TNAG-2028-FCO40-2890-Hong-Kong-freezing-of-Kuwaiti-and-Iraqi-assets-1990 — Page 138

CONFIDENTIAL

061737

MDHIAN 3125

HVNEPSH

RLIEN

(A) SHALL ACT AS ADVISER TO THE MINISTER ON MONETARY

K AND BANKING POLICY: AND

(B)

(2)

MAY ACT GENERALLY AS AGENT FOR THE GOVERNMENT

WHERE IT CAN DO SO APPROPRIATELY AND CONSISTENTLY

WITH ITS FUNCTIONS UNDER THIS ACT.

THE MINISTER MAY FROM TIME TO TIME, AFTER CONSULTATION WITH THE BOARD, GIVE TO THE AUTHORITY IN WRITING SUCH GENERAL DIRECTIONS AS APPEAR TO THE MINISTER TO BE NECESSARY IN THE PUBLIC INTEREST AND THE AUTHORITY

SHALL ACT IN ACCORDANCE WITH SUCH DIRECTIONS.

21. (1) THE AUTHORITY MAY REQUIRE ANY BANK TO FURNISH WITHIN SUCH TIME AND IN SUCH FORM AS THE AUTHORITY THINKS NECESSARY SUCH INFORMATION AS THE AUTHORITY CONSIDERS REQUISITE TO ENABLE THE AUTHORITY TO CARRY OUT ITS DUTY UNDER PARAGRAPH (A) OF SUBSECTION (1) OF SECTION 20:

PROVIDED THAT INFORMATION REGARDING THE ACCOUNT, OR REGARDING ANY MATTER OR THING RELATING TO THE AFFAIRS, OF ANY INDIVIDUAL DEPOSITOR OR OTHER CUSTOMER OF A BANK MAY NOT BE REQUIRED BY THE AUTHORITY BY VIRTUE OF THE PROVISIONS OF THIS SECTION.

(2) ANY BANK WHICH FAILS TO COMPLY WITH ANY REQUIREMENT MADE BY THE AUTHORITY UNDER SUBSECTION (1) SHALL BE GUILTY OF AN OFFENCE AND LIABLE ON SUMMARY CONVICTION TO A FINE NOT ECEEDING TWO HUNDRED AND FORTY DOLLARS AND ON CONVICTION ON INDICTMENT TO A FINE NOT EXCEEDING FOUR THOUSAND EIGHT HUNDRED DOLLARS AND WHERE SUCH AN OFFENCE WHICH HAS BEEN COMMITTED BY A BANK IS PROVED TO HAVE BEEN COMMITTED WITH THE CONSENT OR CONNIVANCE OF, OR ATTRIBUTABLE TO ANY NEGLIGENCE ON THE PART OF, ANY DIRECTOR, MANAGER, SECRETARY OR OTHER OFFICER OF THE BANK, SUCH PERSON AS WELL AS THE BANK SHALL BE DEEMED TO BE GUILTY OF AN OFFENCE AND SHALL BE LIABLE TO BE PROCEEDED AGAINST AND PUNISHED ACCORDINGLY. UNQUOTE.

5. THE IRAQ AND KUWAIT (UN SANCTIONS) (D TO) ORDER 1990 HAS BEEN GIVEN GOOD PUBLICITY IN THE LOCAL MEDIA. THE ORDER WILL BE GAZETTED THIS WEEK. COPIES OF THE ORDER HAVE BEEN MADE AVAILABLE LOCALLY AND COMPANIES ARE ABIDING BY ITS TERMS.

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CONFIDENTIAL