seized assets

Iraq Report in its recent article British Troops Seize Money, Suspected Drugs in Iraqi Raid carries news from Centcom that 33 million dinars ($16,500) and $11,000 dollars US has been confiscated during a drug raid in Khur Al-Zubayr, located in the Al-Basrah Governorate.

The AP reported on July 1, 2003 that additional Iraqi funds, previously frozen in the early 1990's, have been transferred to the US.

Banks in the Cayman Islands have transferred US $140 million in frozen Iraqi assets to the U.S. Federal Reserve, the British territory's government said.

The money's transfer was confirmed Monday by Assistant Financial Secretary Deborah Drummond. She said the funds were turned over by various U.S. banks with branches in the Cayman Islands to the Federal Reserve Bank of New York in March.

U.S. officials couldn't immediately confirm whether the money had gone into the new Development Fund for Iraq.

There is no way to know if these funds were previously accounted for in the Terrorist Assets Report. One would assume so but as the numbers have had a pesky habit of shifting around, your guess is as good as bpost's.

Note

Centcom news is available at http://www.centcom.mil

The Coaltion Provisional Authority now has a website at http://www.cpa-iraq.org

The website carries transcripts of speeches by CPA administrator Bremer and other officials, fact sheets on Iraqi ministries, public-service announcements, press releases, and official documents such as regulations and orders issued by the CPA.