The Iraq (United Nations) (Sequestration of Assets) (Guernsey) Order 1993

Interpretation

2.—(1) In this Order the following expressions have, except where otherwise expressly provided, the meanings respectively assigned to them, that is to say—

“the Attorney General” means the Attorney General for the Bailiwick;

“the Bailiwick” means the Bailiwick of Guernsey;

“the Bank” means the Bank of England;

“the Commission” means the Guernsey Financial Services Commission established by the Financial Services Commission (Bailiwick of Guernsey) Law, 1987;

“the Companies Laws” means the Companies (Guernsey) Laws, 1908 to 1990, and the Companies (Alderney) Laws, 1894 to 1962;

“competent authority” means any authority responsible for securing compliance with or detecting evasion of the resolution in any country;

“ECUs” means European Currency Units being units of account defined in Council Regulation (EEC) No. 3180/78, as amended(1);

“the escrow account” means the account provided for in the resolutions of the Security Council of the United Nations numbered 706 and 712 and adopted on15th August 1991 and on 19th September 1991 respectively;

“funds” means any currency and any amount denominated in ECUs and includes any right to receive currency in respect of any credit or balance at a bank;

“HM Treasury” means the Commissioners of Her Majesty’s Treasury;

“Iraqi person” means

(a)

the Government of Iraq;

(b)

any body which is capable of suing and being sued and the functions of which are carried on for the purposes of the Government of Iraq or subject to its direction or approval, but which is distinct from the executive organs of the Government of Iraq;

(c)

any body, wherever incorporated or constituted, which is controlled by the Government of Iraq; and

(d)

any person or body who is acting on behalf of any of the above-mentioned persons;

“petroleum” means a naturally occurring mixture including hydrocarbons;

“petroleum products” means any products, other than chemicals, which may be obtained by primary distillation or secondary refining from petroleum and includes natural gas, petroleum ether, solvents, benzene, naphtha, motor spirits (including aviation spirit), kerosenes (including jet fuel), heavy oils, fuel oils, lubricating oils, greases, petroleum jelly, paraffin wax and asphaltic bitumen;

“relevant institution” means a person registered under section 4 of the Protection of Depositors (Bailiwick of Guernsey) Ordinance, 1971, or a person who, although not so registered, may by virtue of section 1B of that Ordinance lawfully carry on the business of accepting money for the purpose of investment on deposit;

“relevant transaction” means the sale of Iraqi petroleum or petroleum products, paid for by or on behalf of the purchaser on or after 6th August 1990;

“the resolution” means the resolution of the Security Council of the United Nations numbered 778 and adopted on 2nd October 1992;

“the Secretary General” means the Secretary General of the United Nations;

“vehicle” means a land transport vehicle and includes a barge engaged in inland navigation;

“vessel” includes any ship, surface effect vehicle, small waterplane vessel and hydrofoil, and the hull or part of the hull of a vessel.

(2) Any reference in this Order to funds being held by any person extends to funds held in any capacity recognised by the law of any part of the Bailiwick and any reference to funds to which an Iraqi person is entitled extends to funds to which such person is entitled under the law of any part of the Bailiwick but shall not extend to funds in relation to which the entitlement of such a person is in issue in legal proceedings in any jurisdiction in the Bailiwick or in any other jurisdiction.

(1)

OJ No.L379, 30.12.78, p.1; the relevant amending instrument is Council Regulation (EEC) No.1971/89 OJNo.L189, 4.7.89, p.1.