CONFIDENTIAL
101476 MDHOAN 4659
THEY ARE REGISTERED, WITH THE AGREED OBJECTIVE THAT THEY SHOULD CONTINUE TO FUNCTION AS NORMALLY AS CONDITIONS PERMITTED. THERE WAS SOME WILLINGNESS TO SEEK WAYS ROUND LEGAL OBSTACLES WHERE THEY AROSE.
EXCHANGES OF INFORMATION. IT WAS AGREED THAT IT WOULD BE USEFUL TO POOL INFORMATION ON THE DIFFERING APPROACHES IN DIFFERENT COUNTRIES. THE BANK OF ENGLAND UNDERTOOK TO PROVIDE A LIST OF COUNTRIES WHICH HAVE NOT DRAWN UP ASSET FREEZES.
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NO DECISIONS WERE TAKEN ON WHETHER OR WHEN TO HOLD FURTHER MEETINGS. IT WAS AGREED THAT THIS MIGHT PERHAPS BE
USEFUL AT SOME STAGE, BUT NOT BEFORE THE PROBLEMS IDENTIFIED IN THE MEETING HAD BEEN ADDRESSED AS OUTLINED IN PARA 3 ABOVE. WE BELIEVE THE AMERICANS OFFERED IN THE MARGINS TO HOST A LARGER SCALE CONFERENCE IN THE US, BUT THE IDEA WAS NOT TAKEN UP.
5. PARA 3 OF TUR ASKED SPECIFICALLY ABOUT THE RELATIONSHIP OF THIS MEETING TO THE OECD MEETING ON 20 AUGUST.
CLEARLY SANCTIONS OF DIFFERENT KINDS ARE
BEING DISCUSSED IN A NUMBER OF FORA. OUR FOCUS REMAINS ON THE UN SANCTIONS COMMITTEE, WHICH HAS THE PRIMARY RESPONSIBILITY FOR POLICING SANCTIONS AND ENSURING THEIR EFFECTIVE IMPLEMENTATION. ANY INITIATIVE THAT CONTRIBUTES TO THIS IS WELCOME, ALTHOUGH DUPLICATION AND CONFUSION SHOULD OF COURSE BE AVOIDED. IN THE AREA OF FINANCIAL SANCTIONS THE BASLE MEETING HAS ALREADY ESTABLISHED MACHINERY FOR HANDLING SPECIFIC ISSUES BETWEEN THE MAIN FINANCIAL CENTRES. HOWEVER, SUCH ACTIVITY MUST BE IN DIRECT SUPPORT OF THE UN, AND, IN THE CASE OF FORA SUCH AS THE G10 AND THE OECD, MUST BE DISCREETLY CARRIED OUT. THESE POINTS ARE VITAL IF SANCTIONS ARE NOT TO BE SEEN AS THE INSTRUMENT OF THE RICHER COUNTRIES.
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WE ARE ENSURING THAT WE ARE KEPT FULLY INFORMED HERE BY OTHER WHITEHALL DEPARTMENTS ABOUT ANY SUCH INITIATIVES. SIMILAR INFORMATION FROM YOU AND OTHER POSTS WILL CONTINUE TO BE HELPFUL.
HURD
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