The Scam letters

We all know the notorious Nigerian scam letters, each of us has received one at least in their lifetime . But this is the first time I heard about the Iraqi version, and to be honest I don't find it funny. I know there are crooks in every country but that an Iraqi is doing this I find painful and it hurts me as it shakes their image in my eyes.
Weird is it not ? that I can take bombing and killing but I cannot take the fraud thing. It's like the looting after Baghdad fell.

Anyway here is the letter and it seems to originate in Italy.

Date: Sat, 8 Apr 2006 21:23:23 +0100 (GMT+01:00)
From: "Bank of Baghdad Managing Director" <mowafaq_mahmood1@virgilio.it>
To: mahmood@hotmail.com
Subject: A Representation

From: Mowafaq H. Mahmood
Bank of BaghdadBaghdad, Iraq.

Following the first Gulf War in 1991, Saddam Hussein authorized for the
first time the formation of private banks in Iraq. From 1992 until the end of
the decade, 17 such banks were established. Up until the second Gulf War,
however, Saddam prohibited these banks from conducting international
transactions - including payments, remittances, and letters of credit. Now, as
Iraq develops a market- driven banking system, these restrictions are being
reduced and the importance of Iraq's private banks is expected to grow
significantly. An important step was taken on October 28, 2003, when the
CentralBank of Iraq authorized Iraq's private banks to process international
payments, remittances and foreign currency letters of credit. This action
follows other important steps taken recently to modernize Iraq's banking system
- the establishment of a new national currency, for instance, and the launching
of daily foreign exchange auctions by the Central Bank. Subsequently, I
personally was able to hide away One Hundred Million United States Dollars in
the wake of the United States of American led war on Iraq. This money was meant
for investments but it is believed that we have lost this money to looters
during the War in Iraq. Since after the war, I have safely tucked away this
money with the hope that I will be able to do something with it as soon as
things cool down. Now intend to do so. I just need that I get you as my
reliable foreign partner who will as it is be my representative out there in
your Country; I want you as a partner who will assist me in investing in
profitable ventures in your Country. I need a person I could rely
on.

Faithfully, Mowafaq H. Mahmood
Bank of Baghdad
Iraq.