The Japanese Ministry of Finance announced the transfer of over $98 million in Iraqi frozen assets to the Development Fund for Iraq.
The move was in accordance to a United Nations Security Council resolution that required all member countries to freeze the assets of the former Iraqi regime, Saddam Hussein, and other senior officials of the former Iraqi regime, and their immediate family members. Assets must then be transferred to the fund, reported Washington File.
Assets of the former Iraqi regime 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)
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