The Iran (European Union Financial Sanctions) (Amendment) Regulations 2013

Amendments to the Iran (European Union Financial Sanctions) Regulations 2012

3.  In Part 3, before paragraph 10 insert—

“Transfers of funds to or from Iranian credit or financial institutions

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) (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(1),

(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.”.

(1)

Council Regulation (EU) No 267/2012 (OJ No L 88, 24.3.2012, p 1). Article 30 was substituted by Council Regulation (EU) No 1263/2012 (OJ No L 356, 22.12.2012, p 34).