Blocking Property of the Former Iraqi Regime, Its Senior Officials and Their Family Members, and Taking Certain Other Actions
Headline: Blocks and Seizes Property of Former Iraqi Regime and Associates
What it does: Agencies must block and confiscate property of the former Iraqi regime, its senior officials, family members, and controlled entities, and transfer confiscated assets to the Development Fund for Iraq.
- Freezes assets of former Iraqi leaders, their families, and controlled companies.
- Allows Treasury to seize blocked property for transfer to Iraq reconstruction fund.
- Bans transactions and conspiracies that try to evade the asset restrictions.
Summary
This order expands a national emergency related to Iraq and blocks property tied to the former Iraqi regime. It freezes assets of people listed in the Annex, senior officials, their immediate family members, and entities owned or controlled by them.
The Treasury, working with the State Department, may confiscate blocked property linked to those who engaged in hostilities against the United States and transfer such assets to the Development Fund for Iraq to fund humanitarian aid, reconstruction, disarmament, and civilian administration. The order also bans attempts to evade these restrictions and takes effect August 29, 2003.
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