UK Offence Report

The Iran (European Union Financial Sanctions) Regulations 2010

UK Statutory Instrument 2010 No. 2937 — creates 14 criminal offences.

14offences created
0recorded in force
14revoked
Made
9 December 2010
In force from
11 December 2010
Extent
Not stated
Subject
International sanctions, export control and trade restrictions
Made under
European Communities Act 1972, Schedule 2 to, the European Communities Act 1972

Explanatory note

(This note is not part of the Regulations) — published with the instrument by the department that made it. © Crown copyright, reused under the Open Government Licence v3.0.

These Regulations make provision relating to the enforcement of Council Regulation (EU) No. 961/2010 of 25th October 2010 on restrictive measures against Iran and repealing Regulation (EC) No 423/2007 (OJ L 281, 27.10.10, p1) (“the Council Regulation”). The measures include the freezing of funds and economic resources of persons listed by the United Nations Security Council under UN Security Council Resolutions 1737 (2006), 1747 (2007), 1803 (2008) and 1929 (2010) and by the Council of the European Union under Council Decision 2010/413/CFSP of 26th July 2010 (as amended), and ensuring that funds and economic resources are not made available to them or for their benefit. They also include broader financial sanctions measures. Regulation 2 defines designated persons as any person named in Annex VII or VIII to the Council Regulation (as amended from time to time). Annex VII includes those persons listed by the United Nations Security Council, and Annex VIII includes those persons listed by the Council of the European Union. Regulations 3 to 7 provide that it is an offence to deal with the funds or economic resources of a designated person, or to make funds or economic resources available directly or indirectly, to or for the benefit of, a designated person. Regulation 8 provides for exceptions to the offences in the circumstances set out in the Council Regulation. Regulation 9 provides a licensing procedure to enable funds and economic resources to be exempted from the prohibitions. Regulation 10 provides that it is an offence to transfer funds to or from certain persons in or connected to Iran, if the transfers have not been notified or authorised in accordance with the Council Regulation. Regulation 11 sets out who must make a notification or apply for authorisation. Regulation 12 provides that offences are committed where a branch or subsidiary of an Iranian bank does not comply with the requirements of the Council Regulation to notify the Treasury of details of transfers of funds. Regulation 13 provides that it is an offence for a credit or financial institution to establish certain relationships with an Iranian bank, or to open a representative office or establish a branch in Iran. Regulation 14 provides that it is an offence to conclude an agreement for an Iranian bank relating to the creation of a representative office, branch or subsidiary in the European Union. Regulation 15 provides that an offence is committed if an Iranian bank acquires an ownership interest in a credit or financial institution. Regulation 16 provides that offences are committed if a person sells or purchases bonds to or from an Iranian person, provides brokering services to an Iranian person, or assists an Iranian person in the issue of bonds. Regulation 17 provides that an offence is committed if insurance or re-insurance is provided to Iranian persons. Regulation 18 provides that circumvention of the prohibitions in regulations 3 to 7, 10, and 12 to 17 is an offence. Regulations 19 to 22 contain provision about penalties, proceedings and who, in relation to bodies corporate and other bodies, may be prosecuted for an offence under the Regulations. Regulation 26 amends the Counter-Terrorism Act 2008 so that an application to the High Court to set aside any decision of the Treasury under these Regulations is subject to the procedure set out in that Act and in Part 79 of the Civil Procedure Rules. Regulation 27 revokes the Regulations which currently make provision for penalties for contravention of the asset freezing measures contained in the Council Regulation. Regulation 28 provides that any licences which were issued under those revoked Regulations continue to have effect for the purposes of these Regulations. The Schedule makes provision for information gathering and information disclosure. A list of designated persons is available on the Internet at: www.hm-treasury.gov.uk/fin_sanctions_index.htm. An impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen. Further information is available from the Asset Freezing Unit, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and on HM Treasury’s website (www.hm-treasury.gov.uk).

Offences created by this instrument

What Parliament said about it

Hansard was searched for this instrument by name and returned nothing. That is the ordinary outcome: an instrument laid under the negative procedure is usually never debated, and becomes law without a word said about it in either House.

How Parliament handled it

Parliament's Statutory Instruments service records procedure from May 2017 onwards, and this instrument predates it. That is a limit of the source, not a statement that nothing happened.

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