Regulations Implementing the United Nations Resolutions on Iraq

7 (1) Every person in Canada and every Canadian outside of Canada who is knowingly in possession or control of any property described in paragraph 5(1)(a) shall, without delay, notify in writing the Director of the Sanctions Policy and Operations Coordination Division of the Department of Foreign Affairs, Trade and Development.

(2) The notice must contain the following information:

• (a) the value, location and nature of the property;

• (b) the name, address and telephone number of the person in possession or control;

• (c) the date on which the person came into possession or control;

• (d) if the property is described in subparagraph 5(1)(a)(i), the name of the owner;

• (e) if the property is described in subparagraph 5(1)(a)(ii), the name of the individual or entity identified by the Committee that owns or controls the property or on whose behalf the property is held; and

• (f) if the person has knowledge that the property is subject to a judicial, administrative or arbitral decision or measure made prior to the coming into force of these Regulations, a description of the decision or measure.

(3) Unless notified by the Director within 45 days of providing notice, the person shall at the end of that period transfer without delay to the account of the Development Fund for Iraq at the Federal Reserve Bank of New York any cash, currency or securities, negotiable instruments or other financial instruments described in the notice that is not required to satisfy any decision or measure referred to in paragraph (2)(f).