http://www.legislation.gov.uk/uksi/1993/1798/article/1/made

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

United Nations

Fossil fuels

Legislation

King's Printer of Acts of Parliament

2012-03-13

UNITED NATIONS

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.