MONDAY, MAY 24, 1993
3
SEQUESTRATION OF IRAQI ASSETS UK ORDER IN COUNCIL
* * *
A UNITED KINGDOM ORDER IN COUNCIL HAS BEEN KONG ON MAY 24 TO GIVE EFFECT TO A DECISION OF THE OF THE UNITED NATIONS IN RESOLUTION NO.778 OF 1992.
EXTENDED
SECURITY
ΤΟ HONG COUNCIL
THE ORDER REQUIRES THE TRANSFER OF ANY FUNDS IN HONG KONG, то WHICH SPECIFIED IRAQI PERSONS ARE ENTITLED AND WHICH REPRESENT THE PROCEEDS OF SALE OF IRAQI PETROLEUM OR PETROLEUM PRODUCTS PAID FOR ON OR AFTER AUGUST 6, 1990, TO THE ESCROW ACCOUNT ESTABLISHED BY THE UN UNDER SECURITY COUNCIL RESOLUTIONS NOS. 706 AND 712 OF 1991, FOLLOWING A PROCEDURE FOR ASCERTAINING ENTITLEMENT TO RELEVENT FUNDS.
FUNDS WHICH HAD ALREADY BEEN PAID TO A PERSON WHO IS NOT A SPECIFIED IRAQI PERSON ENTITLED ΤΟ THEM OR WHICH WERE THE SUBJECT OF OR REQUIRED TO SATISFY THIRD PARTY RIGHTS AT THE TIME OF THE ADOPTION OF RESOLUTION
NO. 778 OF 1992 ARE EXEMPT FROM THE TRANSFER REQUIREMENT.
THE ORDER ALSO REQUIRES THE SALE OF ANY PETROLEUM OR PETROLEUM PRODUCTS IN HONG KONG TO WHICH SPECIFIED IRAQI PERSONS ARE ENTITLED AND THE TRANSFER OF THE PROCEEDS OF SALE TO THE ESCROW ACCOUNT, FOLLOWING A PROCEDURE FOR ASCERTAINING ENTITLEMENT TO SUCH PETROL OR PETROLEUM PRODUCTS.
IT PROVIDES FOR THE RESTITUTION BY THE SECRETARY GENERAL OF THE UN OF ANY MONIES TRANSFERRED TO THE ESCROW ACCOUNT PURSUANT TO THE ORDER.
THE ORDER EMPOWERS THE HONG KONG GOVERNMENT TO OBTAIN INFORMATION AND DOCUMENTS TO SECURE COMPLIANCE WITH AND TO DETECT EVASION OF IT: LIMITS THE CIRCUMSTANCES IN WHICH INFORMATION AND DOCUMENTS OBTAINED MAY BE DISCLOSED; AND DISAPPLIES OBLIGATIONS OR RESTRICTIONS WHICH WOULD CONFLICT WITH THE REQUIREMENTS OF THE ORDER.
NO RELEVANT INSTITUTION OR OTHER PERSON SHALL BE LIABLE IN RESPECT OF ANY ACTION TAKEN PURSUANT TO POWERS CONFERRED BY THE ORDER OR IN COMPLIANCE WITH DUTIES IMPOSED UNDER IT.
THE GOVERNMENT WILL TAKE ALL NECESSARY MEASURES TO IMPLEMENT THE ORDER.
ENQUIRIES ON THE SUBJECT SHOULD BE DIRETED TO THE SERVICES BRANCH ON TEL. 527 1893.
FINANCIAL
/4