News Release
Financial Sanctions: Iran
9 February 2007
On 23 December 2006 the United Nations Security Council adopted Resolution 1737 (2006) concerning Iran. The Resolution introduced, inter alia, financial sanctions against those persons designated in the Annex to the Resolution, as well as by the competent United Nations Sanctions Committee or by the Security Council as persons who engage in, directly associate with or provide support for Iran's proliferation sensitive nuclear activities or the development of nuclear weapon delivery systems, or persons or entities acting on their behalf or at their direction, or entities owned or controlled by them, including through illicit means.
The Iran (Financial Sanctions) Order 2007 (S.I. 2007/281) ("the Order"), which gives effect to Resolution 1737, came into force today, 9 February 2007.
The Bank of England, on behalf of Her Majesty's Treasury, therefore announces that with effect from 9 February 2007 all funds or economic resources belonging to the persons listed in the Annex to Resolution 1737 (2006) must be frozen. No funds or economic resources are to be made available, directly or indirectly, to or for the benefit of the listed persons. Financial institutions and other bodies and persons in the UK must check whether they maintain any accounts or otherwise hold any funds for the individuals and entities named and, if so, they should freeze the accounts and report the accounts or other funds and amounts frozen to the Bank of England.
The Bank of England has today issued a Notice on Iran, which gives guidance on certain aspects of the Order. The Annex to the Bank's Notice details those listed in the Annex to Resolution 1737 (2006).
A copy of the Bank Notice regarding the financial sanctions regime against those persons designated in accordance with Resolution 1737 (2006) is available from the Financial Sanctions pages.
Key Resources
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Bank of England Notice |
