Monday, June 20, 2011

Iraq to chase missing billions

Iraq's parliament has asked the United Nations for help to track down about $18bn of Iraqi oil money it says was stolen after the 2003 US-led invasion.

In a letter to the UN office in Baghdad last month, parliament's Integrity Committee asked for help to find and
recover the oil money taken from the Development Fund of Iraq (DFI) in 2004 and lost in the chaos that followed the invasion.

In 2004, the Bush administration flew billions of dollars in cash into Iraq. The money came from the sale of Iraqi oil, surplus funds from the UN oil-for-food programme and seized Iraqi assets.

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