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

UK Statutory Instrument 1993 No. 1575 — creates 5 criminal offences.

Made

23 June 1993

In force from

5 July 1993

Extent

Not stated

Subject

Corporate, financial services, company law, employment, charity, electoral and tax

Made under

Her by section 1 of the United Nations Act 1946

Explanatory note

(This note is not part of the Order) — published with the instrument by the department that made it. © Crown copyright, reused under the Open Government Licence v3.0.

This Order is made under the United Nations Act 1946 and gives effect in the Isle of Man 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 Isle of Man, 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 Isle of Man 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 Isle of Man Treasury to obtain information and documents to secure compliance with it; limits the circumstances in which information and 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.

Offences created by this instrument

• Any person who fails without reasonable excuse to comply with a direction given to him under article 15(2) or article… article 22(1) · Revoked · Strict liability
• Any person who fails without reasonable excuse to notify the Treasury and the Commission or, as the case may be, the… article 22(3) · Revoked · Strict liability
• Any person who without reasonable excuse deducts from an amount transferred to the escrow account in compliance with a… article 22(5) · Revoked · Strict liability
• Any person who without reasonable excuse closes an account described in article 19(1) pending a transfer under article… article 22(6) · Revoked · Strict liability
• Any person who— a without reasonable excuse, refuses or fails within the time and in the manner specified (or, if no… paragraph 6 of SCHEDULE · Revoked · Requires proof of a state of mind

How Parliament handled it

Parliament's Statutory Instruments service records procedure from May 2017 onwards, and this instrument predates it. That is a limit of the source, not a statement that nothing happened.

Check the source

• This instrument on legislation.gov.uk The authoritative text, including amendments made since
• Other instruments from 1993