- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
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.
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.
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.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: