Baghdad: Legal researcher Ali Al-Tamimi has emphasized that Iraq is equipped with the necessary legal frameworks and international agreements to reclaim funds smuggled abroad, which are estimated to be around $500 billion.

According to National Iraqi News Agency, Al-Tamimi conveyed in a press release that the 2005 United Nations Convention against Money Laundering, which Iraq ratified under Law No. 35 of 2007, provides clear mechanisms for the recovery of embezzled funds as specified in Articles 55 and 56. He highlighted that about $65 billion, currently held in the U.S. Federal Reserve and belonging to the former regime, can be claimed by Iraq under Article 28 of the 2008 Iraq-U.S. Strategic Agreement. This agreement facilitates Iraq's request for economic assistance from the United States.

Al-Tamimi further elaborated that Article 50 of the UN Charter empowers countries combating entities under Chapter VII to seek economic support from the Security Council. With Iraq's battles against ISIS, which falls under Chapter VII as per UN Security Council Resolution 2170 of 2014, both the United Kingdom and France have expressed willingness to assist.

He also mentioned that Iraq has settled its financial obligations to Kuwait, totaling $4.5 billion, which allowed it to exit Chapter VI. Nonetheless, Iraq's ongoing political, security, and economic crises might prompt the Security Council to reconsider placing the country under Chapter VII's international oversight.

Additionally, Al-Tamimi pointed out that other nations, including the Philippines, Nigeria, Algeria, and Egypt, have successfully retrieved embezzled funds by coordinating with the United Nations and the holding countries, suggesting that Iraq could adopt a similar approach.