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US Treasury Confiscates  Iraqi Government Assets


The U.S.-led war against Iraq is now being fought not only on the battlefield, but on the financial front as well. The Bush administration has confiscated all Iraqi government assets in the United States, except for those used for diplomatic purposes.

Less than 24 hours after he announced the start of the military operation, President Bush issued an executive order to confiscate the Iraqi assets.

In an accompanying letter to the U.S. Congress, Mr. Bush promises these funds will be used to help the Iraqi people and assist in the reconstruction of Iraq.

The presidential order is being carried out by the Treasury Department, which, along with the State Department, is urging other countries to take similar action.

In a statement, Treasury Secretary John Snow said the U.S. government calls upon the world to identify and freeze all assets of Saddam Hussein, the Iraqi regime and their agents. The treasury secretary said there should be a worldwide hunt for what he called the "blood money" Saddam Hussein and others have stolen from the Iraqi people.

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