Paul Volcker Committee
Encyclopedia
The Paul Volcker Committee (Independent Inquiry Committee) was formed to investigate alleged corruption
and fraud
in the United Nations
Oil-for-Food Programme
in Iraq
.
The committee was appointed by UN Secretary General Kofi Annan
during April 2004, following calls for a Security Council
inquiry, which was approved in Resolution 1538
. The three member inquiry was chaired by former Federal Reserve Chairman and United Nations Association of the United States of America
director Paul Volcker
. The other members of the inquiry were South African Justice
Richard Goldstone
and Swiss Professor
of Criminal Law
Mark Pieth. The committee's 60 members of staff, which included three support personnel on loan from the UN, operated on a $30 million budget drawn from the UN Oil-for-Food escrow
account.
The Independent Inquiry Committee (IIC) into the United Nations Oil-for-Food Programme released its interim report during February 2005.
Political corruption
Political corruption is the use of legislated powers by government officials for illegitimate private gain. Misuse of government power for other purposes, such as repression of political opponents and general police brutality, is not considered political corruption. Neither are illegal acts by...
and fraud
Fraud
In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation...
in the United Nations
United Nations
The United Nations is an international organization whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and achievement of world peace...
Oil-for-Food Programme
Oil-for-Food Programme
The Oil-for-Food Programme , established by the United Nations in 1995 was established with the stated intent to allow Iraq to sell oil on the world market in exchange for food, medicine, and other humanitarian needs for ordinary Iraqi citizens without allowing Iraq to boost its military...
in Iraq
Iraq
Iraq ; officially the Republic of Iraq is a country in Western Asia spanning most of the northwestern end of the Zagros mountain range, the eastern part of the Syrian Desert and the northern part of the Arabian Desert....
.
The committee was appointed by UN Secretary General Kofi Annan
Kofi Annan
Kofi Atta Annan is a Ghanaian diplomat who served as the seventh Secretary-General of the UN from 1 January 1997 to 31 December 2006...
during April 2004, following calls for a Security Council
United Nations Security Council
The United Nations Security Council is one of the principal organs of the United Nations and is charged with the maintenance of international peace and security. Its powers, outlined in the United Nations Charter, include the establishment of peacekeeping operations, the establishment of...
inquiry, which was approved in Resolution 1538
United Nations Security Council Resolution 1538
United Nations Security Council Resolution 1538, adopted unanimously on April 21, 2004, after expressing concern about the administration and management of the Oil-for-Food Programme in Iraq, the Council ordered an inquiry to investigate the matter....
. The three member inquiry was chaired by former Federal Reserve Chairman and United Nations Association of the United States of America
United Nations Association of the United States of America
The United Nations Association of the United States of America or UNA-USA is a nonprofit membership organization dedicated to building understanding of and support for the ideals and work of the United Nations among the American people. Its education, policy and advocacy programs emphasize the...
director Paul Volcker
Paul Volcker
Paul Adolph Volcker, Jr. is an American economist. He was the Chairman of the Federal Reserve under United States Presidents Jimmy Carter and Ronald Reagan from August 1979 to August 1987. He is widely credited with ending the high levels of inflation seen in the United States in the 1970s and...
. The other members of the inquiry were South African Justice
Judge
A judge is a person who presides over court proceedings, either alone or as part of a panel of judges. The powers, functions, method of appointment, discipline, and training of judges vary widely across different jurisdictions. The judge is supposed to conduct the trial impartially and in an open...
Richard Goldstone
Richard Goldstone
Richard Joseph Goldstone is a South African former judge. After working for 17 years as a commercial lawyer, he was appointed by the South African government to serve on the Transvaal Supreme Court from 1980 to 1989 and the Appellate Division of the Supreme Court of South Africa from 1990 to 1994...
and Swiss Professor
Professor
A professor is a scholarly teacher; the precise meaning of the term varies by country. Literally, professor derives from Latin as a "person who professes" being usually an expert in arts or sciences; a teacher of high rank...
of Criminal Law
Criminal law
Criminal law, is the body of law that relates to crime. It might be defined as the body of rules that defines conduct that is not allowed because it is held to threaten, harm or endanger the safety and welfare of people, and that sets out the punishment to be imposed on people who do not obey...
Mark Pieth. The committee's 60 members of staff, which included three support personnel on loan from the UN, operated on a $30 million budget drawn from the UN Oil-for-Food escrow
Escrow
An escrow is:* an arrangement made under contractual provisions between transacting parties, whereby an independent trusted third party receives and disburses money and/or documents for the transacting parties, with the timing of such disbursement by the third party dependent on the fulfillment of...
account.
The Independent Inquiry Committee (IIC) into the United Nations Oil-for-Food Programme released its interim report during February 2005.