Paul Volcker Committee
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The Paul Volcker Committee (Independent Inquiry Committee) was formed to investigate the corruption and fraud in the UN Oil-for-Food Programme.
The Independent Inquiry Committee (IIC) into the United Nations Oil-for-Food Programme released its interim report in February 2005. The committee was appointed by UN Secretary-General Kofi Annan in April 2004 following calls for a Security Council–backed inquiry into the Oil-for-Food scandal. The three-member inquiry was chaired by former Federal Reserve Chairman and United Nations Association of the United States of America director Paul Volcker and included South African Justice Richard Goldstone and Swiss Professor of Criminal Law Mark Pieth. The committee’s 60-member staff, which included three support personnel on loan from the UN, operated on a $30 million budget drawn from the UN Oil-for-Food escrow account.
