Iraq's president said $150 billion from oil had been smuggled out of the country since Saddam Hussein was ousted in 2003, as he introduced a law to fight endemic corruption.
President Barham Saleh presented a draft law to parliament to fight corruption, recover stolen funds and hold perpetrators to account, a statement read yesterday.
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He called "on parliament to adopt this crucial piece of legislation, in order to curb this pervasive practice that has plagued our great nation".
Transparency International ranks the country 21st from bottom in its Corruption Perceptions Index.
"Of the close to a trillion dollars made from oil since 2003, an estimated $150 billion of stolen money has been smuggled out of Iraq," Saleh added, calling for cooperation with other governments and international bodies to recover the funds.
Endemic corruption was one of the drivers of protests that shook Iraq from October 2019 to June 2020.
"Corruption is an impediment to any nation's economic and social development," the Iraqi head of state said, whose powers are limited under the constitution.
"It deprives citizens of opportunities and livelihoods, and robs them of essential services and infrastructure," he added.