Article 8 Ascertainment by the Treasury of Third Party Rights

Where the Treasury are 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 they 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 Bank to publish a notice in the London, Edinburgh and Belfast Gazettes 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 Bank.

Where the Treasury are satisfied that funds held by the Bank or 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 they 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 the London, Edinburgh and Belfast Gazettes 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 them 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) until the Treasury have notified their 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 Bank 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), the Bank 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) may be subject to or required to satisfy the rights of any third party at the time of the adoption of the resolution.