Volcker report, the report by the UN-established Independent Inquiry Committee, led by former US Federal Reserve Chairman Paul Volcker, looks into the scam in the UN oil-for-food programme for Iraq during the Saddam Hussein regime.

According to the report, more than 2,200 companies world wide made illicit payments totalling $US1.8 billion ($A2.36 billion) to Saddam Hussein's Government during the UN oil-for food program.

The programme, which began in December 1996 and ended in 2003, was aimed at easing the impact of UN sanctions imposed in 1990 after Baghdad's troops invaded Kuwait. It allowed Iraq to sell oil in order to pay for food, medicine and other civilian goods.

The report also names politicians in India, Russia, France, Britain, Italy and other nations who were given favours by Saddam in his quest to get 1990 UN sanctions lifted.

Among the many, Former Indian External Affairs Minister Natwar Singh was also named in the report. He was named as one of the beneficiaries in the Iraqi oil sales in 2001. The UPA led Government in the Centre has set up a probe panel to investigate into the matter. The panel is headed by former Chief Justice of India R S Pathak.