TNAG-2028-FCO40-2890-Hong-Kong-freezing-of-Kuwaiti-and-Iraqi-assets-1990 — Page 47

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FM FCO

TO IMMEDIATE ANGUILLA

TELNO 125

OF 17133OZ AUG 90

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075723

MDHOAN 4553

HKB 020 izg RECEIVED IN REGIST

24 AUG 1990

DESA

INDEX

AND TO IMMEDIATE GRAND CAYMAN, PLYMOUTH, GRAND TURK, HAMILTON AND TO IMMEDIATE GIBRALTAR, HONG KONG, TORTOLA, BRIDGETOWN INFO IMMEDIATE WASHINGTON, UKMIS NEW YORK

A5

OUR TELNO 122: UN EMBARGO AGAINST IRAQ

1. A MEETING TOOK PLACE ON 15 AUGUST TO GIVE YOU FURTHER CLARIFICATION OF THE PRACTICAL PROCEDURES FOR THE IMPLEMENTATION OF SANCTIONS AGAINST IRAQ AND KUWAIT IN ACCORDANCE WITH THE PROVISIONS OF UN SCR 661.

2. THE TREASURY HAD ALREADY TAKEN ACTION PRIOR TO THE UN'S SCR TO CONTROL THE TRANSFER OF IRAQI/KUWAITI ASSETS. THESE MEASURES HAVE NOW BEEN EXTENDED BY ORDER IN COUNCIL TO ALL DEPENDENT TERRITORIES EXCEPT GIBRALTAR AND BERMUDA. GIBRALTAR HAS ENACTED ITS OWN LEGISLATION. THE URGENT EXTENSION OF THE MEASURES TO BERMUDA BY ORDER IN COUNCIL IS IN HAND CHAMILTON TELNO 133, NOT TO ALL). A FURTHER ORDER IN COUNCIL HAS EXTENDED TO THE DEPENDENT TERRITORIES THE UN TRADE EMBARGO. UNDER THIS ORDER THE POWER TO ISSUE LICENCES HAS BEEN VESTED WITH THE GOVERNOR.

FINANCIAL MEASURES

3. WE HOPE YOU HAVE BY NOW TAKEN THE ACTION REQUESTED IN TUR WITH LOCAL BANKS, COMPANIES AND OTHER FINANCIAL INSTITUTIONS. YOU SHOULD BY NOW HAVE RECEIVED THE BANK OF ENGLAND'S NOTICE OF 7 AUGUST WHICH SETS OUT BANK OF ENGLAND GUIDELINES WHICH APPLY TO THE UK, CHANNEL ISLANDS AND THE ISLE OF MAN. PLEASE LET US KNOW IF YOU WOULD WISH TO HAVE FURTHER COPIES TO DISTRIBUTE LOCALLY FOR INFORMATION PURPOSES. WE HOPE THAT YOU WILL FEEL ABLE TO REACH DECISIONS LOCALLY BASED ON THE GUIDANCE YOU HAVE RECEIVED AND DRAWING ON THE INFORMATION IN THE BANK OF ENGLAND NOTICES, IF YOU JUDGE IT APPROPRIATE. HOWEVER, IF YOU FACE DIFFICULT DECISIONS ABOUT SPECIFIC POINTS OF INTERPRETATION OF THE GUIDANCE NOTICES OR REQUESTS WHICH DO NOT FALL CLEARLY WITHIN THE EXISTING GUIDELINES, THE BANK OF ENGLAND'S IRAQ/KUWAIT EMERGENCY UNIT (IKEU) WILL BE ABLE TO ADVISE YOU. FOR URGENT QUERIES CONTACT THE BANK'S IKEU DIRECT, PREFERABLY BY TELEX (885001) SINCE FULL WRITTEN DETAILS WILL SPEED CONSIDERATION: OTHERWISE BY FACSIMILE (601-4309) AND, IF NECESSARY, BY TELEPHONE ASKING FOR EITHER BRIAN PORTER (601-4919) OR TONY GAMMON (601-3558). PLEASE DO NOT PASS ON THESE NUMBERS: THE PUBLIC

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