Users' questions

Where did the money from Iraq come from?

Where did the money from Iraq come from?

With the Iraqi government signatures in place, the money was in legal custody of the government of Iraq from the instant it was unloaded from the C-17s. It was Basel’s job to make sure it stayed that way, at least until it got to the vaults of the Central Bank of Iraq.

How can I transfer my inheritance to South Africa?

You can transfer your inheritance money abroad by making use of your foreign investment allowance, for which you will need your South African identity document and SARS tax clearance. You can formalise your emigration with the Reserve Bank, which makes it much easier to transfer your inheritance money abroad. 2.

Do you have to pay tax on inheritance?

No, you will not be liable to pay inheritance tax on your money. Assets received by inheritance are not subject to tax because SARS classifies an inherited asset as a capital receipt, which means that it doesn’t fall into your gross income as a taxpayer.

What was the route of the Iraqi money trail?

It was a perilous journey of about seven miles over a road the U.S. military called “Route Irish” through territory often controlled by insurgents. Travelers faced the threat of rocket propelled grenades, mortars, car bombs and IEDs.

Where was the US money found in Iraq?

US military officers in front of billions of dollars in cash inside the vault of the Central Bank of Iraq. To find out what happened, a special inspector general for Iraq reconstruction has focused on the chain of custody—who was responsible for the money, minute by minute, as it made its way to Baghdad.

How much money did the US send to Baghdad?

The Federal Reserve sent record payouts of more than $4 billion in cash to Baghdad on giant pallets aboard military planes shortly before the United States gave control back to Iraqis, lawmakers said on Tuesday. REUTERS/Jamal Saidi

Do you have to pay income tax on an inheritance?

The Basic Rule: Inheritances Aren’t Taxed as Income. An inheritance can be a windfall in many ways—the inheritor not only gets cash or a piece of property, but doesn’t have to pay income tax on it. Someone who inherits a $500,000 bank account doesn’t have to pay any tax on that amount.

How much money was in the Central Bank of Iraq?

Basel ferried cash in Baghdad for the CPA and the American embassy from 2003 until 2008—all told handling, he said, about $40 billion in cash. His job made him the very last American to see that money before it disappeared into the vaults at the Central Bank of Iraq.