The Pentagon has lost track of almost $9 billion, which was meant to be spent on reconstructing Iraq. That is 95 per cent of the money given to the Development Fund.
The American military was given the money, raised from the sale of Iraqi gas and oil, by the UN after the invasion in 2003.
A US audit found poor control over where the assets were spent in a country still suffering a lack of electricity and other basic services.
Former CIA analyst Roy McGovern says the lack of oversight needs further investigation.
“There were doubtless people who were supposed to be supervising, overseeing these funds,” McGovern said. “The fact that… they have sort of disappeared and they were a liable to have been purloined – that’s no explanation, we have to find out who purloined them and what happened to those funds. It almost reminds me of the search of weapons of mass destruction in Iraq.”