Article 15 Decisions and Directions by the Treasury

The Treasury shall notify any relevant institution or other person and any other person who made representations or gave evidence to the Bank or to them following the giving of notice under article 6(1) or (2) whether they are satisfied that the institution or other person holds funds to which an Iraqi person is entitled representing amounts derived from or otherwise attributable to a relevant transaction and of the reasons for their decision.

Subject to paragraph (3), where the Treasury are satisfied that a relevant institution or other person holds funds as described in paragraph (1), the Treasury may direct it or him to remit the funds or equivalent amounts to the escrow account within such period and in such manner as may be specified.

A direction by the Treasury under paragraph (2) shall not extend to any funds to which an Iraqi person is, or where sub-paragraph (a) below applies was, entitled representing amounts which the Treasury are satisfied were derived from or otherwise attributable to a relevant transaction and which they are satisfied—

The Treasury shall notify any person who made representations or gave evidence to the Bank or to them following the giving of notice under article 8(1) or (2) whether they are satisfied that funds to which an Iraqi person is entitled representing amounts derived from or otherwise attributable to a relevant transaction are subject to or required to satisfy any rights of a third party at the time of the adoption of the resolution and of their reasons for their decision.

A direction by the Treasury under paragraph (2) may be given at the time of notification of their decision under paragraph (1) or at the time of or following notification of their decision under paragraph (4).

Where the Treasury are satisfied that funds in an account held with a relevant institution to which an Iraqi person is entitled include amounts derived from or otherwise attributable to a relevant transaction, and that funds have been withdrawn from the account between the date of the relevant transaction and the date of the decision under paragraph (2) with permission granted by or on behalf of the Treasury under the Control of Gold, Securities, Payments and Credits (Republic of Iraq) Directions 1990^f1, they may give a direction in relation to such a proportion of the funds remaining in the account as is equivalent to the proportion which the funds derived from or otherwise attributable to a relevant transaction bore to the total funds in the account immediately before the date of the withdrawal or, if more than one, the first withdrawal.