By Ahmed Tabaqchali, Chief Strategist of Asia Frontier Capital (AFC) Iraq Fund, for the London School of Economics (LSE) Middle East Centre.

Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Iraq’s Wealth and the Forty Thieves: Structural Enablers of Corruption with Impunity

The disclosure on 15 October 2022 of the embezzlement of 3.7 trillion Iraqi dinars (IQD), about US$2.5 billion, from the General Commission of Taxes (GCT) brought the stinging resignation letter of the outgoing finance minister into sharp focus – in particular, the charge that ‘vast underground networks of senior officials, corrupt businessmen and politicians operate in the shadows to dominate entire sectors of the economy, and siphon off literally billions of dollars from the public purse.’

The disclosure was greeted by cries demanding a thorough investigation, and for imposing punitive measures on the perpetrators and the corrupt officials who facilitated it.

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