CONFIDENTIAL
FM HONG KONG
TO IMMEDIATE FCO
TELNO 2523
OF 150943Z AUGUST 90
CONFIDENTIAL
HKCE 020 126
RECEIVED IN RE
20 AUG 1995
My Tran He Handelhe на
Ay
064
MDHIAN 32
SK
time
INFO IMMEDIATE WASHINGTON, GIBRALTAR, GRAND CAYMAN, GRAND TURK INFO IMMEDIATE HAMILTON, PLYMOUTH, TORTOLA
FOR IRAQ/KUWAIT EMERGENCY UNIT
YOUR TELNO 122 TO ANGUILLA: IRAQ/KUWAIT SANCTIONS: HONG KONG (CONTROL OF GOLD ETC) ORDER 1990
THE COMING INTO OPERATION OF THE ORDER IN COUNCIL FREEZING KUWAITI AND IRAQI ASSETS IN HONG KONG WAS ANNOUNCED TO THE MEDIA IN HONG KONG ON THE MORNING OF 7 AUGUST AS SOON AS WE HAD CONFIRMATION OF IT. COPIES OF THE ORDER WERE DELIVERED AT THE SAME TIME TO THE STOCK EXCHANGE, THE ASSOCIATION OF BANKS, THE LAW SOCIETY AND OTHER BODIES HAVING AN IMMEDIATE INTEREST.
2. ON 8 AUGUST, THE FINANCIAL SECRETARY GAVE PERMISSION PURSUANT
TO SECTION 2(1) OF THE ORDER FOR CERTAIN DEALS INVOLVING IRAQI OR KUWAITI COUNTERPARTIES THAT WERE ENTERED INTO PRIOR TO 010OZ ON 7 AUGUST TO BE COMPLETED. THE DEALS WERE THOSE ENTERED INTO IN THE MONEY, FOREIGN EXCHANGE, COMMODITIES (OTHER THAN PHYSICAL OIL) AND SECURITIES MARKETS, INCLUDING DERIVATIVES, AND PAYMENT INSTRUCTIONS RECEIVED FOR IMMEDIATE EXECUTION. THIS PERMISSION
WAS IN LINE WITH ONE GIVEN BY THE BANK OF ENGLAND IN RESPECT OF THE U.K. THE CUT-OFF TIME OF 010OZ (0900 HK TIME) WAS SELECTED ON
THE BASIS THAT IT WAS THE START OF BUSINESS IN HONG KONG.
3. ON 13 AUGUST, TWO NOTICES WERE ISSUED BY THE FINANCIAL SECRETARY GIVING CERTAIN PERMISSIONS. THOSE WERE MODELLED
CLOSELY ON THE TWO BANK OF ENGLAND NOTICES DATED 7 AUGUST AND WERE GIVEN APPROPRIATE PUBLICITY AND DISTRIBUTION.
IRAQ/KUWAIT (UN SANCTIONS) (DEPENDENT TERRITORIES) ORDER 1990
4.
AN ANNOUNCEMENT WAS MADE IN THE MORNING OF 9 AUGUST ON THE PASSING OF THE IRAQ/KUWAIT (UNITED NATIONS SANCTIONS) (DEPENDENT TERRITORIES) ORDER 1990 WITH IMMEDIATE EFFECT. CONTENTS OF THE ORDER HAVE BEEN BROUGHT TO THE ATTENTION OF THE VARIOUS CHAMBERS OF COMMERCE, TRADE ASSOCIATIONS, SHIPPING COMPANIES, FREIGHT
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CONFIDENTIAL