US broadens order to confiscate assets of former Iraqi regime
US President Bush has expanded a previous order on confiscating the property of the former Iraqi regime to include the assets of certain former senior Iraqi officials, their immediate family members and other entities.
"It is in the interest of the United States to confiscate certain additional property of the former Iraqi regime, certain senior officials of the former regime, immediate family members of those officials, and controlled entities," Bush said in an executive order released by the White House August 29, 2003.
Bush said the confiscated assets would be transferred to the Development Fund of Iraq to be used for the humanitarian needs of the Iraqi people and the reconstruction of the country.
In United Nations Security Council Resolution (UNSCR) of May 22, 2003, the UN Security Council decided that UN member states shall freeze the assets of the former Iraqi regime, Saddam Hussein, and other senior officials of the former Iraqi regime, and their immediate family members and cause the transfer of those assets to the Development Fund for Iraq.
The assets of the former Iraqi regime, Saddam Hussein, and other senior Iraqi officials have already been frozen pursuant to the Iraqi Sanctions Regulations, which implemented the 1990 Executive Orders that imposed economic sanctions with respect to Iraq. — (menareport.com)
© 2003 Mena Report (www.menareport.com)