delete The Control of Gold, Securities, Payments and Credits(Republic of Iraq) (Revocation) Directions 2000
Statutory instrument that revokes the Control of Gold, Securities, Payments and Credits (Republic of Iraq) Directions 1990, removing controls on gold, securities, payments and credits transactions with the Republic of Iraq. Came into force 14th December 2000.
This instrument is a 25-year-old revocation record of Cold War-era sanctions controls targeting Iraq under Saddam Hussein. The 1990 Directions it revoked have already been eliminated and are of no current legal effect. Maintaining this revocation on the statute books serves no present economic or regulatory purpose — it is merely historical record-keeping for legislation that has been defunct for a quarter century. The original 1990 controls themselves represented the kind of economic intervention that distorts trade and capital flows, and their revocation was appropriate. Deleting this spent revocation instrument reduces statutory clutter without any consequence to current commerce or liberty.