Iraq's Oil Money Still Flows Through the Fed - NewsRescue

Iraq's Oil Money Still Flows Through the Fed - NewsRescue

The Development Fund for Iraq (DFI) was opened at the Federal Reserve Bank of New York in May 2003, at the request of the Coalition Provisional Authority (CPA) under Paul Bremer. It was the bank account into which Iraq’s oil revenues, frozen Iraqi assets and seized Saddam-era cash were funnelled in the months following the US-led invasion. More than two decades later, that arrangement is still in place. Iraqi oil money continues to flow into the…