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The Iraq (United Nations) (Sequestration of Assets) (Guernsey) Order 1993

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Decisions and Directions with respect to Funds

15.  (1)  The Attorney General shall notify any relevant institution or other person and any other person who made representations or gave evidence to the Commission or to him following the giving of notice under article 6(1) or (2) whether he is satisfied that the institution or other person holds funds to which an Iraqi person is entitled representing amounts derived from or otherwise attributable to a relevant transaction and of the reasons for his decision.

(2) Subject to paragraph (3) below, where the Attorney General is satisfied that a relevant institution or other person holds funds as described in paragraph (1) above, the Attorney General may direct it or him to remit the funds or equivalent amounts to the escrow account within such period and in such manner as may be specified.

(3) A direction by the Attorney General under paragraph (2) above shall not extend to any funds to which an Iraqi person is, or where sub-paragraph (a) below applies was, entitled representing amounts which the Attorney General is satisfied were derived from or otherwise attributable to a relevant transaction and which he is satisfied—

(a)had been paid to any person as the supplier of products which were the subject of a relevant transaction or to a person otherwise having a right to receive them at the time of adoption of the resolution; or

(b)were subject to or required to satisfy the rights of any third party at the time of adoption of the resolution.

(4) The Attorney General shall notify any person who made representations or gave evidence to the Commission or to him following the giving of notice under article 8(1) or (2) whether he is satisfied that funds to which an Iraqi person is entitled representing amounts derived from or otherwise attributable to a relevant transaction are subject to or required to satisfy any rights of a third party at the time of the adoption of the resolution and of the reasons for his decision.

(5) A direction by the Attorney General under paragraph (2) above may be given at the time of notification of his decision under paragraph (1) above or at the time of or following notification of his decision under paragraph (4) above.

(6) Where the Attorney General is satisfied that funds in an account held with a relevant institution to which an Iraqi person is entitled include amounts derived from or otherwise attributable to a relevant transaction, and that funds have been withdrawn from the account between the date of the relevant transaction and the date of the decision under paragraph (2) above with permission granted by or on behalf of HM Treasury under the Control of Gold, Securities, Payments and Credits (Republic of Iraq) Directions 1990(1), he may give a direction in relation to such a proportion of the funds remaining in the account as is equivalent to the proportion which the funds derived from or otherwise attributable to a relevant transaction bore to the total funds in the account immediately before the date of the withdrawal or, if more than one, the first withdrawal.

(1)

S.I.1990/1616.

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