Australian Bank had Talks with Iraq, Despite UN Sanctions

By John Lee.

ABC and Fairfax Media report that Note Printing Australia, which is owned by the Reserve Bank of Australia, tried to do business with the Saddam Hussein regime despite UN sanctions.

Company officials are said to have visited Iraq in 1998, during the UN sanctions, to discuss a contract to replace the country's paper currency with polymer banknotes.

During the trip, codenamed Delta Project, they met a middleman, Hussein's brother-in-law and bodyguard Arshad Yassin, who confirmed that Hussein had seen samples of the banknotes and was keen to adopt them. Iraq allocated $US65 million for the project.

Two RBA banknote firms, NPA and Securency, face criminal charges for allegedly paying kickbacks to win contracts overseas.

(Source: The Guardian)

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