The Treasury has made the Financial Restrictions (Iran) Order 2012 which renews the restrictions on financial institutions in the Isle of Man having business relationships or transactions with any Iranian bank (or a branch or subsidiary of such a bank) or the Central Bank of Iran. This new Order has effect from 21 November 2012.
The restrictions were originally introduced on 22 November 2011, with corresponding measures applied in the United Kingdom (those measures are also being renewed).
Six General Licences were granted in 2011, permitting certain transactions (such as the sending of personal remittances). The Treasury intends to issue a number of new licences under the new Order, but in the meantime transactions permitted under General Licences GL1 to GL5 may continue as if those licences were still extant.
Sanctions Notice 24 (Iran) and its supplement have been amended to take account of the new Order. Both of these, together with the Order itself, are available on the Customs and Excise website.
Copies of the new General Licences will also be placed on the website in due course.
For more information contact the Sanctions Officer:
+44 1624 648100