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Former Finance Minister Ali Allawi told the US CBS network that about $1.2bn had been allocated for new weapons.
About $400m was spent on outdated equipment and the rest stolen, he said.
Mr Allawi said the UK and US had done little to recover the money or catch the suspects, who were "running around the world".
"We have not been given any serious, official support from either the United States or the UK or any of the surrounding Arab countries," he said.
"The only explanation I can come up with is that too many people in positions of power and authority in the new Iraq have been, in one way or another, found with their hands inside the cookie jar.
full story.
http://news.bbc.co.uk/2/hi/middle_east/6076834.stm