned several political figures from traveling over corruption charges.