- Latest available (Revised)
- Original (As made)
The Iran (Restrictive Measures) (Overseas Territories) Order 2012
You are here:
What Version
More Resources
Status:
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Transfers of funds
This section has no associated Explanatory Memorandum
32.—(1) A person to whom this Order applies (“P”) commits an offence if P knowingly transfers funds above EUR 10 000 or equivalent to or from an Iranian person, entity or body without informing the Governor in advance in writing.
(2) A person (“P”) commits an offence if P knowingly transfers funds of or above EUR 40 000 or equivalent to or from an Iranian person, entity or body without a licence granted by the Governor under this article, but this is subject to paragraph (3).
(3) The following transfers of funds may be carried out without a licence—
(a)transfers due on transactions regarding foodstuffs, healthcare, medical equipment, or for humanitarian purposes, or
(b)any other transfer below EUR 40 0000 or equivalent.
(4) Paragraphs (1) to (3) apply regardless of whether the transfer of funds is executed in a single operation or in several operations which appear to be linked, and for the purposes of this paragraph “operations which appear to be linked” includes—
(a)a series of consecutive transfers from or to the same Iranian person, entity or body which are made in connection with a single obligation to a transfer of funds, where each individual transfer falls below the threshold set out in paragraphs (1) to (3) but which, in aggregate, meet the criteria for notification or authorisation, or
(b)a chain of transfers involving different payment service providers or natural or legal persons which effects a single obligation to make a transfer of funds.
(5) A licence must be granted by the Governor under this article to authorise a transfer of funds of or above EUR 40 000 or equivalent unless the Governor has reasonable grounds to determine that the transfer of funds could be in breach of any of the prohibitions or obligations in this Order.
(6) A licence is to be deemed to have been granted by the Governor under this article if—
(a)the Governor has received a request in writing for a licence under this article and,
(b)within four weeks of receiving the request, the Governor has not objected in writing to the transfer of funds for which the licence is requested.
Options/Help
Print Options
PrintThe Whole Instrument
PrintThe Whole Cross Heading
PrintThis Section only
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Memorandum
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.