Saddam admits depositing cash abroad

Saddam Hussein has acknowledged depositing billions of dollars abroad and has given interrogators the names of people who know where the money is, a member of the Iraqi Governing Council said today.

The US-appointed council estimates that the Iraqi dictator seized $40bn (€32bn) while in power and is now searching for that amount deposited in Switzerland, Japan, Germany and other countries, Iyad Allawi told the London-based Arab newspapers Al-Hayat and Asharq al-Awsat.