TNAG-2027-FCO40-2889-Hong-Kong-freezing-of-Kuwaiti-and-Iraqi-assets-1990 — Page 94

NOTE FOR THE PRIVY COUNCIL

THE HONG KONG (CONTROL OF GOLD, SECURITIES, PAYMENTS AND CREDITS: KUWAIT AND REPUBLIC OF IRAQ) ORDER 1990

THE CARIBBEAN TERRITORIES (CONTROL OF GOLD, SECURITIES, PAYMENTS AND CREDITS: KUWAIT AND REPUBLIC OF IRAQ) ORDER 1990

These two Orders, the first being a Prerogative Order and the second an Order under the West Indies Act 1962 and the Anguilla Act 1980, are designed for the same purpose. They are intended to make provision within the territories to which they refer so as to freeze the assets of the Governments of Kuwait and Iraq and persons resident in those two countries. Under the Orders no directions given by or on behalf of those governments or persons may be carried into effect if they would diminish those assets or cause them to be held by persons other than those entitled to them at the commencement of these Orders except if the appropriate authority in each of the territories permits the transaction to proceed.

The Orders thus make comparable provision to that made for the United Kingdom by directions of the Treasury under the Emergency Laws (Re-enactment and Repeals) Act 1964 on 2 and 4 August this year.

3 PFABB