This design was used by US Army Delta Force (SFOD-D) in the mid 1990’s (source: http://www.usmilitariaforum.com/forums/index.php?/topic/72493-a-couple-of-gear-displays/page-12#entry1152379) but this particular vest was not since it lacks tape residue and would have been obsolete at the time of production.
2002 manufacture date for all components.
“ACU I 01” marking on back could indicate it was for US Navy Assault Craft Unit 1.
Cordura material is non-standard ERDL-like woodland, similar to the 2002 dated Ranger Body Armor.
Side protection is provided by the soft armor inserts that wrap around the body unlike more modern plate carriers which allow you to insert soft or hard armor into the cummerbund.
Cummerbund is elastic and closes with velcro. Reverse side of elastic cummerbund (facing the armor plate bag) has no velcro. It is just cordura and is meant to hold vest together when worn like rubber band.