"Thieves managed to get hold of one billion dinars equivalent to 500,000 US dollars on Tuesday from a bank in Kadimiyah because the policemen who are supposed to guard it were not there and left the entrance without protection," Ahmad Ibrahim told Iraqi television.

The robbers held up the staff, took the cash and left without hindrance.

"We will take sanctions against these policemen and we have some information to help find the robbers and bring them to justice."

Ibrahim called for more policemen to be trained to fight crime.

"We are increasing the number of police stations in Iraq," he added.