Thread: Defense Fund Initiative-What is the real current amount?

Wasn't sure where to put this, so please move it if necessary mods.-Done Moved to the Dinar Section Area.-neno

GAO-04-579T, Recovering Iraq's Assets: Preliminary Observations on U.S. Efforts and Challenges

This is the accessible text file for GAO report number GAO-04-579T
entitled 'Recovering Iraq's Assets: Preliminary Observations on U.S.
Efforts and Challenges' which was released on March 18, 2004.

What GAO Found:

GAO estimates that from 1997 through 2002, the former Iraqi regime
acquired $10.1 billion in illegal revenues related to the Oil for Food
program--$5.7 billion in oil smuggled out of Iraq and $4.4 billion in
illicit surcharges on oil sales and after-sales charges on suppliers.
This estimate is higher than our May 2002 estimate of $6.6 billion
because it includes 2002 data from oil revenues and contracts under the
Oil for Food Program and newer estimates of illicit commissions from
commodity suppliers. The United States has tapped the services of a
variety of U.S. agencies and recently developed domestic and
international tools in its efforts to recover Iraqi assets worldwide.
Led by the Department of the Treasury, about 20 government entities
have combined efforts to identify, freeze, and transfer the former
regime's assets to Iraq. The United States also used the International
Emergency Economic Powers Act, as amended by provisions in the USA
PATRIOT Act of 2001, to confiscate the property of the former Iraqi
regime under U.S. jurisdiction and vest the assets in the U.S.
Treasury. Finally, U.N. Security Council Resolution 1483 required all
U.N. members to freeze without delay and immediately transfer assets of
the former Iraqi regime to the new Development Fund for Iraq (DFI).
U.S. efforts to recover Iraqi assets have had varying results. In March
2003, the U.S. government quickly took control of Iraq's assets in the
United States. From May to September 2003, the United States
transferred $1.7 billion to Iraq to help pay for the salaries of Iraqi
civil servants, ministry operations, and pensions. Within Iraq, U.S.
military and coalition forces seized about $926 million of the regime's
assets. Other countries froze about $3.7 billion of Iraqi regime assets
in compliance with U.N. Security Council resolutions. As of March 2004,
Treasury reported that more than 10 countries and the Bank for
International Settlements had transferred approximately $751 million to
the DFI. Little progress has been made in identifying and freezing
additional Iraqi assets that remain hidden. While the amount of hidden
assets accumulated by the former Iraqi regime is unknown, estimates
range from $10 to $40 billion in illicit earnings. The United States
faces key challenges in recovering Iraq's assets. First, recovering the
former regime's assets was not initially a high priority in the overall
U.S. effort in Iraq. Second, U.S. officials stated that many countries
needed to adopt additional legislation to implement the U.N.
requirements and transfer the funds to the DFI. U.S. expectations for
the quick transfer of funds may have been overly optimistic given the
legal capabilities of some countries. Third, the impending transfer of
sovereignty to an interim Iraqi government on June 30, 2004, may
further complicate U.S. efforts to locate and recover assets of the
former regime. It is uncertain whether the new government will allow
the United States to continue its hunt for the former regime's assets.

Alright folks, with all of the talk of hidden reserves, thought this old article was somewhat pertinent. Does anyone have any infromation on the DFI that is more current than this article from 2004? I have heard figures bandied about, but have yet to see what has really been recovered.



Hoping for one of these: