(1) The purpose of the regulations contained in this instrument that are made under section 1 of the Act is compliance with the relevant UN obligations.

(2) In this regulation, "the relevant UN obligations" means -

(a) the obligation that the United Kingdom has by virtue of paragraph 23(a) of resolution 1483 (partial asset-freeze) [The obligations in paragraph 23(a) and (b) of resolution 1483 include obligations relating to transfers of certain funds, assets and economic resources to the Development Fund for Iraq. The Development Fund for Iraq was terminated pursuant to paragraph 5 of resolution 1956 and successor arrangements have been put in place.] to take the measures required by that provision in respect of persons for the time being named for the purposes of that provision by the Security Council or the Committee;

(b) the obligation that the United Kingdom has by virtue of paragraph 23(b) of resolution 1483 (asset-freeze) to take the measures required by that provision in respect of persons for the time being named for the purposes of that provision by the Security Council or the Committee;