TNAG-2028-FCO40-2890-Hong-Kong-freezing-of-Kuwaiti-and-Iraqi-assets-1990 — Page 153

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Introduction

On 5 August 1990 at 1.32 hours GMT Her Majesty issued an Order in Council containing directions which have the effect of freezing certain Kuwaiti and Iraqi assets The directions came into effect In Hong Kong at 1.32 am on 7 August 1990. All references to the August 1990 herein are references to the period commencing at 1.32 am Hong Kong time on that date.

The directions are contained in The Hong Kong (Control of Gold, Securities, Payments and Credits: Kuwait and Republic of Irag) Order 1990 (the "Order").

Section 2 of the Order reads as follows: "Except with permission granted by or on behalf of the Financial Secretary of Hong Kong, no direction given by or on. behalf of the Government of Kuwait or the Government of the Republic of Iraq, or by or on behalf of any person resident in Kuwait or the Republic of Iraq at the time of the commencement of this Order or at any later time while this Order is in force shall be carried out insofar as the direction

(1)

(ii)

requires the person to whom the direction is given to make any payment or 20 part with any gold or securities; or

requires any change to be made in the persons whose credit any sum is to stand or to whose order any gold or security is to be held."

The Order applies to all persons (including bodies corporate) in Hong Kong.

Residents of Iraq

FO

For the purposes of the Order, a resident of Iraq is any person, including any body corporate, normally resident in that country on 7 August 1990 or at any later time. A branch in Iraq of any business is created as if the branch were a body corporate resident in Iraq. Directions given by branches outside Iraq any body corporate resident in Iraq or by branones of any business whose head office is in Iraq are given on behalf of persons resident in Iraq, irrespective of the location of such branches. Persons residenE OF becoming resident in Iraq should not subsequently be treated as resident elsewhere without prior reference to the Financial Secretary.

P,O