Article 8 Ascertainment of Third Party Rights with respect to Funds

Where the Treasury is satisfied that funds to which an Iraqi person is entitled held by a relevant institution represent amounts which are derived from or otherwise attributable to a relevant transaction it may, for the purpose of ascertaining whether such funds may be subject to or required to satisfy the rights of a third party at the time of the adoption of the resolution, require the Commission to publish a notice in two newspapers published and circulating in the Isle of Man inviting any person who considers that the funds or any part thereof are subject to or required to satisfy such rights to make representations in writing to it within such period of not less than 21 days beginning on the day on which the notice is published as may be specified in the notice and stating that, if the person so requests, he shall be afforded an opportunity of being heard by the Commission.

Where the Treasury is satisfied that funds held by any person who is not a relevant institution to which an Iraqi person is entitled represent amounts which are derived from or otherwise attributable to a relevant transaction it may, for the purpose of ascertaining whether such funds may be subject to or required to satisfy the rights of a third party at the time of the adoption of the resolution, publish a notice in two newspapers published and circulating in the Isle of Man inviting any person who considers that the funds or any part thereof are subject to or required to satisfy such rights to make representations in writing to it within such period of not less than 21 days beginning on the day on which the notice is published as may be specified in the notice and stating that, if the person so requests, he shall be afforded an opportunity of being heard by the Treasury.

No notice shall be given under paragraph (1) or (2) above until the Treasury has notified its decision under article 15(1) to the relevant institution or to any other person holding funds to which the decision applies and to any other person who made representations to the Commission or the Treasury under article 6(1) or (2).

Following consideration of any representations made by any person in writing and any evidence submitted before or given at a hearing following the giving of notice under paragraph (1) above, the Commission shall provide the Treasury with copies of such representations, a record of the evidence submitted before or given at the hearing and its assessment of whether any funds described in paragraph (1) above may be subject to or required to satisfy the rights of any third party at the time of the adoption of the resolution.