Damascus, Oct 22: Iraqi and US experts were in Damascus today in the hope of tracking down billions of dollars Saddam Hussein's regime is suspected of hiding in the country's banks, a well-informed source said. A US Embassy spokesman here also said that an "Iraqi assets technical team is present now in Damascus," but refused to confirm they were chasing looted wealth being sought to help reconstruction of the war-ravaged country.

"Two (members) of the team are Americans and three are naturalised Iraqis," the well-informed source said. "They have been in cooperation with the Syrian government to track possible Iraqi government assets in Syrian banks in compliance with the UN Security Council resolution," he said.

US officials suspect government-controlled banks in Syria are holding up to three billion dollars in Iraqi assets looted by the former dictator, Time magazine reported earlier this month.

The Newsweekly, quoting an unnamed senior US official, said Washington has demanded Damascus return the money and is not satisfied with Syria's cooperation. Bureau Report