In principle, it sounds like a really good idea, in practice, it's a complete invitation for murder and mayhem on a mass scale.  Without extremely strict controls, it will inevitably result in the deliberate murder of mostly innocent people.  After all, innocent civilians are a lot easier to kill than well armed, well trained, Jihadists....just ask the Amerikans about that.

For an example of just how such a program can get completely out of control all one has to do is look at what happened in Columbia.  Towards the end of their program, military units (much less a bunch of privateers), the only ones allowed to participate in the program, were rounding up hundreds of completely innocent indigents and poor peasants and executing them for the money. 

Also, in a completely chaotic place like Iraq, it could very well be the Jihadists being sought who wind up collecting the rewards....for murdering those who sought them.  No doubt totally hilarious from their point of view, but probably not what those who came up with this proposal had in mind.

In a program of offering rewards where a specific individual is not identified by some sort of public, judicial, process and a wanted poster is issued, it would be best to register all the "bounty hunters", heavily monitor their activities, and have them turn in reports of what happened for each person captured.

Dead "Jihadists" should only be excepted if they were killed in a publicly witnessed, or documented fire-fight. In fact, considering just how cheap and reliable video recording technology is, perhaps all "bounty hunters" should be forced to wear such equipment when performing their "duties". - mpg