Explanatory Memorandum to JOIN(2012)38 - Amendment of Regulation (EC) No 1210/2003 concerning certain specific restrictions on economic and financial relations with Iraq - Main contents
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This page contains a limited version of this dossier in the EU Monitor.
| dossier | JOIN(2012)38 - Amendment of Regulation (EC) No 1210/2003 concerning certain specific restrictions on economic and financial relations with ... |
|---|---|
| source | JOIN(2012)38  |
| date | 20-12-2012 |
Council Regulation (EC) No 1210/2003 imposed certain restrictive measures in respect of Iraq, in accordance with Common Position 2003/495/CFSP and UN Security Council Resolution 1483 (2003). Article 4 of the Regulation freezes in particular the funds and economic resources of Saddam Hussein and other senior officials of the former Iraqi regime. In line with paragraph 23 of UNSC Resolution 1483 (2003) the Regulation allows the Member States to unfreeze such funds and economic resources for the purpose of their transfer to the Development Fund for Iraq.
On 15 December 2010, the UNSC adopted Resolution 1956 (2010) by which it decided at paragraph 5 that the full proceeds from the Development Fund for Iraq should be transferred to the Government of Iraq’s successor arrangements account or accounts and that the Development Fund for Iraq should be terminated no later than 30 June 2011.
In accordance with Council Decision 2012/…/CFSP, Regulation (EC) No 1210/2003 should therefore be amended accordingly, in order to permit the transfer of frozen funds, other financial assets or economic resources to the successor arrangements to the Development Fund for Iraq put in place by the Government of Iraq under the conditions set out in UNSC Resolutions 1483 (2003) and 1956 (2010).