Financial Restrictions - Iran 22 November 2011Prevention of Nuclear ProliferationTerrorist Financing and Money LaunderingThe Financial Restrictions (Iran) Order 2011 (of Parliament) (“The Order”)As has been widely reported ,at 3:00 p.m. yesterday (21 November 2011) the above Order came into force in the United Kingdom. A copy of the Order is available from the HM Treasury website on the following link, together with a Ministerial Statement and explanatory notes: http://www.hm-treasury.gov.uk/fin_restrictions_under_cta2008.htm. The Order applies within the United Kingdom to “relevant persons” these being “all persons operating in the financial sector” as defined in Schedule 7 to the Counter Terrorism Act 2008 which may be read on the following link: http://www.legislation.gov.uk/ukpga/2008/28/schedule/7 The Order directs that a relevant person must not- a) Enter into, or b) Continue to participate in, any transaction or business relationship with a designated person. “Designated persons” are defined within the Order as: (a) a credit institution(a) incorporated in Iran; (b) the Central Bank of Iran, also known as Bank Markazi Jomhouri Islami Iran; (c) a branch, wherever located, of a person falling within sub-paragraph (a); (d) a subsidiary(b), wherever located, of a person falling within sub-paragraph (a). In the Order, “branch” means a place of business of a person, other than its head office, which has no legal personality separate from that person, and which carries out directly all or some of the transactions inherent in that person’s business. The Treasury of the Isle of Man are currently urgently considering the Isle of Man position and equivalent Isle of Man measures may follow imminently. All licenceholders are advised to urgently review their activities in order to identify any transactions and relationships involving Iranian individuals or institutions. Where any such relationships are identified licenceholders should closely monitor all transactions with immediate effect and consider them in the light of the United Kingdom legislation. Where licenceholders have suspicions or concerns they should consider urgently whether to make a disclosure to the Financial Crime Unit or to seek the advice of the Sanctions Officer at the Customs and Excise Division of the Isle of Man Treasury. If an Isle of Man Order is enacted introducing similar provisions to the aforementioned Order details will be posted on the Sanctions area of the Isle of Man Customs website at http://www.gov.im/treasury/customs/sanctions.xml. A further advice Notice from the Commission will also be issued. Any queries regarding the above, or any other Sanctions related matter should be addressed to the Isle of Man Treasury, Customs and Excise Division, Sanctions Officer on telephone number +44 (0) 1624 648138 or by email to customs@gov.im FSC Ref: News/JPM/03/2011 More stories >>> |
