The Iran (European Union Financial Sanctions) Regulations 2012 (revoked)

PART 3 U.K. Restrictions on Transfers of Funds and on Financial Services

[F1 Transfers of funds to or from Iranian credit or financial institutions U.K.

9A.— (1) Subject to paragraphs (3) and (4), a credit or financial institution must not make a transfer of funds to, or receive a transfer of funds from, a person falling within paragraph (2), if the credit or financial institution knows or has reasonable cause to suspect that the transfer of funds is made to or received from a person falling within paragraph (2).

(2) The following persons fall within this paragraph—

(a) a credit or financial institution domiciled in Iran, including the Central Bank of Iran;

(b) a branch or subsidiary, wherever located, of a credit or financial institution domiciled in Iran;

(c) a credit or financial institution that is not domiciled in Iran but is controlled by a person or entity domiciled in Iran.

(3) Paragraph (1) does not apply to—

(a) a transfer of funds of less than 10,000 euro;

(b) a transfer regarding foodstuffs, healthcare, medical equipment or for agricultural or humanitarian purposes which is—

(i) of 10,000 euro or more but less than 100,000 euro and has been notified in advance in writing to the relevant competent authority by the relevant person, or

(ii) of 100,000 euro or more and has received prior authorisation from the relevant competent authority at the request of the relevant person;

(c) a transfer regarding personal remittances which is—

(i) of 10,000 euro or more but less than 40,000 euro and has been notified in advance in writing to the relevant competent authority by the relevant person, or

(ii) of 40,000 euro or more and has received prior authorisation from the relevant competent authority at the request of the relevant person;

(d) any other transfer which—

(i) may be authorised under Article 30(2) of the Council Regulation,

(ii) is of 10,000 euro or more, and

(iii) has received prior authorisation from the relevant competent authority at the request of the relevant person.

(4) Paragraph (1) does not apply where—

(a) funds are credited to a frozen account in accordance with regulation 8 (or, in another Member State, Article 29 of the Council Regulation);

(b) an authorisation for the transfer has been granted by the Treasury under regulation 9, or by a competent authority of another Member State in accordance with Article 24, 25, 26, 27, 28 or 28a of the Council Regulation; or

(c) the transfer—

(i) has been notified to or received prior authorisation from the relevant competent authority before 22 December 2012, and

(ii) is executed before 15 April 2013.]

Textual Amendments

F1 Reg. 9A inserted (31.1.2013) by The Iran (European Union Financial Sanctions) (Amendment) Regulations 2013 (S.I. 2013/163), regs. 1, 3

Transfers of funds U.K.

10.—(1) Subject to paragraph (2), a transfer of funds to or from an Iranian person, entity or body [F2 , other than a transfer to which regulation 9A(1) applies, or would apply but for regulation 9A(2) or (3)]—

(a) which is due on a transaction regarding foodstuffs, healthcare, medical equipment or for humanitarian purposes, and is of more than 10,000 euro, must have been notified in advance in writing to the relevant competent authority by the relevant person,

(b) which is due on a transaction other than one referred to in sub-paragraph (a)—

(i) if it is of more than 10,000 euro but less than 40,000 euro, must be notified in advance in writing to the relevant competent authority by the relevant person, and

(ii) if it is of 40,000 euro or more, must have received prior authorisation from the relevant competent authority at the request of the relevant person.

[F3 (2) Paragraph (1) does not apply where—

(a) amounts are credited to a frozen account in accordance with regulation 8 (or, in another Member State, Article 29 of the Council Regulation); or

(b) an authorisation for the transfer has been granted by the Treasury under regulation 9, or by a competent authority of another Member State in accordance with Article 24, 25, 26, 27, 28 or 28a of the Council Regulation.]

(3) The relevant competent authority shall be deemed to have granted authorisation for the purposes of paragraph (1)(b)(ii) if, after the period of 28 days beginning with the day upon which the authority received a request for authorisation, the authority has not objected in writing to the transfer.

(4) Where paragraph (1) applies, a person (“P”) must not make a transfer of funds to, or receive a transfer of funds from, an Iranian person, entity or body other than in accordance with paragraph (1), if P knows or has reasonable cause to suspect that the transfer of funds is to or from such a person.

F4 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2 Words in reg. 10(1) inserted (31.1.2013) by The Iran (European Union Financial Sanctions) (Amendment) Regulations 2013 (S.I. 2013/163), regs. 1, 4(a)

F3 Reg. 10(2) substituted (31.1.2013) by The Iran (European Union Financial Sanctions) (Amendment) Regulations 2013 (S.I. 2013/163), regs. 1, 4(b)

F4 Reg. 10(5)(6) omitted (31.1.2013) by virtue of The Iran (European Union Financial Sanctions) (Amendment) Regulations 2013 (S.I. 2013/163), regs. 1, 4(c)

[F5 10A.— (1) For the purposes of this Part— U.K.

“the relevant competent authority” is the competent authority of the Member State in which the relevant person is resident or established; and

“the relevant person” is the payment service provider, payer or payee required in accordance with Article 30 or 30a of the Council Regulation to make a notification or seek an authorisation.

(2) In this Part—

(a) a reference to an amount in euro includes a reference to the equivalent amount in another currency, and

(b) a reference to a transfer of funds of a particular amount includes a transfer executed in several operations which appear to be linked, as well as a transfer executed in a single operation.]

Textual Amendments

F5 Reg. 10A inserted (31.1.2013) by The Iran (European Union Financial Sanctions) (Amendment) Regulations 2013 (S.I. 2013/163), regs. 1, 5

Authorisations and notifications U.K.

11.—(1) An authorisation granted by the Treasury under [F6 regulation 9A or 10] may be—

(a) general or granted to a category of persons or to a particular person;

(b) subject to conditions;

(c) of indefinite duration or subject to an expiry date.

(2) The Treasury may vary or revoke an authorisation at any time.

(3) On the grant, variation or revocation of an authorisation, the Treasury must—

(a) in the case of an authorisation granted to a particular person, give written notice of the grant, variation or revocation to that person,

(b) in the case of a general authorisation or an authorisation granted to a category of persons, take such steps as the Treasury consider appropriate to publicise the grant, variation or revocation of the authorisation.

(4) A person commits an offence who, for the purpose of obtaining an authorisation or making a notification, knowingly or recklessly—

(a) provides information that is false in a material respect, or

(b) provides or produces a document that is not what it purports to be.

(5) A person who purports to act under an authorisation granted by the Treasury but who fails to comply with any conditions included in the authorisation commits an offence.

Textual Amendments

F6 Words in reg. 11(1) substituted (31.1.2013) by The Iran (European Union Financial Sanctions) (Amendment) Regulations 2013 (S.I. 2013/163), regs. 1, 6

Financial messaging services U.K.

12.—(1) A person (“P”) must not supply specialised financial messaging services, which are used to exchange financial data, to a designated person if P knows, or has reasonable cause to suspect, that P is making the services so available.

(2) The prohibition in paragraph (1) does not apply where an authorisation has been granted by a competent authority in accordance with Article 24, 25, 26, 27, 28 or 30 of the Council Regulation, or where funds are credited to a frozen account in accordance with Article 29 of the Council Regulation.

Branches and subsidiaries of Iranian credit and financial institutions U.K.

13.—(1) A branch or subsidiary established within the UK of a credit or financial institution domiciled in Iran must notify the Treasury in writing of all transfers of funds carried out or received by the branch or subsidiary.

(2) A notification under paragraph (1) must—

(a) specify the names of the parties to the transaction, the amount of funds transferred, and the date of the transaction;

(b) include the following information where it is available to the branch or subsidiary—

(i) the nature of the transaction;

(ii) the nature of any goods which are the subject of the transaction;

(iii) whether those goods are subject to Annex I, II, III, IV, VI, or VII of the Council Regulation;

(iv) where the export of goods is subject to authorisation, the number of the licence granted; and

(c) be made within five working days after the day on which the transfer of funds is carried out or received by the branch or subsidiary.

(3) A person commits an offence who, for the purpose of making a notification under paragraph (1), knowingly or recklessly—

(a) provides information that is false in a material respect, or

(b) provides or produces a document that is not what it purports to be.

Credit and financial institutions: accounts and correspondent banking relationships U.K.

14.—(1) A credit or financial institution must not—

(a) open a new bank account,

(b) establish a new correspondent banking relationship, or

(c) establish a new joint venture,

with a person falling within [F7 regulation 9A(2)], if the credit or financial institution knows or has reasonable cause to suspect that the account, relationship or venture is with a person falling within [F7 regulation 9A(2)].

F8 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) A credit or financial institution must not—

(a) open a new representative office in Iran, or

(b) establish a new branch or subsidiary in Iran.

Textual Amendments

F7 Words in reg. 14(1) substituted (31.1.2013) by The Iran (European Union Financial Sanctions) (Amendment) Regulations 2013 (S.I. 2013/163), regs. 1, 7(a)

F8 Reg. 14(2) omitted (31.1.2013) by virtue of The Iran (European Union Financial Sanctions) (Amendment) Regulations 2013 (S.I. 2013/163), regs. 1, 7(b)

Agreements U.K.

15.  A person (“P”) must not conclude an agreement for, or on behalf of, a person falling within [F9 regulation 9A(2)] which relates to the opening of a representative office or the establishment of a branch or subsidiary in the European Union, if P knows or has reasonable cause to suspect that the agreement is for, or on behalf of, such a person.

Textual Amendments

F9 Words in reg. 15 substituted (31.1.2013) by The Iran (European Union Financial Sanctions) (Amendment) Regulations 2013 (S.I. 2013/163), regs. 1, 8

Acquisition or extension of ownership interest U.K.

16.  A person falling within [F10 regulation 9A(2)] must not acquire or extend a participation, or acquire any other ownership interest, in a credit or financial institution.

Textual Amendments

F10 Words in reg. 16 substituted (31.1.2013) by The Iran (European Union Financial Sanctions) (Amendment) Regulations 2013 (S.I. 2013/163), regs. 1, 9

Sale or purchase of bonds U.K.

17.—(1) A person (“P”) must not sell or purchase public or public-guaranteed bonds issued after 26th July 2010, directly or indirectly, to or from a person, entity or body falling within paragraph (4) if P knows or has reasonable cause to suspect that the sale or purchase is to or from such a person, entity or body.

(2) A person (“P”) must not provide brokering services with respect to public or public-guaranteed bonds issued after 26th July 2010 to a person, entity or body falling within paragraph (4) if P knows or has reasonable cause to believe that the services are being provided to such a person, entity or body.

(3) A person (“P”) must not assist a person, entity or body falling within paragraph (4) to issue public or public-guaranteed bonds, by providing—

(a) brokering services;

(b) advertising; or

(c) any other service with respect to such bonds,

if P knows or has reasonable cause to suspect that P is assisting such a person, entity or body.

(4) The following persons, entities and bodies fall within this paragraph—

(a) Iran and its Government, and its public bodies, corporations and agencies;

(b) a credit or financial institution domiciled in Iran, including the Central Bank of Iran;

(c) a branch or subsidiary, wherever located, of a credit or financial institution domiciled in Iran;

(d) a credit or financial institution that is not domiciled in Iran but is controlled by a person or entity domiciled in Iran;

(e) a person, entity or body acting on behalf of or at the direction of a legal person, entity or body falling within sub-paragraphs (a) to (d);

(f) a legal person, entity or body owned or controlled by a person, entity or body falling within sub-paragraphs (a) to (e).

Insurance and reinsurance U.K.

18.—(1) A person (“P”) must not provide insurance or re-insurance to—

(a) Iran or its Government, or its public bodies, corporations or agencies;

(b) any other Iranian legal person, entity or body; or

(c) a person, entity or body acting on behalf of or at the direction of a person, entity or body referred to in sub-paragraph (a) or (b),

if P knows or has reasonable cause to suspect that the insurance or reinsurance is being provided to such a person, entity or body.

(2) A person (“P”) must not provide brokering services in relation to the provision of any insurance or reinsurance prohibited under paragraph (1), if P knows or has reasonable cause to suspect that the services are so provided.

(3) The prohibitions in paragraph (1)(a) and (b) do not apply to—

(a) the provision of compulsory or third party insurance or reinsurance to Iranian persons, entities or bodies based in the European Union, or

(b) the provision of insurance for Iranian diplomatic or consular missions in the Union.

(4) The prohibition in paragraph (1)(c) does not apply to the provision of—

(a) insurance, including health and travel insurance, to individuals (other than designated persons) acting in their private capacity, or

(b) re-insurance relating to insurance falling within sub-paragraph (a).

(5) The prohibition in paragraph (1)(c) does not prevent the provision of insurance or re-insurance to the owner of a vessel, aircraft or vehicle which is chartered by a person, entity or body referred to in paragraph (1)(a) or (b).

(6) For the purposes of paragraph (1)(c), a person, entity or body does not act at the direction of a person, entity or body referred to in paragraph (1)(a) or (b) where the direction is for the purposes of docking, loading, unloading or safe transit of a vessel or aircraft temporarily in Iranian waters or airspace.

(7) The prohibition in paragraph (1) applies to the extension or renewal of an insurance or re-insurance agreement concluded before 27th October 2010, but, subject to regulations 4 to 7, does not apply to compliance with an insurance or reinsurance agreement concluded before that date.