Joint Proposal for a Council Regulation amending Regulation (EC) No 1210/2003 concerning certain specific restrictions on economic and financial relations with Iraq

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. 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 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.

Regulation (EC) No 1210/2003 should therefore be amended accordingly.

EUR-Lex: JOIN(2012)038: Follow the progress of this proposal through the decision-making procedure http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=JOIN:2012:038:FIN

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