News Release
Financial Sanctions: Iran
24 March 2007
This news release is issued in respect of the financial measures taken against Iran.
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 Bank of England, as agent for Her Majesty's Treasury, issues this news release to advise that on 24 March 2007 the United Nations Security Council adopted a further Resolution 1747 (2007), in relation to Iran ("the new Resolution"). In the new Resolution, the Security Council has decided to apply the measures in paragraphs 12, 13, 14 and 15 of Resolution 1737 (2006) (the financial sanctions and various exemptions) to the persons and entities listed in the Annex to the new Resolution. The persons and entities therefore fall within the UK financial sanctions regime under the Iran (Financial Sanctions) Order 2007 ("the Order"). This takes effect immediately.
For ease of reference the persons and entities added in the new Resolution ("designated persons") are listed in the Annex to this News Release. The list includes Bank Sepah International, its parent company Bank Sepah and Ahmad Derakhshandeh, Chairman and Managing Director. Bank Sepah International is a UK financial institution authorised under the Financial Services and Markets Act 2000 and regulated by the Financial Services Authority.
Financial institutions and other bodies and persons in the UK must check whether they maintain any accounts or otherwise hold any funds for designated persons and, if so, they should freeze the accounts and report the accounts or other funds and amounts frozen to the Bank of England.
The financial sanctions imposed by the Order make it a criminal offence for the designated person or anyone else to deal with funds and economic resources owned, held or controlled, directly or indirectly, by a designated person. Furthermore, it would be a criminal offence for any person to make funds or economic resources available, directly or indirectly, to or for the benefit of a designated person. The Order is available on the OPSI website by way of the following link: 
http://www.opsi.gov.uk/si/si2007/uksi_20070281_en.pdf.
HM Treasury can grant licences to allow for exemptions to these prohibited activities. Requests for licences can be made to the Financial Sanctions Unit, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ or e-mail FSU@HM-Treasury.gov.uk.
The circumstances in which HM Treasury may grant a licence are set out in Resolution 1737 (2006), a copy of which is available on the UN Security Council website by way of the following link: http://www.un.org/sc/committees/1737/index.shtml.
Licensed exemptions may include the following:
- basic expenses and extraordinary expenses relating to the designated person (see paragraph 13 of UNSCR 1737),
- payments due to the designated person under prior contracts (see paragraph 14), and
- payments due from the designated person under prior contracts, provided that the contract is not related to proliferation and the payment is not directly or indirectly received by a designated person (see paragraph 15).
Certain licence requests must be notified to and/or approved by the relevant Sanctions Committee of the Security Council before a licence can be granted.
HM Treasury, working closely with the Financial Services Authority, is already giving consideration to arrangements for licences.
The new Resolution also, inter alia, calls upon all States and international financial institutions not to enter into new commitments for grants, financial assistance, and concessional loans, to the government of the Islamic Republic of Iran, except for humanitarian and developmental purposes.
A copy of the Bank Notice dated 9 February 2007 regarding the financial sanctions regime against those persons designated in accordance with Resolution 1737 (2006) and a consolidated list of individuals and entities subject to these and other UK financial sanctions regimes are available from the Financial Sanctions pages.
All media enquiries should be directed to the Press Office, telephone 020 7601 4411. All non media enquiries concerning this News Release should be addressed to the Bank of England, Threadneedle Street, London, EC2R 8AH and marked for the attention of the Financial Sanctions Unit. Enquiries may also be made by facsimile transmission (020 7601 4309), by telephone (020 7601 4768/5811/4328) or by email (sanctions.unit@bankofengland.co.uk).
ANNEX
Individuals
- ABBASI-DAVANI, Fereidoun
Position: Senior Ministry of Defence and Armed Forces Logistics scientist - AHMADIAN, Ali, Akbar
Title: Vice Admiral
Position: Chief of Iranian Revolutionary Guard Corps Joint Staff - DERAKHSHANDEH, Ahmad
Position: Chairman and Managing Director of Bank Sepah - FAKHRIZADEH-MAHABADI, Mohsen
Position: Senior Ministry of Defence and Armed Forces Logistics scientist - HEJAZI, Mohammad
Title: Brigadier General
Position: Commander of Bassij resistance force - HOJATI, Mohsen
Position: Head of Fajr Industrial Group - KETABACHI, Mehrdada, Akhlaghi
Position: Head of Shahid Bagheri Industrial Group - MALEKI, Naser
Position: Head of Shahid Hemmat Industrial Group - RAHIMI, Amir
Position: Head of Esfahan Nuclear Fuel Research and Production Centre - REZAIE, Morteza
Title: Brigadier General
Position: Deputy Commander of Iranian Revolutionary Guard Corps - SAFARI, Morteza
Title: Rear Admiral
Position: Commander of Iranian Revolutionary Guard Corps Navy - SAFDARI, Seyed, Jaber
Position: Manager of the Natanz Enrichment Facilities - SOLEIMANI, Qasem
Title: Brigadier General
Position: Commander of Qods force - ZAHEDI, Mohammad, Reza
Title: Brigadier General
Position: Commander of Iranian Revolutionary Guard Corps Ground Forces - ZOLQADR
Title: General
Position: Iranian Revolutionary Guard Corps officer, Deputy Interior Minister for Security Affairs
Entities
- AMMUNITION AND METALLURGY INDUSTRIES GROUP
a.k.a: (1) AMIG (2) Ammunition Industries Group - BANK SEPAH
- BANK SEPAH INTERNATIONAL
- CRUISE MISSILE INDUSTRY GROUP
a.k.a: Naval Defence Missile Industry Group - ESFAHAN NUCLEAR FUEL RESEARCH AND PRODUCTION CENTRE
a.k.a: NFRPC - ESFAHAN NUCLEAR TECHNOLOGY CENTRE
a.k.a: ENTC - KARAJ NUCLEAR RESEARCH CENTRE
- KAVOSHYAR COMPANY
- NOVIN ENERGY COMPANY
a.k.a: Pars Novin - PARCHIN CHEMICAL INDUSTRIES
- PARS AVIATION SERVICES COMPANY
- QODS AERONAUTICS INDUSTRIES
- SANAM INDUSTRIAL GROUP
- SHO'A' AVIATION
- YA MAHDI INDUSTRIES GROUP
