39.—(1) A credit or financial institution (“P”) commits an offence if P—
(a)opens a new bank account,
(b)establishes a new correspondent banking relationship, or
(c)establishes a new joint venture,
with a person, entity or body falling within article 38(4) if P knows or has reasonable cause to suspect that the account, relationship or venture is with such a person, entity or body.
(2) P commits an offence if P—
(a)opens a new representative office in Iran, or
(b)establishes a new branch or subsidiary in Iran.
(3) P commits an offence if P authorises the opening of a representative office or the establishment of a branch or subsidiary in the Territory of a credit or financial institution domiciled in Iran or of any credit or financial institution falling within article 38(4).
(4) P commits an offence if P grants an authorisation for taking up and pursuing the business of a credit institution, or for any other business requiring prior authorisation, by a representative office, branch or subsidiary of a credit or financial institution domiciled in Iran or of any credit or financial institution falling within article 38(4) if the representative office, branch or subsidiary was not in operation before the date on which this Order comes into force.