Regulation 18 Amendments to the Iran (Financial Sanctions) Order 2007I1

The Iran (Financial Sanctions) Order 2007^f1 is amended in accordance with paragraphs (2) to (7).

In the definition of “funds” in paragraph (1) of article 2, in sub-paragraph (c) for “derivative products” substitute “derivatives contracts”.

In paragraphs (1) and (3) of article 6, omit “, directly or indirectly,”.

After paragraph (1) of article 8, insert—

“(1A)

Article 7 does not prevent a relevant institution from crediting a frozen account where it receives funds transferred to a frozen account by a third party.”.

In paragraph (3) of article 8, after “an account” insert “with a relevant institution which is”.

For paragraph 2(3) of the Schedule, substitute—

“(3)

A relevant institution must inform the Treasury without delay if it credits a frozen account in accordance with article 8(1A).

(3A)

A relevant institution which fails to comply with a requirement in sub-paragraph (1), (2) or (3) is guilty of an offence.”.

In paragraph 3(1)(c) of the Schedule, omit “, directly or indirectly,”.