US: Syrian banks hold $3 bn in Iraqi funds

23 October 2003
US investigators have evidence that Syrian banks are holding about $3,000 million that belonged to members of Saddam Hussein's regime, reported the daily the New York Times on 20 October. According to the report, a US team from the Treasury Department spent nearly two weeks in Damascus accessing account details of former regime members and associates. Syria has co-operated in full with US requests, said a US official. About $500 million of the funds are believed to be held in accounts in Lebanon, which are under the control of Syrian banks.

The latest discovery of Iraqi funds raises the total found over $5,000 million. Funds have been found in the US, UK, Switzerland, Jordan and Japan. The US has called for all Iraqi funds to be unfrozen and returned to the country.

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