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On 22 January 2014, the UK published the Iran (European Union Financial Sanctions) (Amendment) Regulations 2014. These Regulations amend the Iran (European Union Financial Sanctions) Regulations 2012 (S.I. 2012/925) (“the 2012 Regulations”). The 2012 Regulations make provision relating to the enforcement of Council Regulation (EU) No 267/2012 of 23 March 2012 (OJ L 88, 24.3.2012, p.1) (“the first Council Regulation”) concerning restrictive measures against Iran and repealing Regulation (EU) No 961/2010.
The first Council Regulation has been amended most recently by Council Regulation (EU) No 42/2014 of 20 January 2014 (OJ L No 15, 20.01.2014, p.18) (“the amending Regulation”). The amending Regulation introduces revised financial thresholds concerning the prohibitions on both transfers of funds between EU credit and financial institutions and Iranian credit and financial institutions, and transfers of funds to Iranian persons, entities and bodies. These Regulations amend the 2012 Regulations to reflect those changes. Regulation 3 amends the 2012 Regulations to revise the financial thresholds for measures concerning the prohibition on transfers of funds to and from Iranian banks. Regulation 4 amends the 2012 Regulations to revise the thresholds for measures concerning the transfers of funds to or from Iranian persons, entities or bodies. A list of designated persons is available on the internet. Further information is available from Financial Sanctions, HM Treasury. |
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