Board Set to Monitor How U.S. Spends Iraq Oil Money

[Spazito]

UNITED NATIONS (Reuters) - An independent watchdog intended to monitor how U.S. authorities spend Iraq (news - web sites)'s oil money is up and running after months of haggling over its powers, the United Nations (news - web sites) said on Wednesday.



The reach of the new International Advisory and Monitoring Board had been at the center of a months-long dispute between Iraq's U.S. administrator, Paul Bremer, and officials of the four international agencies with seats on the board.

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Under the ground rules, released at U.N. headquarters, the board will be empowered to audit exports of Iraqi oil, gas and related products, the Iraqi Central Bank account where oil revenues are to be deposited, the U.S.-run Development Fund for Iraq that is authorized by the United Nations to actually spend the oil revenues, and all disbursements from the fund.


The board also will be able to order special audits and will have access to all records and documents falling within its scope, according to the ground rules.

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http://story.news.yahoo.com/news?tmpl=story&cid=574&e=1&u=/nm/iraq_donors_watchdog_dc

[ameriphile]

1. Hopefully the watchdog will have sharp teeth and a loud bark!

n/t

[proud patriot]

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