Baghdad: The Iraqi Funds Recovery Fund has successfully recovered more than nine million dollars from Iraqi assets that were frozen in Italy. This achievement marks a significant step demonstrating the effectiveness of Iraq's legal and diplomatic endeavors in reclaiming its funds.

According to National Iraqi News Agency, Dr. Mohammed Ali Al-Lami, Chairman of the Board of Directors of the Fund and head of the Federal Integrity Commission, revealed that the Fund identified accounts associated with the Iraqi government at UniCredit Bank in Rome. These accounts were the result of contracts established by Iraqi ministries with Italian companies prior to 2003 and had been under litigation since 1999.

Dr. Al-Lami stated that, in collaboration with the Ministry of Foreign Affairs and Italian authorities, the Fund implemented a series of legal and technical procedures. These efforts led to the recovery of more than nine million dollars, equivalent to approximately 12.5 billion Iraqi dinars, which were returned to the government's accounts. The recovered funds were initially deposited into accounts at the Iraqi embassies in Italy and the Vatican, as well as the commercial attach© in Rome. Subsequently, they were transferred to a secure account at Intesa Sanpaolo Bank, with plans to repatriate them to Iraq following legal protocols.

He emphasized that the successful recovery of these funds was the result of persistent efforts by the Fund and other Iraqi institutions. The freeze on these assets was lifted after continuous engagement with Italian authorities. Dr. Al-Lami also mentioned that the Iraqi Embassy in Rome is awaiting authorization from the general management of Rafidain and Rasheed banks to proceed with actions concerning other restricted funds.