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

Explanatory Note

(This note is not part of the Order)

This Order is made under the United Nations Act 1946 and gives effect in the Bailiwick of Guernsey to a decision of the Security Council of the United Nations in Resolution No.778 of 1992. It requires the transfer of any funds in the Bailiwick, to which specified Iraqi persons are entitled and which represent the proceeds of sale of Iraqi petroleum or petroleum products on or after 6th August 1990, to the escrow account established by the United Nations under Security Council Resolutions No.706 and 712 of 1991, following a procedure for ascertaining entitlement to relevant funds and to petroleum or petroleum products. Funds which had already been paid to a person entitled to them or which were subject to or required to satisfy third-party rights at the time of the adoption of Resolution No.778 of 1992 are exempt from the transfer requirement.

The Order also requires the sale of any petroleum or petroleum products in the Bailiwick to which specified Iraqi persons are entitled and the transfer of the proceeds of sale to the escrow account.

It provides for the retransfer of any monies received by the United Kingdom Government from the Secretary General of the United Nations representing monies transferred to the escrow account back to the persons entitled to them.

The Order empowers the Attorney General for the Bailiwick to obtain information and documents to secure compliance with it; limits the circumstances in which informationand documents obtained may be disclosed; disapplies obligations or restrictions which would conflict with the requirements of the Order; and excludes any liability which might otherwise arise in acting pursuant to or in compliance with the Order.