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Cablegate: Tfiz01: More On Canada's Freeze of Iraqi

This record is a partial extract of the original cable. The full text of the original cable is not available.

UNCLAS OTTAWA 001075

SIPDIS

SENSITIVE

DEPARTMENT FOR EB ACTION OFFICER AND WHA/CA
TREASURY FOR U/S TAYLOR AND MATHIEU

E.O. 12958: N/A
TAGS: EFIN ECON ETTC PREL CA UN
SUBJECT: TFIZ01: MORE ON CANADA'S FREEZE OF IRAQI
GOVERNMENT ASSETS

REF: A. OTTAWA 890

B. STATE 74249

1. (SBU) Ref A reported that the GOC froze Iraqi government
assets in compliance with the 1990 UNSC resolutions. The
Department of Finance clarified April 14 that the amount
remaining is "insignificant" (estimated at under C$20,000).
Most of the US$2.73 million notified to the UN in 1991 have
been used for the Iraqi embassy's operational expenses or
authorized for humanitarian use in Iraq before implementation
of the Oil for Food program.
2. (SBU) Canadian banks are prohibited from transactions
with Iraq, so the GOC does not expect an increase in the
amount of Iraqi assets in Canada. Canadian financial
institutions do not have a list of Iraqi individuals to
consult in deciding on asset freezes, and Iraqi funds that
come from a third country would not be captured in the data.
There is no reporting requirement for Iraqi assets, and the
GOC does not maintain an accounting of the total.

3. (SBU) As the assets were frozen in compliance with a UN
directive, they could be unfrozen by a similar UN order for
the benefit of a new Iraqi government. We do not believe the
GOC will release the frozen assets absent international
consensus. Although they would be most comfortable with UN
authorization, a lawyer with the Department of Foreign
Affairs and Trade recalled that release of Yugoslav assets
had been the result of action in the G-7.
CELLUCCI

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