The Financial Restrictions (Iran) Order 2012
| Jurisdiction | UK Non-devolved |
| Citation | SI 2012/2904 |
| Year | 2012 |
2012 No. 2904
Prevention Of Nuclear ProliferationTerrorist Financing And Money Laundering
The Financial Restrictions (Iran) Order 2012
Made 20th November 2012
Laid before Parliament 20th November 2012
Coming into force 21th 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 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.
Citation and commencement
1. This Order may be cited as the Financial Restrictions (Iran) Order 2012, and shall come into force on 21st November 2012.
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”).
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.
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
20th November 2012
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 Act 2008 (c.28)(“the...
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