IMPORTANT IRAQ NEWS: BLACK MONEY” FUELS INVESTMENT STOCK EXCHANGE.. COUNTRIES THAT PROSPERED WITH LOOTED IRAQI MONEY BY MNT GOAT, 29 JULY

BLACK MONEY” FUELS INVESTMENT STOCK EXCHANGE.. COUNTRIES THAT PROSPERED WITH LOOTED IRAQI MONEY

Former MP Manar Abdul Muttalib, on Thursday (July 25, 2024), identified the features of black money in the Iraqi investment stock exchange, indicating that this money stolen from the Iraqi treasury has revived the economies of several countries .

Abdul Mutalib said in an interview with Baghdad Today, “There is no accurate figure for the amount of money looted in Iraq after 2003, but all indications indicate that it is hundreds of billions of dollars, some of which was smuggled abroad and some of which was turned into support for building economic wings for parties, forces and companies .”

She added, “The investment environment in Iraq is going against the trend in the world in that anyone with $100,000 can invest in a project worth $100 million. This is a paradox, especially since the state provides the land for free and it builds with customers’ money, especially in housing projects that represent a fertile environment for attracting money .”

Abdul Muttalib pointed out that black money (referring to corrupt and looted money) “exists in all sectors, including investments, but the possibility of uncovering it is difficult and complicated because there is no money in the names of politicians. However, seeing the level of prosperity and extravagance and comparing it with their situation years ago gives an indication of the extent of corruption .”

She explained that “corrupt funds were smuggled to neighboring countries and were thrown into large investment projects that revived the economies of several capitals, to the extent that those countries do not actually cooperate with Baghdad in order to clarify the fate of Iraq’s funds because they benefit in different ways,” indicating that “searching for Iraq’s previous funds is difficult, but the most important thing is to reconsider the investment file and make it within a scope that serves the country’s economy and to approve serious steps to combat corruption in order to preserve what remains of the country’s wealth .”