Implements the residual UN sanctions on Iraq adopted under UN Security Council Resolution 1483 (2003) through Common Position 2003/495/CFSP and Regulation (EC) No 1210/2003. It freezes funds of the previous Government of Iraq and of senior officials of the former Saddam Hussein regime and their immediate family members, as listed by the UN sanctions committee, with frozen state funds earmarked for transfer to Iraq's development arrangements. Beyond the designation-level asset freeze, the regime prohibits trade in Iraqi cultural property illegally removed from the country and maintains an arms embargo, with exemptions for supplies required by the Government of Iraq. Claims by Iraqi persons and entities in connection with contracts affected by the UN embargo may not be satisfied.
