News Release
Financial Sanctions: Iran
24 April 2007
This news release is issued in respect of the financial measures taken against Iran.
Council Regulation (EC) No 423/2007 was published in the Official Journal of the European Union, (O.J. L103, 20.4.2007, p.1) on 20 April 2007. Regulation 423/2007 gives effect to United Nations Security Council Resolution 1737(2006) in Community Law.
Regulation 423/2007 provides for the Council to identify persons, not designated by the United Nations Security Council or by the Sanctions Committee established pursuant to paragraph 12 of UNSCR 1737(2006), as subject to the financial sanctions imposed by Regulation 423/2007. Such persons are listed in Annex V to Regulation 423/2007. Persons designated by the United Nations Security Council or by the Sanctions Committee established pursuant to paragraph 12 of UNSCR 1737(2006) are listed in Annex IV to Regulation 423/2007.
Commission Regulation (EC) No 441/2007 (published in the Official Journal of the European Union, (O.J. L104, 21.4.2007, p.28) on 21 April 2007) amends Annex IV to Regulation 423/2007 by adding persons and entities listed in the Annex to UNSCR 1747(2007).
Council Decision (2007/242/EC) implementing Article 7(2) of Regulation 423/2007 (published in the Official Journal of the European Union, (O.J. L106, 24.4.2007, p.51) on 24 April 2007) identifies persons, entities and bodies that shall be listed under Annex V to Regulation 423/2007.
The Bank of England, as agent for Her Majesty's Treasury, has today issued a further Notice on Iran. The Notice provides further guidance on the financial sanctions against Iran following the adoption of Regulation 423/2007. The Iran (Financial Sanctions) Order 2007 (S.I. 2007/281), of 9 February 2007 remains in force. The persons and entities listed in the Annexes to Resolutions 1737(2006) and 1747(2007) continue to fall within the UK financial sanctions regime under the Iran (Financial Sanctions) Order 2007.
For ease of reference the persons and entities listed in Annex V to Regulation 423/2007, pursuant to Council Decision (2007/242/EC), are listed in the Annex to today's Notice. Financial institutions and other bodies and persons in the UK must check whether they maintain any accounts or otherwise hold any funds for those listed and, if so, they should freeze the accounts and report the accounts or other funds and amounts frozen to the Bank of England.
Details of the Bank Notice dated 24 April 2007 regarding the financial sanctions against Iran, previous Notices and news releases, Council Regulation (EC) No 423/2007, Commission Regulation (EC) No 441/2007, Council Decision (2007/242/EC) and a consolidated list of individuals and entities subject to these and other UK financial sanctions regimes are available from the Financial Sanctions pages.
Key Resources
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Bank of England Notice |
|
Council Regulation (EC) No 423/2007
of 19 April 2007 |
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Commission Regulation (EC) No 441/2007 of 20 April 2007 |
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Council Decision of 23 April 2007 |
