Iraq Recovers $13 Million in Funds Held by French Banks

Iraq’s Fund for Recovering Iraqi Funds announced on Thursday that it had recovered approximately $13 million in Iraqi funds held by French banks under judicial orders and transferred the money back to the state treasury.

Fund Chairman Mohammed Ali Al-Lami said in a statement that the recovery followed a series of monitoring efforts and legal procedures carried out by the fund in coordination with relevant Iraqi and international authorities.

He explained that the recovered amount was deposited into accounts belonging to Iraq’s Ministry of Finance after the necessary procedures were completed and coordination was carried out with the Swiss Arab Bank.

Al-Lami described the recovery as a new step in the fund’s efforts to track down and reclaim Iraqi funds held abroad, stressing that work and coordination with relevant authorities would continue to recover state funds and assets and return them to the public treasury.