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

Ascertainment by the Treasury of Entitlement to Funds

6.—(1) Where the Treasury consider, after consultation with the Bank, that a relevant institution other than the Bank holds funds to which an Iraqi person is entitled representing amounts which may be derived from or otherwise attributable to a relevant transaction they may require the Bank—

(a) by notice in writing to invite that institution and, if different, the Iraqi person, to make representations to the Bank in writing concerning the entitlement to or the source of the funds within such period of not less than 21 days beginning on the day on which the notice is given as may be specified in the notice and to state that, if the institution or person so requests, it or he shall be afforded an opportunity of being heard by the Bank; and

(b) to publish a notice in the London, Edinburgh and Belfast Gazettes inviting any person who disputes the Iraqi person’s entitlement to the funds to make representations to the Bank in writing concerning the entitlement of any person to the funds within such period of not less than 21 days beginning on the day on which the notice is published as may be specified in the notice and stating that, if the person so requests, he shall be afforded the opportunity of being heard by the Bank.

(2) Where the Treasury consider that the Bank or any person who is not a relevant institution holds funds to which an Iraqi person is entitled representing amounts which may be derived from or otherwise attributable to a relevant transaction they may—

(a) by notice in writing invite the Bank or any such person who is not a relevant institution and the Iraqi person to make representations to them in writing concerning the entitlement to or the source of the funds within such period of not less than 21 days beginning with the day on which the notice is given as may be specified in the notice and state that, if the Bank or any other person so requests, it or he shall be afforded an opportunity of being heard by the Treasury; and

(b) publish a notice in the London, Edinburgh and Belfast Gazettes inviting any person who disputes the Iraqi person’s entitlement to the funds to make representations to them in writing concerning the entitlement to the funds within such period of not less than 21 days beginning with the day on which the notice is published as may be specified in the notice and stating that, if the person so requests, he shall be afforded the opportunity of being heard by the Treasury.

(3) After considering any representations made by any relevant institution or person in writing and any evidence submitted before or given at a hearing following the giving of notice under paragraph (1) the Bank shall provide the Treasury with copies of such representations, a record of the evidence submitted before or given at the hearing and its assessment of whether a relevant institution holds funds to which an Iraqi person is entitled representing amounts which are derived from or otherwise attributable to a relevant transaction.