Payments ordered by or on behalf of residents of Iraq
9 Any payment required by an order given by or on behalf of the government of Iraq or a resident of Iraq to a person subject to the directions (see paragraph 4) is prohibited except with permission. Permission will not normally be given for any such payment to any account held outside the United Kingdom. Permission is hereby given for any such payment whether in sterling or in foreign currency to be made to an "Iraqi Account”. No payment or transfer may be made from one "Iraqi Account" to another "Iraqi Account" without permission, which will not normally be given.
Balances on "Iraqi Accounts"
10 Permission will not normally be given for any change to be made in the persons
to whose credit any sum held on an "Iraqi Account" is to stand.
Payments from "Iraqi Accounts"
11 The Bank of England will consider applications to debit "Iraqi Accounts" for the
following purposes:-
(a) living, medical, educational and similar expenses of residents of Iraq in the United Kingdom. Payments to meet travel expenditure by residents of Iraq leaving the United Kingdom will also be considered. For all of these purposes, reasonable amounts will normally be permitted;
(b)
(c)
(d)
payments in respect of goods which have been shipped or otherwise despatched to the United Kingdom. Production of any necessary import licence and evidence of shipment or despatch will be required;
payments to reimburse United Kingdom banks who have made payments in respect of Iraqi trade under irrevocable letters of credit;
payments for charitable purposes.
12 For the time being, permission will not normally be given for "Iraqi Accounts” to
be debited for the following purposes:-
(a)
payments to other "Iraqi Accounts":
(b)
(c)
payment of interest, or repayment of capital, on borrowings by residents of Iraq;
payments in connection with the operations of vessels and aircraft owned by, or on charter to, residents of Iraq;
(d) payment of insurance premiums.
13 Permission is hereby given for the payment from "Iraqi Accounts" of -
(a) charges to banks in the United Kingdom;
(b)
(c)
sums due to the Inland Revenue and HM Customs and Excise, provided no overdraft is thereby created on an "Iraqi Account";
distributions and payments to residents of the United Kingdom under wills and intestacies and under trusts set up before 4 August 1990.
3