The UN Security Council adopted resolution 1483 on 22 May 2003. The resolution contained, amongst other things, the following measures: lift of all trade and financial sanctions against Iraq except for the arms embargo; freeze of all Government of Iraq funds and all funds belonging to Saddam Hussein, senior members of his regime and their immediate family members (as designated by the UN Sanctions Committee), and requirement that such funds be transferred to the Development Fund for Iraq; prohibition on the trade of cultural property stolen from sites in Iraq and requirement that such property be repatriated.
We have implemented these measures in the UK by adopting an Order in Council SI 2003/1519 (http://www.legislation.hmso.gov.uk/si/si2003/20031519.htm). The asset freeze provisions will not change until the UN Iraq Sanctions Committee has decided whose assets should be frozen and transferred to the Development Fund for Iraq. In the meantime, the Bank of England's Financial Sanctions Unit will continue to licence debits from blocked Iraq accounts, including transfers of funds abroad, and will provide guidance on residential status.
|Restrictions on the export of strategic goods.|