TNAG-2028-FCO40-2890-Hong-Kong-freezing-of-Kuwaiti-and-Iraqi-assets-1990 — Page 154

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6.

8.

9.

Residential status should be determined by reference to the facts.

Overseas branches of Hong Kong companies and businesses

Branches outside Hong Kong of companies incorporated in Hong Kong and of businesses whose head offices ATO R Hong Kong may continue to comply with directions from persons who are resident in Iraq but permissions will not normally be given so enable directions received by persons subject co the Order from persona resident in Iraq to be transferred to and executed of branches outside Hong Kong.

Iraqi Accounts

The Hong Kong Dollar, foreign currency and gold oullion accounts of persons resident in Iraq held in Hong Kong with institutions authorised under the Banking Ordinance ("authorized institutions" should be designated and are referred to below as "Iraq: Accounts", Funds held by stockbrokers, soliciDome, accountants, etc, on behalf of Iraqi residents, be placed in a separate account.

should

Payments ordered by or on behalf of residents of Iraq

Any payment required by a direction given by or on behalf of the government of Iraq or a resident of Iraq 20 3 person subject to the Order (see peragraph 4) 3 prohibited except with permission. Permission will not normally be given for any such payment to any account held outside Hong Kong. Permission is hereby given for any such payment whether in Hong Kong Dollars or in foreign currency to be made to an "Izaqi Account". payment or transfer may be made from one "Traq: Account" to another "Iraqi Account" without permission, which will not normally be given.

Balances on "Iraqi Accounts"

NO

10. Permission will not normally be given for any change no

be made in the persons to whose credit any sum held on

"Iraqi Account" is to stand.

an

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