Paragraph 3 Freezing funds

For article 4, substitute—

“4.

(1)

Where—

(a)

a person is identified by the Sanctions Committee in accordance with paragraph 19 of the 2003 resolution as an individual or entity falling within paragraph 23 of that resolution; or

(b)

the Treasury has reasonable grounds for suspecting that a person is or may be—

(i)

a senior official;

(ii)

an immediate family member of such an individual; or

(iii)

an entity, wherever incorporated or constituted, that immediately before 20th March 2003 was owned or controlled by the government of the Republic of Iraq or is owned or controlled by an individual or entity referred to in paragraph (1)(a) or (1)(b)(i) or (ii);

the Treasury may by notice direct that funds held by, for, or on behalf of that person are not to be made available to any person.

(2)

A notice under paragraph (1) must specify either—

(a)

the period for which the direction is to have effect; or

(b)

that the direction is to have effect until it is varied or revoked by notice under paragraph (3).

(3)

The Treasury may by notice vary or revoke a direction given under paragraph (1) at any time.

(4)

The Treasury must publish a notice issued under paragraph (1) or (3) in the way appearing to it to be best calculated to bring it to the attention of the public.”.