Corruption in Iraq’s Oil Industry

Jan 31, 2016 | Barham Othman
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Iraq is one of the countries in the Middle East that is known to be oil rich. Iraq has also been suffering from a lack of honest politicians along with a failure of institutions in terms of both strength and transparency. The latter makes room for the leaders to misuse power for personal benefit, which is known as corruption. Here I want to focus on how oil causes corruption along with the effects that have resulted from corruption in the oil industry in Iraq. Conflict of interest, monopoly and embezzlement are the causes of corruption which lead to the decline of economic development and a lack of transparency in financial statements.