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Financial services
The Council Regulation (EU) No 961/2010, published on 27 October 2010, imposes restrictive measures against Iran, which comes into immediate effect. The Council Regulation (EU) No 961/2010 amends the list of designated persons under the asset freezing measures contained in Regulation 423/2007 and implements additional restrictive measures against Iran as set out in Decision 2010/413/CFSP. Regulation 961/2010 repeals Regulation 423/2007.
A full copy of the EU Council Decision and Regulation can be found on the Financial Sanctions page and HM Treasury has issued a notice on the financial measures in the Regulation
Article 23 of the Regulation sets out requirements for credit and financial institutions within EU jurisdiction to exercise enhanced vigilance towards the credit and financial institutions set out at article 23(2) of the Regulation. These requirements were previously set out in EU Regulation 1110/2008. The Treasury’s guidance note on these requirements has been updated to reflect the inclusion of the requirements in the new Regulation. A revised version of the note is issued today, 27 October 2010. The requirements have not changed.The Financial Restrictions (Iran) Order 2009 expires at midnight on Friday 8th October 2010.
Bank Mellat and the Islamic Republic of Iran Shipping Lines (IRISL) were designated persons for the purposes of the Financial Restrictions (Iran) Order 2009. Together with all their branches and certain named subsidiaries, Bank Mellat and IRISL continue to be subject to an EU asset freeze, under EU Regulation 423/2007 as amended by EU Regulation 668/2010 of 26 July 2010. The asset freeze must continue to be applied. Further guidance on the asset freeze can be found in a revised release.
Previous guidance on the Financial Restrictions (Iran) Order 2009 can be found on the National Archives website.
Council Implementing Regulation (EU) No 668/2010 adds further individuals and entities to the list of those subject to EU financial sanctions in respect of Iran.
In addition to the Regulation, the EU Council Decision of 26th July concerning restrictive measures against Iran sets out how UN Security Council Resolution 1929 will be implemented across the EU by extending the provisions of EU Regulations (EC) no 423/2007 and (EC) no 1110/2008. Additional restrictions on business between the EU financial services sector and Iran, as set out in the decision, will come into force through an EU Regulation later this year.
All UK financial and credit institutions should take this Decision into account when undertaking any business associated with Iran. Further detailed guidance will be provided when the regulation comes into force.
The Treasury gained powers in the Counter-Terrorism Act 2008 to direct financial firms to undertake a graduated range of financial restrictions on business connected with jurisdictions of concern regarding money laundering, terrorist financing or the proliferation of Chemical, Biological, Radiological and Nuclear (CBRN) weapons.
Counter-Terrorism Act 2008, Schedule 7
11 March 2009: Press notice: 26/09 HM Treasury warns businesses of serious threats posed to the international financial system
03 July 2009: HM Treasury draws attention to the June 2009 meeting of the Financial Action Task Force (FATF)
11 November 2008: Restrictive Measures against Iran - A Guidance Note for FirmsThe Treasury is today issuing guidance to firms about how they should implement EU Regulation 437/2007, as amended by EU Regulation 1110/2008, which comes into force on 12 November.
Council Regulation (EC) No 423/2007 has been amended to implement within the EU the vigilance requirements in United Nations Security Council Resolution (UNSCR) 1803, which was adopted on 3 March 2008 because of international concern about Iran’s nuclear development programme.
UNSCR 1803 calls upon all states to exercise vigilance over the activities of financial institutions in their territories with all banks domiciled in Iran and their branches and subsidiaries abroad, in particular with Bank Melli and Bank Saderat, in order to avoid such activities contributing to the proliferation-sensitive nuclear activities or the development of nuclear-weapon delivery systems referred to in UNSCR 1737.
The attached guidance note explains the purpose of the amendments to Council Regulation (EC) No 423/2007 as they apply to credit and financial institutions. Annex I gives details of the reporting arrangements associated with the regulation, and Annex II sets out sources of further information and examples of good practice.
20 October 2008: Press notice: 107/08 HM Treasury warns businesses of serious threats posed to the international financial system
9 September 2008: HMRC have today published their Money Service Business action plan which aims to root out abuse of the money service sector for money laundering purposes. HMRC will work with MSBs to ensure compliance. For further information please refer to the HMRC link below.
HMRC Money Service Business action plan
12 May 2008: Money Laundering - Equivalence list announced
Member states participating in the EU Committee on the Prevention of Money Laundering and Terrorist Financing have agreed a list of equivalent third countries, for the purposes of the relevant parts of the Third Money Laundering Directive. The list is a voluntary, non-binding measure that nevertheless represents the common understanding of Member States.
Full text of the announcement
February 2008: HM Treasury press notice following FATF statement of 28 February 2008
Following the FATF statement about the higher risks of money laundering and terrorist financing in several jurisdictions, HM Treasury issued a press notice on 29 February 2008. The jurisdictions effected are -
November 2007:
The Treasury made a number of procedural or other changes to UK money laundering regulations in November 2007.
Regulations amending the Proceeds of Crime Act 2002, and the Terrorism Act 2000
The Money Laundering (Amendment) Regulations 2007
November 2007: The Treasury has announced the supervision and enforcement regime for the European ´Wire Transfer´ Regulations
