FROM THE OFFICE OF PUBLIC AFFAIRS

March 20, 2003
JS-119

Prepared Statement of Treasury Secretary John Snow
Returning Iraqi Funds to the Iraqi People

Today we launched a financial offensive against the regime of Saddam Hussein.

First, the President today issued an Executive Order confiscating non-diplomatic Iraqi government assets in the United States.  The Order authorizes Treasury to marshal the assets, and to use the funds for the benefit and welfare of the Iraqi people.

Second, the United States calls today upon the world to identify and freeze all assets of Saddam Hussein, the Iraqi regime, and their agents pursuant to established international obligations. 

Third, we are directing a worldwide hunt for the blood money that Hussein and his cronies have stolen from the Iraqi people.

In 1990, the world community imposed economic sanctions on the Hussein regime to prevent the dictator from obtaining the means to threaten his neighbors and to develop weapons of mass destruction.  The United States, the United Kingdom, and others took prompt action, freezing well in excess of two billion dollars and barring trade and commerce with the Hussein regime.

Now we call upon all nations to join us and to step forward to fulfill their obligations for the benefit of the Iraqi people. 

The success of economic sanctions requires international cooperation and effective enforcement.  The United States is committed to helping enforce these international obligations.  For that reason, we reserve the right to take countermeasures and sanctions against any institution that does not comply with these international obligations including cutting off access to the U.S. financial system under provisions granted by the USA PATRIOT Act.

The world must find, freeze, and return Iraqi money for the Iraqi people and their future. 

This effort will ensure that the assets and funds belonging to the Iraqi people are dedicated to the wellbeing and benefit of their nation.

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