Financial Crime World

Iraq Sanctions and Compliance Regulations in Place Amid Ongoing UN Embargo

Background

The United Kingdom has implemented new regulations to enforce international sanctions against Iraq, bringing British law into line with UN Security Council Resolutions 661 (1990) and 1483 (2003). These measures aim to ensure the UK maintains its obligations under the UN resolutions.

Key Provisions of the Regulations

  • Restrictions on Trade: The regulations impose restrictions on trade in certain items, including:
    • Cultural property
    • Archaeological relics
  • Arms Embargo: An arms embargo remains in place to prevent the supply of military equipment to Iraq.
  • Designation of Individuals: Specific individuals are designated for inclusion on the UK Sanctions List, highlighting the government’s commitment to enforcing sanctions against those involved in sanctioned activities.

Enforcement and Compliance

Individuals named on the UN’s Iraq Sanctions List face stringent penalties for breaching sanctions. The regulations replace existing EU legislation and related UK laws with similar provisions, ensuring that the UK maintains its obligations under the UN resolutions.

Resources for Businesses and Individuals

For more information on financial, trade, and transport sanctions related to Iraq, contact details are available: