Confiscating and Vesting Certain Iraqi Property
Confiscates and Vests Iraqi Government Funds in Treasury
What it does
The Treasury Department must confiscate blocked Iraqi government funds held in U.S. accounts and vest them in Treasury for use in aiding the Iraqi people and reconstruction.
Real-world impact
- Seizes blocked Iraqi government funds held in U.S. bank accounts.
- Authorizes Treasury to use confiscated funds to assist the Iraqi people and rebuild Iraq.
- Excludes diplomatic or consular funds and amounts tied to certain court writs until judgments are paid.
Topics
Summary
This order transfers certain Iraqi government money held in the United States to the Department of the Treasury. It finds the United States and Iraq are engaged in armed hostilities and says the seized funds should be used to help the Iraqi people and rebuild Iraq, while also serving U.S. interests.
Accounts named include the Government of Iraq, the Central Bank of Iraq, Rafidain Bank, Rasheed Bank, and the State Organization for Marketing Oil. The order excludes funds used for diplomatic or consular purposes and amounts tied to certain court writs until those judgments are paid.
Questions, answered
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