The Spoils of War

Gilles d'Aymery aymery at
Fri Mar 21 10:36:51 MST 2003

Executive Order: Confiscating and Vesting Certain Iraqi Property

By the authority vested in me as President by the Constitution and the
laws of the United States of America, including the International
Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the
National Emergencies Act (50 U.S.C. 1601 et seq.), and section 301 of
title 3, United States Code, and in order to take additional steps with
respect to the national emergency declared in Executive Order 12722 of
August 2, 1990,

I, GEORGE W. BUSH, President of the United States of America, hereby
determine that the United States and Iraq are engaged in armed
hostilities, that it is in the interest of the United States to confiscate
certain property of the Government of Iraq and its agencies,
instrumentalities, or controlled entities, and that all right, title, and
interest in any property so confiscated should vest in the Department of
the Treasury. I intend that such vested property should be used to assist
the Iraqi people and to assist in the reconstruction of Iraq, and
determine that such use would be in the interest of and for the benefit of
the United States.

I hereby order:

Section 1. All blocked funds held in the United States in accounts in the
name of the Government of Iraq, the Central Bank of Iraq, Rafidain Bank,
Rasheed Bank, or the State Organization for Marketing Oil are hereby
confiscated and vested in the Department of the Treasury, except for the

     (a) any such funds that are subject to the Vienna Convention on
     Diplomatic Relations or the Vienna Convention on Consular Relations,
     or that enjoy equivalent privileges and immunities under the laws of
     the United States, and are or have been used for diplomatic or
     consular purposes, and

     (b) any such amounts that as of the date of this order are subject to
     post-judgment writs of execution or attachment in aid of execution of
     judgments pursuant to section 201 of the Terrorism Risk Insurance
     of 2002 (Public Law 107-297), provided that, upon satisfaction of the
     judgments on which such writs are based, any remainder of such
     excepted amounts shall, by virtue of this order and without further
     action, be confiscated and vested.

Section 2. The Secretary of the Treasury is authorized to perform, without
further approval, ratification, or other action of the President, all
functions of the President set forth in section 203(a)(1)(C) of IEEPA with
respect to any and all property of the Government of Iraq, including its
agencies, instrumentalities, or controlled entities, and to take
additional steps, including the promulgation of rules and regulations as
may be necessary, to carry out the purposes of this order. The Secretary
of the Treasury may redelegate such functions in accordance with
applicable law. The Secretary of the Treasury shall consult the Attorney
General as appropriate in the implementation of this order.

Section 3. This order shall be transmitted to the Congress and published
in the Federal Register.



March 20, 2003.

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