# The Iran (European Community Financial Sanctions) Regulations 2007, Regulation 18: Amendments to the Iran (Financial Sanctions) Order 2007

Extent: E+W+S+N.I.

(1) The Iran (Financial Sanctions) Order 2007 is amended in accordance with paragraphs (2) to (7).
(2) In the definition of “funds” in paragraph (1) of article 2, in sub-paragraph (c) for “derivative products” substitute “derivatives contracts”.
(3) In paragraphs (1) and (3) of article 6, omit “, directly or indirectly,”.
(4) 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.”.
(5) In paragraph (3) of article 8, after “an account” insert “with a relevant institution which is”.
(6) 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.”.
(7) In paragraph 3(1)(c) of the Schedule, omit “, directly or indirectly,”.

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Source: https://www.legislation.gov.uk/uksi/2007/1374/regulation/18 (the official version)
Page: https://openlegislation.uk/iran-european-community-financial-sanctions-regulations-2007/regulation-18
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.