The Financial Restrictions (Iran) Order 2011

JurisdictionUK Non-devolved
CitationSI 2011/2775

2011 No. 2775

Prevention Of Nuclear ProliferationTerrorist Financing And Money Laundering

The Financial Restrictions (Iran) Order 2011

Made 21th November 2011

Laid before Parliament 21th November 2011

Coming into force 21th November 2011

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 20081.

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.

S-1 Citation and commencement

Citation and commencement

1. This Order may be cited as the Financial Restrictions (Iran) Order 2011, and comes into force at 3.00 p.m. on 21st November 2011.

S-2 Relevant persons

Relevant persons

2. The direction in article 4 is given to all persons operating in the financial sector2(referred to in that article as “relevant persons”).

S-3 Designated 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) a credit institution3incorporated in Iran;

(b)

(b) the Central Bank of Iran, also known as Bank Markazi Jomhouri Islami Iran;

(c)

(c) a branch, wherever located, of a person falling within sub-paragraph (a);

(d)

(d) a subsidiary4, 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.

S-4 Direction to cease 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.

Angela Watkinson

Brooks Newmark

Two of the Lords Commissioners of Her Majesty’s Treasury

21st November 2011 at 11.15 a.m.

EXPLANATORY NOTE

(This note is not part of the Order)

This Order contains a direction given by the Treasury, under Schedule 7 to the Counter-Terrorism...

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