Article 3 Designated persons
The direction in article 4 is given in relation to transactions or business relationships with the following persons (referred to in that article as “designated persons”)—
a credit institutionf1 incorporated in Iran;
the Central Bank of Iran, also known as Bank Markazi Jomhouri Islami Iran;
a branch, wherever located, of a person falling within sub-paragraph (a);
a subsidiaryf2, wherever located, of a person falling within sub-paragraph (a).
In paragraph (1), “branch” means a place of business of a person, other than its head office, which has no legal personality separate from that person, and which carries out directly all or some of the transactions inherent in that person’s business.
Annotations
Footnotes
- f1
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“Credit institution” is defined in paragraph 5(1) of Schedule 7 to the Counter-Terrorism Act 2008, as substituted by section 48(1)(a) of the Terrorist Asset-Freezing etc. Act 2010.
- f2
-
Paragraph 9(7) of Schedule 7 to the Counter-Terrorism Act 2008 provides that “subsidiary” has the meaning given by section 1159 of the Companies Act 2006 (c.46).