ThePaul Volcker Committee (Independent Inquiry Committee) was formed to investigate alleged corruption and fraud in theUnited NationsOil-for-Food Programme inIraq.
The committee was appointed byUN Secretary-GeneralKofi Annan in April 2004, following calls for aSecurity Council inquiry, which was approved inResolution 1538. The three-member inquiry was chaired by formerFederal Reserve chairman andUnited Nations Association of the United States of America directorPaul Volcker. The other members of the inquiry wereSouth African JusticeRichard Goldstone andSwiss Professor of Criminal LawMark 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-Foodescrow 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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