In The Name of Allah
In accordance with the Council of Ministers decree, issued in October 2006, the Committee of Financial Experts was established and inaugurated its work on April 1, 2007, in order to be an oversight body that replaces the International Advisory and Monitoring Board (IAMB), which currently supervises the expenditures of the Iraqi public funds, due to production and export of crude oil and its products, deposited in an account at Federal Reserve Bank in New York, in accordance with UN Security Council Resolutions issued after overthrowing Iraqi former regime, under the name of Development Fund for Iraq (DFI). This account has been given an international immunity to preserve it from being a subject of seizure or confiscation as result international court’s sentence due to claims and demands against former regime.
COFE consist of three active (original) members including its chair that is in the same time the president of Board of Supreme Audit (BSA), while the other two members are independent financial experts with large experience in financial and accounting area. The committee includes another two member’s work as advisors to COFE .
COFE is financially and morally independent to avoid any pressure that could affect its independency.
COFE will work on publishing all issues related to public funds expenditures done by all states ministries and departments, ensuring proper expending of Iraqi resources in cooperation with people every where through their opinions and objective comments that could develop its performance.