Everything about The Paul Volcker Committee totally explained
The
Paul Volcker Committee (Independent Inquiry Committee) was formed to investigate alleged
corruption and
fraud in the
United Nations Oil-for-Food Programme.
The committee was appointed by
UN Secretary General Kofi Annan during April 2004, following calls for a
Security Council inquiry. 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.
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