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SCMP Reporter

HONGKONG, acting on a British cabinet order, has given banks one month to seize Iraqi assets earned from oil sales and to transfer them into a United Nations account.

  The move is intended to toughen enforcement of UN sanctions imposed on Iraq after its invasion of Kuwait in August 1990. The total amount involved is not known.

  The UN will use the funds to pay for post-Gulf War reconstruction and the UN inspection teams in Iraq.



Iraqi asset seizure order