The Financial Restrictions (Iran) Order 2012

Document Number:2012 No. 2904
Coming into force:Coming into force on the 21/11/2012
 
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Order made by the Treasury, laid before Parliament under paragraph 14(2) of Schedule 7 to the Counter-Terrorism Act 2008 , for approval by resolution of each House of Parliament within twenty-eight days beginning with the day on which the Order was made, subject to extension for periods of dissolution or prorogation, or adjournment of both Houses for more than four days.

Statutory Instruments

Prevention Of Nuclear Proliferation

Terrorist Financing And Money Laundering

Made

20 th November 2012

Laid before Parliament

20 th November 2012

Coming into force

21 st November 2012

The Treasury make the following Order in exercise of the powers conferred by paragraphs 1 , 3 , 9 , 13 and 14 of Schedule 7 to the Counter-Terrorism Act 2008(1).

The Financial Action Task Force has advised that measures should be taken in relation to Iran because of the risk of terrorist financing or money laundering activities being carried on in the country.

The Treasury believe that activity in Iran that facilitates the development or production of nuclear weapons poses a significant risk to the national interests of the United Kingdom.

Citation and commencement

  1. This Order may be cited as the Financial Restrictions (Iran) Order 2012 , and shall come into force on 21 st November 2012.

    Relevant persons

  2. The direction in article 4 is given to all persons operating in the financial sector(2) (referred to in that article as “relevant persons”).

    Designated persons

  3. —(1) The direction in article 4 is given in relation to transactions or business relationships with the following persons (referred to in that article as “designated persons”)—

    (a) a credit institution(3) 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(4) , wherever located, of a person falling within sub-paragraph (a).

    (2) In paragraph (1) , “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.

    Direction to cease business

  4. The Treasury direct that a relevant person must not—

    (a) enter into, or

    (b) continue to participate in,

    any transaction or business relationship with a designated person.

    Desmond Swayne

    Mark Lancaster

    Two of the Lords Commissioners of Her Majesty’s Treasury

    20 th...

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