Canadian firms are still required to freeze any assets belonging to Saddam Hussein’s former regime in Iraq, the Office of the Superintendent of Financial Institutions has confirmed.

In an notice issued today, OSFI says it has been informed by the Foreign Affairs department that the Governor in Council has repealed and replaced the United Nations Iraq Regulations, which gave immediate effect to UN Security Council resolutions against the former Iraqi regime.

The new regulations came into force on October 19. They continue the obligations on Canadian financial institutions to freeze any property in their possession or control belonging to the previous Iraqi government, and Saddam Hussein and his associates as designated by the UN Security Council.

In addition to these obligations, Canadian financial institutions are required to notify Foreign Affairs should they have possession or control of such frozen property, and to transfer frozen financial assets to the Development Fund for Iraq.