At a Glance

• The Iraqi Fund for Asset Recovery successfully repatriated $13 million in frozen capital from French banks.
• The recovered funds were deposited into Ministry of Finance accounts via the Arab Bank Switzerland.
• Board Chairman Dr. al-Lami finalized the transfer during an official state delegation visit to France.
• The retrieval aligns with an ongoing anti-corruption campaign that has recovered over $1 billion.

The Iraqi Fund for Asset Recovery has successfully retrieved $13 million in state funds previously frozen in French banks under judicial rulings and returned the capital to the state treasury.

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Key Statements and Focus Area

• The Iraqi Fund for Asset Recovery stated that the government institution’s efforts “have resulted in the retrieval of $13 million in Iraqi funds blocked in French banks under judicial rulings, successfully returning them to the state treasury.”
• Mohammed Ali al-Lami, Chairman of the Fund’s Board of Directors, stated that “the recovery process was the fruit of extensive follow-ups and procedures undertaken by the Fund in close coordination and cooperation with relevant international and local authorities.”

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According to a statement from the Recovery Fund on Thursday, Mohammed Ali al-Lami, Chairman of the Fund’s Board of Directors, noted that the recovered capital was deposited into Iraqi Ministry of Finance accounts following the completion of legal protocols and coordination with the Arab Bank Switzerland.

He emphasized that the successful reclamation marks “a new milestone” in the Fund’s continuous efforts to trace and retrieve Iraqi assets from abroad.

al-Lami emphasized “the continuation of work and coordination with relevant bodies to reclaim state funds and assets and return them to the public treasury.”

The statement added that the $13 million recovery underscores the successful meetings held by the Fund’s head while accompanying Prime Minister Ali Faleh Al-Zaidi on his official visit to France.

“This comes within the framework of ongoing efforts aimed at safeguarding state funds and reclaiming Iraq's financial rights located outside the country,” the statement added.

FYI

Established under Amended Law No. 9 of 2012, IFEAR is tasked with tracking down, uncovering, and reclaiming Iraqi assets, funds, and properties illegally siphoned abroad. This includes assets linked to financial smuggling, institutional corruption, or historical funds tied to the pre-2003 regime.

The recovery operations are directed by Board Chairman al-Lami, who concurrently serves as the head of the Federal Commission of Integrity. This joint leadership ensures that international asset tracking campaigns are directly aligned with domestic anti-corruption strategies.

All recovered funds are legally required to be transferred directly back into the public treasury via the Ministry of Finance.

The reclamation coincides with an ongoing anti-corruption crackdown led by Prime Minister Ali Faleh Al-Zaidi, which has recovered more than $1 billion in stolen public funds, assets, and real estate in recent months.

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