ERBIL, Kurdistan Region - The Iraqi Integrity Commission announced Thursday that it foiled an attempt to “illicitly seize” around $1.15 billion through forged checks and a fake deposit contract.
“Seven forged checks, allegedly issued by al-Rashid and al-Rafidain banks, were seized for a total sum reaching approximately 1.5 trillion dinars (around $1.15 billion), issued in favor of the suspects,” Iraqi state media cited the commission as saying.
A forged deposit sale contract valued at 612 billion Iraqi dinars (nearly $467 million) was utilized by the suspects as part of the broader fraud scheme, according to the commission.
"The suspects confessed to attempting to process the transaction to cash the checks in an unlawful manner,” the announcement added, noting that preliminary investigation revealed that “no such funds or accounts belonged to the suspects,” who were transferred to pre-trial detention by a court decision.
Iraq ranked 136 out of 180 countries in Transparency International’s Corruption Perceptions Index (CPI), scoring 28 out of 100.
While showing gradual progress over the last decade due to the government’s efforts to digitize financial services and strengthen oversight bodies, the score of 28 still reflects a high prevalence of public sector corruption compared to global standards.
In his government program, Iraq’s new prime minister, Ali al-Zaidi, presented a “comprehensive” reform program aimed at combating corruption and reducing the overreliance of the country’s economy on oil revenues.
“The path of reform may be difficult, but it is not impossible when intentions are united, and efforts are sincere,” Zaidi said in his first official address after assuming office.