Financial Sanctions: Iran (Nuclear Proliferation)

The Council of the European Union has amended Annex IX to Council Regulation (EU) No. 267/2012 ("the 2012 Regulation") with effect from 16 October 2012.

Annex IX to the 2012 Regulation lists persons, entities and bodies identified by the Council under Article 23(2) of that Regulation as subject to the financial sanctions imposed by the Regulation.

One individual and thirty-four entities have been added to Annex IX to the 2012 Regulation, and one existing entry amended. Seven individuals and three entities have also been removed.

Details of the amendments can be accessed here.

The individuals and entities removed from Annex IX are therefore no longer subject to the asset freeze imposed by the 2012 Regulation.

Financial institutions and other persons are requested to check whether they maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, the designated persons and entities. If so, they must freeze such accounts or other funds and, unless licensed by the Treasury, refrain from dealing with said funds or economic resources, and suspend the provision of any financial services. They must report their findings to the Sanctions Officer at the Customs and Excise Division of the Treasury. Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated persons and entities they are not required to report these details again.

Further details of the sanctions regime related to Iran and links to the Consolidated List of individuals and entities subject to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.