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(This note is not part of the Regulations)
These Regulations make provision relating to the enforcement of Council Regulation (EC) No. 1210/2003 of 7 July 2003 (OJ L 169, 8.7.2003, p.6) concerning restrictive measures in respect of Iraq (“the Council Regulation”).
The measures include the freezing of funds and economic resources of designated persons and ensuring that funds and economic resources are not made available to them or for their benefit.
Regulation 2 defines a designated person as any person named in Annex IV to the Council Regulation (as amended from time to time).
Regulations 3 to 7 provide prohibitions against dealing with the funds or economic resources of a designated person or making funds or economic resources available, directly or indirectly, to or for the benefit of, a designated person. The prohibition against dealing with funds or economic resources also applies to the funds and economic resources located outside Iraq on 22nd May 2003 of the previous Government of Iraq (headed by Saddam Hussein) and persons, entities or bodies listed in Annex III to the Council Regulation (as amended from time to time).
Regulation 8 provides an exception to the prohibitions in regulations 4 and 5 where a frozen account is credited for a permitted reason.
Regulation 9 provides a licensing procedure to enable funds and economic resources to be exempted from the prohibitions.
Regulation 10 makes it an offence to breach any of the prohibitions in regulations 3 to 7 or to seek to circumvent those prohibitions. Regulations 12 to 15 contain provisions about penalties, proceedings and who, in relation to bodies corporate and other bodies, may be prosecuted for an offence under the Regulations.
Regulation 18 and Schedule 2 revoke the Iraq (United Nations Sanctions) Order 2000, together with subsequent instruments making amendments to that Order. It also revokes certain provisions in the Iraq (United Nations Sanctions) Order 2003 relating to immunities and privileges which no longer apply under the Council Regulation. Regulation 19 preserves any licence granted under the Iraq (United Nations Sanctions) Order 2000.
Schedule 1 makes provision for information gathering and information disclosure.
A list of designated persons is available on the Internet at: www.hm-treasury.gov.uk/fin_sanctions_index.htm.
An impact assessment has not been produced for this instrument as no impact on the costs of business or the voluntary sector is foreseen. Further information is available from the Asset Freezing Unit, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and on HM Treasury’s website (www.hm-treasury.gov.uk).
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