Iraq Commences Financial Investigations Amid Security Concerns, 27 NOV

 Iraq Commences Financial Investigations Amid Security Concerns

In a first-of-its-kind initiative, Iraq has launched financial investigation procedures, an effort commended by Faik Zidan, the President of the Supreme Judicial Council of Iraq. The move is seen as a significant stride in addressing the severe economic and social threats posed by money laundering crimes worldwide.

Combatting Money Laundering

Zidan shed light on Iraq’s success in seizing funds originating from money laundering, demonstrating the nation’s dedication to upholding international standards in combating such crimes. The country’s fight against financial crimes is not just within its borders, but it is part of a global effort to deter, detect, and disrupt money laundering activities.

Strengthening Partnerships and Auditing Capabilities

Emphasizing the crucial role of partnerships with pertinent authorities, Zidan underscored the need to bolster specialized sectors and law enforcement agencies. Such collaborations, he said, are essential in tackling the intricacies associated with financial crimes auditing.

Security Concerns Over Stolen US Military Equipment

Meanwhile, a separate issue has raised concerns about the security situation in the region. US military investigations have revealed that sensitive weapons and equipment, including guided missile launch systems and drones, were stolen from US outposts in Iraq and Syria. The thefts, occurring from 2020 to 2022, have led to the misappropriation of hundreds of thousands of dollars’ worth of military gear. The Pentagon, it seems, may not be fully aware of the extent of these thefts.

These revelations come in the wake of an audit dating back to 2020 that found the Special Operations Joint Task Force–Operation Inherent Resolve had not adequately accounted for $715.8 million worth of equipment bought for local proxies. At least four significant thefts and one loss of US weapons and equipment were reported in Iraq and Syria during this period.

The increasing complexities of the financial and security landscape in the region underline the importance of Iraq’s initiative to enhance its financial investigative capacity, a critical tool in preventing further financial crimes and potential misuse of funds.

https://bnn.network/world/iraq/iraq-commences-financial-investigations-amid-security-concerns/