The Control of Gold, Securities, Payments and Credits (Kuwait) Directions 1990

Statutory Instruments

1990 No. 1591

EMERGENCY POWERS

The Control of Gold, Securities, Payments and Credits (Kuwait) Directions 1990

Made

2nd August 1990

Laid before Parliament

3rd August 1990

Coming into force

2nd August 1990

Whereas the Treasury are satisfied that action to the detriment of the economic position of the United Kingdom is being or is likely to be taken by the government of or persons resident in Kuwait.

Now, therefore, the Treasury, in exercise of the powers conferred upon them by section 2 of the Emergency Laws (Re-enactments and Repeals) Act 1964(1) hereby give the following directions:–

1.  These directions may be cited as the Control of Gold, Securities, Payments and Credits (Kuwait) Directions 1990 and shall come into force on 2nd August 1990.

2.  Except with permission granted by or on behalf of the Treasury, no order given by or on behalf of the government of or any person resident in Kuwait at the time of the coming into force of these directions or at any later time while these directions are in force, shall be carried out, insofar as the order–

(i) requires the person to whom the order is given to make any payment or to part with any gold or securities; or

(ii) requires any change to be made in the persons to whose credit any sum is to stand or to whose order any gold or securities is to be held.

Thomas Sackville

John Major

Two of the Lords Commissioners of Her Majesty’s Treasury

2nd August 1990

Explanatory Note

(This note is not part of the Order)

These Directions prohibit (except with Treasury permission) any recipient in the United Kingdom, the Channel Islands or the Isle of Man of an order from the government of or any person resident in Kuwait from carrying out that order insofar as the order (a) requires the recipient to make any payment or to part with any gold or securities or (b) requires any change to be made in the persons to whose credit any sum is to stand or to whose order any gold or securities is to be held.

(1)

1964 c. 60; section 2 was amended by the Finance Act 1968 (c. 44), section 61(10) and Schedule 20, Part V.