Iraq says that $150 billion of its oil money 'smuggled' out since US-led invasion in 2003

Approximately $150 billion worth of oil money had been smuggled out of Iraq since Saddam Hussein was ousted in 2003, Iraq’s President Barham Salih said in a televised address on Sunday, as he passed draft legislation to fight the endemic corruption in the parliament. Further, he revealed, that he wanted to recover stolen funds and hold perpetrators to account, as the corruption had shaken the country since the US-led invasion to topple the government of Saddam Hussain in 2003. Salih also submitted a draft Corrupt Funds Recovery Act to the Iraqi Parliament alleging huge corruption between October 2019 to June 2020.

"The draft law seeks to strengthen the powers of Iraqi nation in order to recover money stolen in corrupt deals, to hold corrupt people accountable and bring them to justice," the Iraqi President told the state TV in a broadcast. He asked the Iraqi lawmakers to “curb this dangerous scourge that has deprived our people of enjoying the wealth of their country for many years.” 

Salih reiterated that the smuggled funds would improve Iraq's financial status, and that he would seek to retrieve the  misappropriated funds via cooperation of other international institutions and the governmental bodies. "Here I reiterate Iraq's call, which we have previously issued at the United Nations General Assembly, for the formation of an international coalition to fight corruption along the lines of the international coalition against ISIS," the aggravated leader stressed.  Furthermore, Salih said, “Terrorism can only be eliminated by draining its sources of funding based on corruption money as a political economy of violent.”

Made 'trillion dollars' from oil since 2003

Iraq, according to local reports, has made trillion dollars from oil since 2003 that had been consumed to the mount corruption within the state that has proved to be detrimental for the country’s economic and social development. “Corruption is an impediment to any nation's economy,” the Iraqi head of state said in the televised address.  Since the fall of Saddam Hussein in a US-led military operation, Iraq has struggled to restore the stability, safety and the rule of law in the country with corruption at its apex in the consociational governance system. Governments have attempted to tackle corruption via political reforms however the inadequate legal framework has made it a challenge for Iraq to eliminate the players from the root.