{"id":22433,"date":"2022-06-15T14:57:12","date_gmt":"2022-06-15T14:57:12","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/iraqi-banks-misappropriated-us700m-in-public-funds"},"modified":"2022-06-15T15:02:06","modified_gmt":"2022-06-15T15:02:06","slug":"iraqi-banks-misappropriated-us700m-in-public-funds","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/iraqi-banks-misappropriated-us700m-in-public-funds","title":{"rendered":"Iraqi banks misappropriated US$700m in public funds"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>ALONG with dozens of their customers, two government-owned banks in Iraq have embezzled over 920 billion Iraqi dinars (nearly US$700 million) in public funds, which has caused chaos in the banking system, the country’s anti-corruption commission said in a statement.<\/p>\n

Authorities found that 40 people, including bank employees, as well as bank customers, had been involved in \u201cforgery, embezzlement, manipulation, money laundering and abuse of power,\u201d which took place at five different branches of two state-run banks: the Agricultural Cooperative Bank and Rasheed Bank.<\/p>\n

Calling the scandal an \u201corganised sabotage of the national economy,\u201d the commission stressed the need for the case to be addressed at the \u201chighest level\u201d, as the fraud has resulted in a state of chaos and instability in government banking systems.<\/p>\n

Investigators added that \u201cgreat negligence\u201d in one of the bank branch’s administrations, as well as an absence of intervention from its supervisory board despite suspicions of corruption not only allowed the fraud to take place, but meant that the administration profited and therefore should be treated as a \u201cpartner in crime\u201d.<\/p>\n

The statement described the process of fraud which involved customers issuing cheques from an account with an insufficient balance. The receiver of the cheque would get \u201cspecial clearance\u201d over the phone to deposit the cheque by saying the \u201csecret number\u201d which would support the fake balance in the issuer’s account, in order to allow for the withdrawal of funds.<\/p>\n

Last year, Iraq’s president Barham Salih, called corruption in the country a \u201cdangerous scourge\u201d which has deprived the Iraqi people of funds for years. He said in a TV speech that at least US$150 billion has been stolen and smuggled out of Iraq since 2003.<\/p>\n

Iraq ranks 157th out of 180 countries on Transparency International’s 2021 Corruption Perceptions Index, with the corruption watchdog stating in its yearly analysis that \u201cefforts to dismantle systemic corruption are hampered by a power-sharing governance system that has been weakened by sectarianism.\u201d<\/p>\n

\u201cThis has led to their institutions being staffed by officials appointed because of sectarian allegiance and connections, rather than competence. Such institutions naturally demonstrate little public accountability and are instead driven by each group’s political positions and power,\u201d it added.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. ALONG with dozens of their customers, two government-owned banks in Iraq have embezzled over 920 billion Iraqi dinars (nearly US$700 million) in public funds, which has caused chaos in the banking system, the country’s anti-corruption commission said in a statement. Authorities found that 40 people, including bank employees, as well as bank […]<\/p>\n","protected":false},"author":84,"featured_media":22432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,233],"class_list":["post-22433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nIraqi banks misappropriated US$700m in public funds - Namibia<\/title>\n<meta name=\"description\" content=\"ALONG with dozens of their customers, two government-owned banks in Iraq have embezzled over 920 billion Iraqi dinars (n ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/iraqi-banks-misappropriated-us700m-in-public-funds\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Iraqi banks misappropriated US$700m in public funds\" \/>\n<meta property=\"og:description\" content=\"ALONG with dozens of their customers, two government-owned banks in Iraq have embezzled over 920 billion Iraqi dinars (n ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/iraqi-banks-misappropriated-us700m-in-public-funds\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-15T14:57:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-15T15:02:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/06\/postQueueImg_8-62a9f45981c46.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/iraqi-banks-misappropriated-us700m-in-public-funds#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/iraqi-banks-misappropriated-us700m-in-public-funds\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Iraqi banks misappropriated US$700m in public funds\",\"datePublished\":\"2022-06-15T14:57:12+00:00\",\"dateModified\":\"2022-06-15T15:02:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/iraqi-banks-misappropriated-us700m-in-public-funds\"},\"wordCount\":383,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/iraqi-banks-misappropriated-us700m-in-public-funds#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/06\/postQueueImg_8-62a9f45981c46.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/iraqi-banks-misappropriated-us700m-in-public-funds#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/iraqi-banks-misappropriated-us700m-in-public-funds\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/iraqi-banks-misappropriated-us700m-in-public-funds\",\"name\":\"Iraqi banks misappropriated US$700m in public funds - 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