NEW YORK—The Federal Reserve Bank of New York has cooperated closely with the Special Inspector General for Iraq Reconstruction's (SIGIR) audits of the Development Fund for Iraq (DFI). The release of information about foreign central bank accounts requires approval of the account holder, which the New York Fed has routinely obtained in earlier DFI audits, providing the requested data as promptly as possible. The shipments of cash from the New York Fed to Iraq during the tenure of the Coalition Provisional Authority (CPA) have long been a matter of public record. SIGIR and the New York Fed fully expect to continue to cooperate closely as the SIGIR conducts further audits of DFI account activity.
According to Stuart W. Bowen, Jr., the Special Inspector General for Iraq Reconstruction, "SIGIR and the New York Fed have enjoyed a positive and effective working relationship regarding DFI audits executed by SIGIR over the past seven years, and I look forward to continuing that relationship on future audit work."