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EU has altered sanction for Iraq

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1EU has altered sanction for Iraq Empty EU has altered sanction for Iraq Thu Jan 31, 2013 8:30 pm

gente

gente

Hi everyone, I just read a KUNA article dated today that the EU has succeded in altering Iraq's economic and financial sanctions I can't bring it over with my old ass Blackberry, so maybe Wind or someone can take a look and post it for us...thx!

2EU has altered sanction for Iraq Empty Re: EU has altered sanction for Iraq Thu Jan 31, 2013 9:08 pm

gente

gente

Okay, I just took another look at the article and it states the Iraq's frozen funds and assets were now being transfered to the DFI. Maybe Wind can shed some more light on this...sounds like progress to me tho

3EU has altered sanction for Iraq Empty Re: EU has altered sanction for Iraq Fri Feb 01, 2013 9:17 am

carter34



Thank you, Gente! Appreciate all your updates!!

4EU has altered sanction for Iraq Empty Re: EU has altered sanction for Iraq Fri Feb 01, 2013 2:24 pm

windreader1



I found the new amendment to Regulation 1210 that was referenced in the KUNA news article and here is what happened.

European Union Council Regulation 1210/2003 is a result of Security Council Resolution 1483(2003). One section of SC Resolution 1483 dealt with freezing “certain funds and economic resources, in particular those belonging to former Iraqi President Saddam Hussein and senior officials of his regime” and the subsequent transfer of the frozen funds to the DFI. Regulation 1210 provided the legal authority and procedures to the European Union member countries to freeze any identified assets and subsequently transfer those funds to the DFI.

In December/2010, the Security Council issued Resolution 1956 directing “the full proceeds from the DFI should be transferred to the Government of Iraq’s successor arrangements account or accounts”. The resolution also terminated the DFI effective June 30, 2011.

Evidently there are still frozen assets held by the EU that were not transferred to the DFI before it was terminated. Once the DFI account was closed any assets still under the control of the EU member countries could not be transferred as Regulation 1210 specifically states the transfer was to the DFI. The provision issued this week modifies the Regulation 1210 providing the legal authority to transfer any frozen funds to the successor accounts.



5EU has altered sanction for Iraq Empty Re: EU has altered sanction for Iraq Fri Feb 01, 2013 2:55 pm

gente

gente

Thanks for the clarification...so bsically they had to alter the wording of the sanction/directive in order for the remaining asset to be returned. More of just a follow-up and putting things where they should have already been than something big that may affect their CH7 status it seems...

6EU has altered sanction for Iraq Empty Re: EU has altered sanction for Iraq Fri Feb 01, 2013 7:52 pm

windreader1



Yes, this would be related to the removal of Chapter VII. The Sanctions Committee which was established under Security Council(SC) Resolution 1518(2003) provides the oversight for the frozen funds and the individuals and business entities on their list. Every SC resolution has to be reviewed and any "loose ends" must be completed before that resolution can be terminated. Once all resolutions have been satisfactorily resolved, Chapter VII should be terminated. What I found interesting about the EU's action this week was the 1-1/2+ year delay in modifying Regulation 1210. The DFI was terminated on June 30, 2011 and they are just now getting around to changing the legal transfer procedures. It may be connected to the Sanctions Committee annual meeting which is typically held after the 1st of the year. If so, this would be a positive step in finalizing the termination of Chapter VII.

7EU has altered sanction for Iraq Empty Re: EU has altered sanction for Iraq Sat Feb 02, 2013 2:34 am

gente

gente

Thanks again Wind...all your research is much appreciated!

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