Preparing for the phase after Saddam Hussein's removal, the United States and Britain have turned to trace and repatriate billions of dollars believed to have been squirreled away by the Iraqi regime in multiple overseas bank accounts over more than three decades in power.
Since the early days of his rule, Saddam Hussein’s inner circle was busy spinning an intricate web of offshore front companies and secret foreign bank accounts, claim US officials. The money was stashed in countries as diverse as Panama, Switzerland, the UK, France, Germany, US, Cyprus, Britain, Italy and Jordan.
The illicit Iraqi funds, generated mainly from oil-smuggling operations to neighboring Turkey, Jordan and Syria, were banked overseas with over 200 individuals and firms associated with the Iraqi regime and used to finance secret arms purchases, pay security service salaries or for plain private wealth accumulation.
Since mid-March, the Iraqi regime’s collapse has set in motion money flows around the region, as well-connected people are trying to move funds from Iraqi government-controlled accounts to private accounts in the Middle East.
Recently scrutinized Middle East banking records reveal transfers each in excess of $100,000 from Iraqi state accounts into private accounts with the Palestine International Bank (PIB). In all, US investigators claim to have so far identified $1.2 billion in illicit Iraqi funds circulating around the world, the Washington Post reported.
The financial holdings of Saddam and his inner circle, particularly his sons Uday and Qusay, are yet far from being fully exposed. According to American sources, the Hussein family wealth stands at no less than two billion dollars. Higher estimates reach $10 billion.
Prior to the outbreak of hostilities in the Gulf, US authorities have ordered a freeze on $1.7 billion in Iraqi government funds held in US banks. The Bush administration also urged other governments to freeze suspected Iraqi assets and asserted it will direct an international investigation in order to repatriate the money to the Iraqi people. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
