8 August 2003

Dear Sir / Madam,

United Nations Security Council Resolution 1483 (2003)

Further to my letter of 17 July, I am writing with respect to the implementation of United Nations Security Council Resolution 1483 ("Resolution"). The Hong Kong Government is currently considering appropriate means to fully implement the Resolution. In the meantime, Section 1(1) of the United Nations Sanctions (Iraq) (Control of Gold, Securities, Payments and Credits) Regulation ("Regulation") can be used as a temporary measure to give effect to paragraphs 10 and 23 of the Resolution, the full text of which is available on the UN website at http://www.un.org/News/Press/docs/2003/sc7765.doc.htm.

Under Section 1(1) of the Regulation, assets held by or on behalf of Iraq or by or on behalf of any person resident in Iraq shall not be disposed of without the Financial Secretary's permission. Therefore, where a direction is given to you by or on behalf of a resident in Iraq who is not on the list designated pursuant to the Resolution as advised in my letter of 17 July, you should seek the Financial Secretary's permission for the release of gold, securities or any other financial assets by submitting a written request (with a copy to the HKMA for information) to:

Should you have any questions relating to this letter, please feel free to contact
Mr Angus Chan on 2878-1287 or Mr Edmund Leung on 2878- 8281.

Yours faithfully,

D T R Carse
Deputy Chief Executive