Iraq's president said Sunday $150 billion from oil had been smuggled out of the country since Saddam Hussein was ousted in 2003, as he introduced a law to fight endemic corruption.
President Barham Saleh presented a draft law to parliament to fight corruption, recover stolen funds and hold perpetrators to account, a statement read.
He called "on parliament to adopt this crucial piece of legislation, in order to curb this pervasive practice that has plagued our great nation".
Transparency International ranks the country 21st from bottom in its Corruption Perceptions Index.
"Of the close to a trillion dollars made from oil since 2003, an estimated $150 billion of stolen money has been smuggled out of Iraq," Mr Saleh added, calling for cooperation with other governments and international bodies to recover the funds.
Endemic corruption was one of the drivers of protests that shook Iraq from October 2019 to June 2020.
"Corruption is an impediment to any nation's economic and social development," the Iraqi head of state said, whose powers are limited under the constitution.
"It deprives citizens of opportunities and livelihoods, and robs them of essential services and infrastructure," he added.
Mr Saleh said violence and terrorism, which have plagued Iraq for years, "are deeply intertwined with the phenomenon of corruption".
The draft law targets those who have held positions of director general and above in both government and public companies since the establishment of a new regime in 2004.
Under the law, transactions over $500,000 would be scrutinised as well as bank accounts, particularly those that held over $1 million, and contracts or investments obtained through corruption would be cancelled.
But security and politics expert Fadel Abo Ragheef was sceptical the law would be passed.
"It's certainly one of the best pieces of legislation proposed by the executive branch since 2003. But will it be adopted? I doubt it," he told AFP.
"The political parties the lawmakers belong to will act to sabotage it, so it doesn't pass," he said.
"In public they will support it, but behind the scenes, they will do everything to prevent its adoption, because many of the politicians are involved in this racket".
An Iraqi banking source said politicians have smuggled $60 billion out of the country.
However, much of that was via Lebanon, a move now likely to their detriment, as the country is mired in a severe economic crisis, and it is almost impossible to get money out of its banks.
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
RESULT
Aston Villa 1
Samatta (41')
Manchester City 2
Aguero (20')
Rodri (30')
STAY%2C%20DAUGHTER
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The five pillars of Islam
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Racecard
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THREE
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Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Results
Ashraf Ghani 50.64 per cent
Abdullah Abdullah 39.52 per cent
Gulbuddin Hekmatyar 3.85 per cent
Rahmatullah Nabil 1.8 per cent
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Company%C2%A0profile
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Sanchez's club career
2005-2006: Cobreloa
2006-2011 Udinese
2006-2007 Colo-Colo (on loan)
2007-2008 River Plate (on loan)
2011-2014 Barcelona
2014–Present Arsenal
SPECS
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