Iran

Overview

Selected documents:

United Nations
European Union
UK legislation
Releases
Licence application forms

Regime list

Current Regime List: Iran (html)
Last updated: 24 June 2008

Overview

By the adoption of UNSCR 1737 (2006) on 23 December 2006, the United Nations, amongst other matters, introduced financial sanctions against those persons designated in the Annex to Resolution 1737 (2006), by the competent United Nations Sanctions Committee or by the UN 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.

On 19 April 2007, the EU adopted Council Regulation (EC) No 423/2007 which implemented the measures in UNSCR 1737 (2006) and also allowed for the European Council to apply restrictive measures to additional persons if deemed appropriate.

Selected documents

United Nations

03.03.2008	United Nations Security Council Resolution 1803 (2008) (PDF 47KB) Decided to apply the measures in paragraphs 12, 13, 14 and 15 of Resolution 1737 (2006) (the financial sanctions and various exemptions) to persons and entities listed in Annexes I and III to Resolution 1803 (2008). Called on all states to exercise vigilance over the activities of financial institutions in their territories with all banks domiciled in Iran and their branches and subsidiaries abroad. The resolution followed statements issued by the Financial Action Task Force (FATF) on 28 February 2008 and 11 October 2007 calling on FATF member states to advise their financial institutions to take the risk arising from deficiencies in Iran's anti-money-laundering and counter-terrorist financing regime into account for enhanced due diligence. HM Treasury issued advisory notices to this effect to the UK financial sector on 29 February 2008 and 12 October 2007.
24.03.2007	United Nations Security Council Resolution 1747 (2007) (PDF 98KB) Decided to apply the measures in paragraphs 12, 13, 14 and 15 of Resolution 1737 (2006) (the financial sanctions and various exemptions) to persons and entities listed in the Annex to Resolution 1747 (2007).
23.12.2006	United Nations Security Council Resolution 1737 (2006) (PDF 51KB) Introduced restrictive measures in respect of Iran including financial sanctions against those persons designated in the Annex to Resolution 1737 (2006), by the competent United Nations Sanctions Committee or by the UN 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.

European Union

23.06.2008	Council Decision 2008/475/EC (PDF 47KB) Identified further persons, entities and bodies to be listed under Annex V to Regulation 423/2007. The additions include Bank Melli Iran, its branches and subsidiaries. One such named subsidiary is Melli Bank plc, a UK-based entity. The asset freeze also applies to Melli Bank plc's Hong Kong branch.
11.03.2008	Commission Regulation (EC) No 219/2008 (PDF 51KB) Amended Annex IV to Council Regulation (EC) No 423/2007 by adding persons and entities included in UNSCR 1803 (2008).
28.01.2008	Commission Regulation (EC) No 116/2008 (PDF 237KB) Amended Council Regulation (EC) No 423/2007.
05.06.2007	Council Regulation (EC) No 618/2007 (PDF 35KB) Amended certain prohibitions in Council Regulation (EC) No 423/2007.
23.04.2007	Council Decision 2007/242/EC (PDF 40KB) Identified persons, entities and bodies that shall be listed under Annex V to Regulation 423/2007.
20.04.2007	Commission Regulation (EC) No 441/2007 (PDF 45KB) Amended Annex IV to Council Regulation (EC) No 423/2007 by adding persons and entities included in UNSCR 1747 (2007).
19.04.2007	Council Regulation (EC) No 423/2007 (PDF 114KB) Implemented the measures in UNSCR 1737 (2006) including the freezing of funds and economic resources of persons designated by the United Nations Sanctions Committee or the Security Council (Annex IV) . The Regulation also allows for the European Council to apply restrictive measures to additional persons if deemed appropriate (Annex V).

UK legislation

03.05.2007

The Iran (European Community Financial Sanctions) Regulations 2007 (SI 2007/1374) (PDF 74KB)
Provided that breaches of certain prohibitions from Council Regulation (EC) No 423/2007 be criminal offences in the UK, in particular those relating to any person listed in Annex V to that Regulation. The Regulations also allow for the crediting of frozen accounts with funds transferred by a third party. A "frozen account" is defined as an account with a relevant institution which is held or controlled by a designated person.

09.02.2007

The Iran (Financial Sanctions) Order 2007 (SI 2007/281) (PDF 70KB)
Implemented certain restrictive measures in UNSCR 1737 (2006) in the UK, including, amongst other things, provision to give effect to an asset freeze, including a prohibition on the making available of funds and economic resources to individuals and entities designated in the Annex to Resolution 1737 (2006), by the competent UN Sanctions Committee or by the UN Security Council, and provided for breaches of the Order to be criminal offences.

Releases

The releases link to the Bank of England website and will open in a new window.

24.04.2007	Financial Sanctions: Iran
24.03.2007	Financial Sanctions: Iran
09.02.2007	Financial Sanctions: Iran

Licence application forms

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