Viewing cable 03ROME3518
Title: ITALY: UPDATE ON RETURNING FROZEN IRAQI ASSETS

IdentifierCreatedReleasedClassificationOrigin
03ROME35182003-08-04 15:53:00 2011-08-30 01:44:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Rome
This record is a partial extract of the original cable. The full text of the original cable is not available.

041553Z Aug 03
UNCLAS ROME 003518 
 
SIPDIS 
 
 
SENSITIVE 
 
EB/ABORG/BFITZGERALD AND NEA/NGA 
TREASURY: WMURDEN 
NSC: GPETERS 
 
E.O. 12958: N/A 
TAGS: EFIN ETTC PREF
SUBJECT: ITALY: UPDATE ON RETURNING FROZEN IRAQI ASSETS 
 
 
    REF: SECSTATE 217437 
 
¶1. (SBU) ITALY HAS NOT YET TRANSFERRED ANY OF ITS ESTIMATED 
USD98 MILLION IN FROZEN IRAQI ASSETS TO THE DEVELOPMENT FUND 
FOR IRAQ, ACCORDING TO GIUSEPPE MARESCA, DIRECTOR GENERAL, 
FINANCE MINISTRY.  WHILE ACKNOWLEDGING THE ACUTE FUNDING NEED 
OF THE IRAQI GOVERNMENT, MARESCA SAID THAT THE INTERNAL 
REVIEW OF THE TOTAL AMOUNT OF IRAQI ASSETS IN ITALY AND OF 
OUTSTANDING LEGAL CLAIMS AGAINST THEM IS STILL UNDERWAY. 
 
¶2. (SBU) THE FINANCE MINISTRY HAS PRESSED THE UFFICIO 
ITALIANO DEI CAMBI (UIC), ITALY'S FINANCIAL INTELLIGENCE 
UNIT, TO LEAN ON FINANCIAL INSTITUTIONS TO ISSUE FINAL 
REPORTS ON AMOUNTS THEY HOLD AND ANY POSSIBLE CLAIMS AGAINST 
THEM. THE FINANCE MINISTRY HOPES TO HAVE INFORMATION FROM THE 
UIC BY THE END OF THE WEEK, BUT MARESCA ADMITTED, THE START 
OF THE SUMMER VACATION MIGHT DELAY BOTH THE FINANCIAL 
INSTITUTIONS' REPORTING AND SUBSEQUENT ACTION BY THE UIC. 
(NOTE:  ITALY EFFECTIVELY SHUTS DOWN, STARTING FROM THIS WEEK 
TO AFTER FERRAGOSTO, AUGUST 15TH. END NOTE)  FINANCE MINISTRY 
OFFICIALS CONCUR WITH THE U.S. UNDERSTANDING THAT CLAIMS 
AGAINST THESE FUNDS SHOULD HAVE RECEIVED A FINAL LEGAL 
JUDGMENT TO BE CONSIDERED STILL VALID.  HOWEVER, MARESCA 
NOTED, PROPER DUE DILIGENCE WOULD LIKELY REQUIRE AT LEAST A 
REVIEW, EVEN IF CURSORY, OF THE OUTSTANDING CLAIMS BY 
COMPETENT AUTHORITIES. 
SEMBLER 
 
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 2003ROME03518 - Classification: UNCLASSIFIED