News Release
Iraq (United Nations Sanctions) Order 2003

23 July 2003

Statutory Instrument 2003/1519, which gives effect to United Nations Security Council Resolution 1483, was made on 12 June 2003. Most of the provisions of the Order came into force on 14 June. However, the provisions replacing 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 were to take effect when targets of the sanctions are identified by the United Nations Sanctions Committee. A list of such targets was published on 2 July 2003.

The Bank of England has today issued a further Notice on Iraq which replaces the Notice issued on 2 July 2003. The Annex to the Bank's Notice is now in three parts and different treatment is afforded to names in each part. In particular, the Notice clarifies the circumstances in which funds that are presently held in the UK are required to be transferred to the Development Fund for Iraq.

The list of the Iraq 'designated persons' is included in the consolidated list of sanctions targets on the Bank of England's website - http://www.bankofengland.co.uk/sanctions. Changes to this list will be published in further Bank of England Notices and on the website.

Except for funds held by or on behalf of persons named 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.2000/3241).

Key Resources

	Bank of England Notice on Iraq 23 July 2003 Download PDF
	Annex to the Bank of England Notice on Iraq 23 July 2003 Download PDF