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IRAN regarding Council Regulation (EU) No 267/2012

Council Regulation (EU) No 267/2012, as implemented in the Bailiwick by the Iran (Restrictive Measures)(Guernsey) Ordinance, 2012, the Iran (Restrictive Measures)(Alderney) Ordinance, 2012 and the Iran (Restrictive Measures)(Sark) Ordinance, 2012, has been amended by Council Implementing Regulation (EU) No 2015/1862.

The Implementing Regulation has been brought into force in recognition of steps taken by Iran to comply with the Joint Comprehensive Plan of Action agreed 6 months ago with the E3/EU+3.

It is available here:

http://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1453390509575&uri=CELEX:32015R1862  

The effect of the amendments, which are automatically effective in the Bailiwick, is to remove a number of individuals and entities from the list of persons subject to asset freezing and related financial prohibitions.

MEASURES WHICH SHOULD BE TAKEN

All businesses must check whether they maintain any accounts or otherwise have any kind of relationship with any natural or legal person, entity or body designated under the legislation and treat any accounts, funds or economic resources belonging to, owned, held or controlled by a designated person, entity or body as frozen with immediate effect if this is not already the case. Businesses must report any findings to the Policy Council immediately. Businesses must also refrain from making any funds or economic resources available directly or indirectly to or for the benefit of any designated person, entity or body other than in respect of transactions that come within a permitted derogation and have been authorised by the Policy Council.

The information referred to above is required by the Policy Council in the exercise of its powers under the Schedule to each of the Ordinances listed above.

Any information or queries should be sent to sanctions@gov.gg with the subject line "Iran".

Further information on the effect of asset freezes and related issues including licences is available on the States of Guernsey website at https://gov.gg/sanctions.