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Un Sanctions

Volume 403: debated on Tuesday 8 April 2003

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To ask the Chancellor of the Exchequer (1) what plans he has for (a) enforcing UN sanctions against Iraqi assets held in London and (b) confiscating the assets of the Rafidain Bank and its shareholdings in the British Arab Commercial Bank; [107570](2) under what circumstances British companies would be prevented from making payments to Iraqi directors. [107541]

The UK has strictly enforced the terms of UNSCR 661 since it was passed in August 1990. This has required all Iraqi assets held in the UK, including 1 hose of Rafidain Bank, to be frozen.Neither UNSCR 661 nor the domestic legislation that implements it allows for the confiscation of assets.Under the Iraq sanctions order, which implements UNSCR 661, all payments to residents of Iraq are prohibited, except under license from HM Treasury.