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

UNCLAS OTTAWA 001077 
 
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
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