§ Mr. Gordon PrenticeTo ask the Chancellor of the Exchequer what steps are being taken to trace funds which may have been deposited in UK banks by members of the former Iraqi regime; and if he will make a statement. [145198]
§ Ruth KellyAll financial institutions in the UK have been obliged to identify and freeze Iraqi funds since August 1990. The implementation of United Nations Security Council Resolution 1483, 22 May 2003, subsequently required that such funds be transferred to the Development Fund for Iraq, with serious penalties for non-compliance.
While active monitoring continues, this process is now largely complete. To date the UK has transferred £112 million to support the reconstruction effort in Iraq. If further such funds were identified, they would be immediately transferred to the DFI.