TNAG-2028-FCO40-2890-Hong-Kong-freezing-of-Kuwaiti-and-Iraqi-assets-1990 — Page 175

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Overseas Branches of United Kingdom companies and businesses

Branches outside the United Kingdom of companies incorporated in the United Kingdom and of businesses whose head offices are in the United Kingdom may continue to comply with orders from persons who are resident in Kuwait but permissions will not normally be given to enable orders received by persons subject to the directions from persons resident in Kuwait to be transferred to and executed by branches outside the United Kingdom.

Kuwaiti Accounts

9 The sterling, foreign currency and gold bullion accounts of persons resident in Kuwait held in the United Kingdom with institutions authorised under the Banking Act 1987 or the Building Societies Act 1986 ( ́ ́banks'') should be designated and are referred to below as "Kuwaiti Accounts' Funds held by solicitors, accountants, stockbrokers etc. on behalf of Kuwaiti residents should be placed in a separate account.

Payments ordered by or on behalf of residents of Kuwait

10 Any payment required by an order given by or on behalf of the government of Kuwait or a resident of Kuwait to a person subject to the directions (see paragraph 4) is prohibited except with permission. Permission is hereby given for any such payment whether in sterling or in foreign currency to be made to a "Kuwaiti Account”. Permission will not normally be given for any such payment to any account held outside the United Kingdom.

Balances on ''Kuwaiti Accounts"

11 Permission will not normally be given for any change to be made in the persons

to whose credit any sum held on a "Kuwaiti Account" is to stand.

Payments from "Kuwaiti Accounts"

12 Permission is hereby given to debit the accounts of residents of Kuwait (see

paragraph 5) for the following purposes:-

(a)

(b)

living, medical, educational and similar expenses of residents of Kuwait in the United Kingdom;

payments in respect of goods which have been shipped or otherwise despatched to the United Kingdom against evidence of shipment or despatch and production of any necessary import licence;

(c)

payments to reimburse United Kingdom banks who have made payments in respect of Kuwaiti trade under irrevocable letters of credit;

(d)

payments to other "Kuwaiti Accounts" in the United Kingdom;

(e)

payment of interest, or repayment of capital, on borrowings from United Kingdom residents by residents of Kuwait;

(f)

payments to United Kingdom residents in connection with the operations of vessels and aircraft owned by, or on charter to, residents of Kuwait;

(g)

payment to United Kingdom residents of insurance premiums;

(h)

payment of charges to banks in the United Kingdom;

(i) payment of sums due to the Inland Revenue and HM Customs and Excise;

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