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Foreign and Commonwealth Office

Answer

Glenda Jackson: To ask the Secretary of State for Foreign and Commonwealth Affairs pursuant to his reply of 26 October 2004, Official Report, column 1177W, if he will break down the development of Iraq's national economy, referred to in paragraph 3, page 3 of the ISG, Regime Finance and Procurement, by (a) industry, (b) banking and (c) services; what the value was of each category; and who the financial partners were of such activities. [195194] Mr. Rammell: The report from the Iraq Survey Group points to the former Iraqi regime implementing strategies, policies and methods to try to terminate sanctions and generate illicit revenue, including under the Oil for Food Programme. We are unable to assess the value of illicit funds generated by each of the banking, industrial and service sectors. However, under the terms of Security Council resolution 1483 (22 May 2003), more than $1 billion of former Iraqi regime assets have so far been frozen internationally and transferred to the Development Fund for Iraq, for the benefit of the Iraqi people. There have been widespread allegations that a number of individuals and entities around the world were complicit in corruption under the programme, for their own benefit and the benefit of the former regime. However, it would be premature to comment on the allegations and the financial outcome of any possible corruption until the independent inquiry appointed by the UN Secretary-General has reported its findings.

Secondary information

Type

Written question

Reference

195194; 426 c347W

Session

2003-04

Subjects

Assets Banks Corruption Industry Iraq Food Economic situation Oil Sanctions Service industries

Link

View this Written question on www.publications.parliament.uk