IRAQ DEVELOPMENT FUND PROTECTED UNDER NEW SANCTIONS REGULATIONS
Washington D.C., August 29, 2003 - The US government has introduced new sanctions regulations to ensure the stability of Iraq’s economy and protect its development fund.
Ensuring the Integrity of Iraq’s Development Fund
The new regulations are designed to prevent the misuse of funds intended for Iraq’s reconstruction and development. They prohibit any individual or entity from engaging in transactions that would compromise the integrity of Iraq’s development fund. The fund, established by the Iraqi government to manage oil revenue, is critical to the country’s reconstruction efforts.
Targeting Individuals and Entities Involved in Terrorism
The sanctions regulations also target individuals and entities involved in terrorism or other activities that threaten regional stability. Those found to be engaging in such activities will face severe penalties, including fines and imprisonment.
Supporting Iraq’s Transition towards Democracy and Economic Stability
The measures are seen as a key step towards ensuring Iraq’s economic stability and promoting its development. The country has been struggling to recover from decades of sanctions and war, and the international community is working closely with the Iraqi government to support its efforts.
Key Provisions of the Sanctions Regulations
- Prohibit any individual or entity from engaging in transactions that would compromise the integrity of Iraq’s development fund
- Target individuals and entities involved in terrorism or other activities that threaten regional stability
- Authorize severe penalties, including fines and imprisonment, for those found to be engaging in illegal activities
- Draw on the Antiterrorism and Effective Death Penalty Act of 1996, International Emergency Economic Powers Act, National Emergencies Act, and Section 5 of the United Nations Participation Act of 1945
US Government Support for Iraq’s Reconstruction Efforts
The US government has also announced plans to provide additional support to Iraq’s reconstruction efforts, including financial assistance and technical expertise. The country is facing significant challenges in rebuilding its infrastructure, economy, and institutions, and the international community is working closely with the Iraqi government to support its efforts.
Statement from the US Secretary of State
“The United States is committed to supporting Iraq’s transition towards democracy and economic stability,” said the US Secretary of State. “We will continue to work closely with the international community to ensure that Iraq’s development fund is used for its intended purpose, and not diverted towards illegal or harmful activities.”