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The Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019 ensure sanctions relating to Iran are implemented effectively after the UK leaves the EU.
This sanctions regime is aimed at
encouraging Iran to comply with relevant UN obligations
encouraging Iran to abandon nuclear weapons programmes
restricting the ability of Iran to develop nuclear weapons and nuclear weapons delivery systems
This sanctions regime also gives effect to the UK’s obligations under United Nations Security Council resolution (UNSCR) 2231 (2015).
The regulations impose asset freezes on those who are, or have been, involved in the facilitation of restricted weapons-related activity in Iran. It also imposes asset freezes and other financial measures on any person named by the Security Council for the purposes of UNSCR 2231 (2015).
On 16 January 2016 (Implementation Day), Iran completed its nuclear-related commitments under the Joint Comprehensive Plan of Action (JCPoA) and received extensive sanctions relief. As part of this sanctions relief, restrictions on financial transfers to and from Iran were lifted. Therefore, you no longer need to obtain prior authorisation for, or notify HM Treasury of, transfers of funds sent to or received from Iran.
However, some individuals and entities remain subject to restrictive measures under the Iran (Nuclear) (EU Exit) Regulations, and it is your responsibility to ensure you are compliant.
Some persons, entities and bodies subject to counter-proliferation measures use ‘shell’ or ‘front’ companies to disguise the ultimate destination of goods, funds and services. You must ensure that no funds or economic resources are made available, directly or indirectly, to or for the benefit of listed targets.
On 20 July 2015, the UN Security Council unanimously adopted Resolution 2231 (2015) which terminated previous resolutions on Iranian nuclear proliferation.