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Financial services
Iran - Council Regulation (EU) No 267/2012
Council Regulation (EU) No 267/2012 is directly applicable in the UK. It repealed and replaced Council Regulation (EU) 961/2010 and its financial restrictions measures are substantially the same as those in the predecessor Regulation.
The Iran (European Union Financial Sanctions) Regulations 2012 provide criminal penalties in the UK for any breaches of the prohibitions contained in Regulation 267/2012.
The FAQs refer only to the provisions of Regulation 267/2012, the legal source of the measures, and not the corresponding provisions of the UK Regulations which simply enforce the EU Regulation in the UK.
The FAQs cover the following;
- Notification and authorisation requirements;
- Activity by other EU countries;
- Definitions;
- Linked transactions;
- Who should notify or seek authorisation?
- Treatment of transactions;
- Due diligence requirements;
- The Financial Restrictions (Iran) Order 2011;
- Other.
The Treasury has published these FAQs on the basis that its views are not determinative of questions of law. It is recommended that, where necessary, independent legal advice is sought.
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