Iraqi, Kuwaiti Asset Freeze Poses Some FX Problems
REGULATIONS
A freeze on Iraqi and Kuwaiti assets has now spread to most financial centers around the world, adding cost pressures to foreign exchange dealing rooms in sorting out what is permitted under national freeze regulations. Risks are higher because transactions with a foreign counterparty might run into legal or administrative obstacles because of local freeze operations.
When Iraq invaded Kuwait on August 1, the United States was the first to announce measures to stop Iraq from plundering Kuwait's
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