News Release
Iraq (United Nations Sanctions) Order 2003

2 July 2003

Statutory Instrument 1519/2003, which gives effect to United Nations Security Council Resolution 1483, was made on 12 June 2003. So far as the assets freeze is concerned, the replacement of the assets freeze imposed in August 1990 (following United Nations Security Council Resolution 661) with the targeted assets freeze outlined in paragraph 23 of resolution 1483 takes effect when the targets of the sanctions are listed by the United Nations Sanctions Committee. This list was published on 1 July 2003.

The Bank of England has today issued a further Notice on Iraq. The Annex to this Notice identifies the names listed by the United Nations together with some entities of the former Iraq regime identified by H M Treasury. The list of the Iraq 'designated persons' is now included in the consolidated list of sanctions targets on the Bank of England's website - www.bankofengland.co.uk/sanctions. Changes to this list will be published in further Bank of England Notices and on the website.

Banks are required to transfer any unencumbered balances held for those listed in the Annex to the account of the Development Fund for Iraq, held at the Federal Reserve Bank of New York.

Except for the names listed in the Annex to the Bank's Notice, other funds that have been frozen under the Iraq (United Nations Sanctions) Order 2000 may now be released.

Note to Editors

The Financial Sanctions against Iraq were imposed on 4 August 1990. A Bank of England Notice on the Iraq sanctions was issued on 7 August 1990. A further Bank of England Notice was issued on 14 December 2000 when the sanctions were implemented in the UK under the Iraq (United Nations Sanctions) Order 2000 (S.I.No.3241/2000).

Key Resources

	Supplement to the Bank of England Notice on Iraq dated 2 July 2003 Issued on 4 July 2003 Download PDF
	Bank of England Notice on Iraq 2 July 2003 Download PDF
	Annex to the Bank of England Notice on Iraq 2 July 2003 Download PDF