Security Council resolution 692 (1991) [on establishment of the UN Compensation Fund and the UN Compensation Commission under Security Council resolution 687 (1991)]

Decides to establish the Fund and the Commission referred to in paragraph 18 of resolution 687 (1991) in accordance with section I of the Secretary-General's report, and that the Governing Council will be located at the UN Office at Geneva and that the Governing Council may decide whether some of the activities of the Commission should be carried out elsewhere; directs the Governing Council to proceed in an expeditious manner to implement the provisions of section E of resolution 687 (1991), taking into account the recommendations in section II of the Secretary-General's report; requests the Governing Council to report as soon as possible on the actions it has taken with regard to the mechanisms for determining the appropriate level of Iraq's contribution to the Fund and the arrangements for ensuring that payments are made to the Fund; decides that, if the Governing Council notifies the Security Council that Iraq has failed to carry out decisions of the Governing Council taken pursuant to paragraph 5 of the present resolution, the Security Council intends to retain or to take action to reimpose the prohibition against the import of petroleum and petroleum products originating in Iraq and financial transactions related thereto.

Adopted 14-0-1, 2987th meeting

[1] p.

Concerns establishment of the UN Compensation Fund and the UN Compensation Commission under Security Council resolution 687 (1991).