Tuesday 10 April 2012
The States of Guernsey has adopted restrictive measures against certain persons and entities in view of the situation in Iran, which build upon previous measures in place. All financial institutions and other bodies are requested to check their records to ensure they comply.
Council Regulation (EU) No 267/2012 repeals and replaces Council Regulation (EU) No 961/2010 of 25 October, 2010, which was implemented in Guernsey by the Iran (Restrictive Measures) Ordinance, 2010. The 2012 Regulation carries forward the existing sanctions with amendments.
The amendments include:
- Introduce a ban on the purchase, import or transport from Iran of crude oil and petroleum and petrochemical products; this includes a ban on the provision of financing and insurance and reinsurance in relation to the same;
- Introduce a ban on the sale, purchase, transportation or brokering of gold, precious metals and diamonds to, from or for the Government of Iran; this includes a ban on the provision of technical assistance, brokering services and financing or financial assistance in relation to the same;
- Introduce a ban on the supply of specialised financial messaging services to exchange financial data to persons whose funds are subject to asset freezing under the 2012 Regulation;
- Extend the restrictions on transfers of funds to and from Iranian persons to cover non-electronic transfers such as by cash, cheques or accountancy orders;
- Extend the restrictions on the provision of insurance or reinsurance to the Iranian Government or other Iranian persons (other than individuals) to the provision of brokering services in relation to insurance and reinsurance to such persons; and
- Introduce new exemptions from some of the sanctions for persons enjoying diplomatic immunity.
Guernsey has implemented the provisions of these restrictive measures through enactment of the Iran (Restrictive Measures) (Guernsey) Ordinance, 2012 in order to ensure the Island's sanction regime is in line with inline with that in the European Union. This Ordinance was made by the Legislation Select Committee (under Article 66(3) of the Reform (Guernsey) Law, 1948 as amended) on 4 April 2012 and came into force the same day. The Ordinance will also in due course be laid before the States of Deliberation.
All financial institutions and other bodies and persons in Guernsey will need to continue to ensure they do not maintain any accounts or otherwise hold any funds or economic resources for the entities and individuals in the HMT consolidated list and to be aware of any Iranian funds or economic resources in respect of Iranian persons. Financial institutions are advised to take a cautious approach to satisfy this sanction regime. The Policy Council is the competent authority and licensing authority in relation to these sanctions. Any queries should be sent to sanctions@gov.gg subject line "Iran sanctions".
-ENDS-
Further information from our website is available at: www.gov.gg/sanctionsiran
Note: If companies have any queries with existing authorisation or ones currently being processed pleased contact the Policy Council at sanctions@gov.gg
