The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Iraq’s next battle: corruption

Iraq’s former industry minister, Mohammed Alderajy, is brutally honest about the country’s culture of corruption and resistance to reform. The banking sector is far from immune. He says a new attitude is needed if Iraq is to improve its prospects for reconstruction.

Mohammed Alderajy, former member of parliament for Baghdad

At an early July conference in London aimed at promoting investment in Iraq, Mohammed Alderajy stood before a roomful of businessmen and public officials from Iraq and the UK. 

Much had been said in the preceding talks about Iraq’s famously systemic corruption: investors were afraid their money would go toward paying bribes and that, because of nepotism, unfit individuals would be put in charge of projects they had funded.

Alderajy, a two-time Iraqi minister and former member of parliament for Baghdad, wanted to address that issue. 

“We hear [that] every time we attend conferences about corruption,” he said. “I’m not denying that.”

But he added, in defence of his country’s government: “The corruption is everywhere, but at certain levels. The transparency in Iraqi media and the new democracy in Iraq allows a lot of talk about corruption. But, to be honest with you, the only country in the Middle East that publishes its oil revenue on a website is Iraq. In other countries in the region, their people don’t know what they have.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree