The Iraq (United Nations Sanctions) (Channel Islands) (Amendment) Order 2004

8.  In article 5A(1)—

(a) in paragraph (1)—

(i) for the words “article 4(1)” , substitute “ article 4A(1) or 4A(2)”; and

(ii) in sub-paragraph (b)(i)—

(aa) before “notify” insert “must”; and

(bb) for “on whose behalf he held the funds” substitute “on behalf of whom the funds were held”;

(b) in paragraph (2)—

(i) for the words “article 4(1)”, substitute “ article 4A(1) or 4A(2)”; and

(ii) in sub-paragraph (b)(i), for the words “by, for, or on whose behalf he held the funds”, substitute “by, for or on behalf of whom the funds were held”;

(c) after paragraph (2), insert—

“(2A) Within 28 days of the publication by the relevant enforcement authority of notification that the Sanctions Committee has published a list of listed 23a persons, any person included in that list or holding funds for or on behalf of any person included in that list must—

(a) cause the transfer of such funds as were held by, for or on behalf of that person on 22nd May 2003 to the account of the Development Fund for Iraq held at the Federal Reserve Bank of New York; and

(b) notify the relevant enforcement authority in writing of—

(i) the identity of the person by, for or on behalf of whom the funds were held;

(ii) the amount transferred; and

(iii) the date the transfer took place.

(2B) Within 28 days of the publication by the relevant enforcement authority of notification that the Sanctions Committee has published a list of listed 23b persons, any person included in that list or holding funds for or on behalf of a person included in that list must—

(a) cause the transfer of any funds held by, for or on behalf of that person to the account of the Development Fund for Iraq held at the Federal Reserve Bank of New York; and

(b) notify the relevant enforcement authority in writing of—

(i) the identity of the person by, for or on behalf of whom the funds were held;

(ii) the amount transferred; and

(iii) the date the transfer took place.

(2C) Any person who holds funds that are required to be transferred to the account of the Development Fund for Iraq by paragraph (2A) or (2B) after the expiry of the period referred to in the appropriate paragraph must, as soon as possible after he becomes aware that he holds such funds—

(a) cause the transfer of those funds to the account of the Development Fund for Iraq held at the Federal Reserve Bank of New York; and

(b) notify the relevant enforcement authority in writing of—

(i) the identity of the person by, for on behalf of whom the funds were held;

(ii) the amount transferred; and

(iii) the date the transfer took place.

(2D) The relevant enforcement authority must publish notification of any list referred to in paragraph (2A) or (2B) in the way appearing to it to be best calculated to bring it to the attention of the public.”;

(d) in paragraph (3)—

(i) for the words “Neither paragraph (1) nor (2) applies” substitute “Paragraphs (1) to (2C) do not apply”;

(ii) in sub-paragraph (a) for the words “that paragraph”, substitute “the appropriate paragraph”;

(iii) in sub-paragraph (c) for the words “that paragraph”, substitute “the appropriate paragraph”;

(e) in paragraph (4) for “(1) or (2)” substitute “(1), (2), (2A), (2B) or (2C)”;

(f) in paragraph (5) for “(1) or (2)” substitute “(1), (2), (2A), (2B) or (2C)”;

(g) in paragraph (6) for “(1) or (2)” substitute “(1), (2), (2A), (2B) or (2C)”; and

(h) in paragraph (7) for “(1) or (2)” substitute “(1), (2), (2A), (2B) or (2C)”;

(1)

Article 5A was inserted by S.I. 2003/1521, article 3 and paragraph 5 of Schedule 1.