Iraq says USA invasion stole 150 billion USD oil money - Some $a hundred and fifty billion in oil sales has been stolen and smuggled out of Iraq because the fall of Saddam Hussein in 2003, the president of Iraq stated, as quoted by means of media, on the creation of a brand new law geared toward preventing corruption.

"Of the near a thousand billion dollars made from oil since 2003, an expected $a hundred and fifty billion of stolen cash has been smuggled out of Iraq," President Barham Saleh stated, as quoted by means of The New Arab, as he urged the Iraqi parliament to "undertake this important piece of regulation, a good way to slash this pervasive practice that has plagued our excellent country."

The draft regulation that Saleh presented to parliament envisages near scrutiny on transactions of sums over $500,000 in addition to financial institution debts, with a special recognition on bills with $1 million or greater in them.

Iraq says USA invasion stole 150 billion USD oil money

Unfortunately, the regulation may never pass parliament, The New Arab reviews, citing a neighborhood security and politics professional.

"It's truly one of the high-quality portions of law proposed through the executive branch on the grounds that 2003. But will it be followed? I doubt it," Fadel Abo Ragheef informed the AFP.

Iraq says USA invasion stole 150 billion USD oil money

"The political parties the lawmakers belong to will act to sabotage it, so it would not bypass. In public they may support it, however behind the scenes, they may do the whole lot to save you its adoption, due to the fact a few of the politicians are worried on this racket."

Iraq says USA invasion stole 150 billion USD oil money: CNN quoted the Iraqi president as announcing that the proposed rules will also are seeking for to get better those $150 billion in stolen funds thru cooperation with different governments and worldwide groups.

"Here I reiterate Iraq's name, which we have formerly issued on the United Nations General Assembly, for the formation of an worldwide coalition to combat corruption along the lines of the global coalition in opposition to ISIS," President Saleh stated.

Iraq is currently making a few $5 billion in crude oil export sales. Over the primary zone, the us of a's oil revenues totaled $15.Fifty three billion, up 40% from closing year's fourth quarter and up by way of $1.5 billion from the primary area of 2020.

Iraq says USA invasion stole 150 billion USD oil money

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Gold edges to 4-month excessive amid inflation issues & crypto crash

 The fee of gold approached its highest degree seeing that January on Tuesday, close to erasing this yr’s decline as buyers flip more bullish on the precious metallic.

Spot gold turned into buying and selling at $1,880.31 consistent with ounce in London. Last week the expenses reached their maximum in view that January 8, climbing to $1,890.Thirteen.

The charge boom comes as traders are weighing comments made by way of the US Federal Reserve about inflation.

Governor Lael Brainard, Atlanta Fed President Raphael Bostic and St. Louis’ James Bullard said they might now not be amazed if deliver shortages push costs up inside the coming months as the arena recovers from the pandemic and pent-up call for is unleashed. They brought, but, that a good deal of the charge benefit have to prove temporary.

“Fed speak continues to assist the idea that inflation in the US may be transitory and that is ideal sufficient to maintain quick-time period bullish momentum in vicinity for gold,” Edward Moya, senior marketplace analyst with Oanda Corporation, instructed Bloomberg. “Gold continues to face resistance from the $1,900 stage, so if the dollar stabilizes over the following couple of classes, bullion would possibly remain constant.”

Some analysts additionally say that the crash in bitcoin and different cryptocurrencies has provided help for the gold price.

“The steep correction in cryptocurrencies has caused asset rotation to gold. We anticipate this to extend help to global gold costs,” said Sugandha Sachdeva, vice president, commodity & currency studies at Religare Broking. "We assume gold charges to trap up with other commodities, that are presently within the wonderful cycle mode," she added, as quoted with the aid of livemint.Com.