Iran is currently subject to financial sanctions. This document contains the current list of designated persons relating to proliferation sensitive nuclear activities.
In 2006, the UN Security Council imposed, amongst other matters, asset freeze restrictions on persons determined by the UN as engaging in, directly associating with, or providing support for, Iran’s proliferation-sensitive nuclear activities or the development of nuclear weapon delivery systems.
Between 2007 and 2012, the European Commission implemented further measures. In summary, the measures now in place involve the freezing of funds and economic resources of designated persons; restrictions on transfers of funds to and from an Iranian person, entity or body; vigilance over activities with Iranian banks; dealing with the Iranian banking sector; restrictions on Iran’s access to the EU’s insurance and reinsurance markets, restrictions on the provision of insurance and restrictions on financing certain Iranian enterprises and prohibitions on EU credit and financial institutions transferring funds to or from Iranian banks.
Iran (nuclear proliferation) – Supreme Court judgement in Bank Mellat v. Her Majesty’s Treasury (No. 2)
Judgement was handed down on 19 June 2013 in relation to Bank Mellat’s challenge to the Financial Restrictions (Iran) Order 2009 (SI 2009/2725). The Supreme Court found in favour of Bank Mellat. The Financial Restrictions (Iran) Order 2009 ceased to have effect in October 2010.
The Judgement does not affect the current EU asset freeze which remains in place against Bank Mellat. Banks and other financial institutions must continue to abide by the EU measure, and must apply all the financial restrictions that are imposed under EU Regulation 267/2012 as amended by EU Regulation 1263/2012.
Current EU regulations
20.01.2014 Council Regulation 42/2014 This Regulation implements the Joint Plan of Action, including the raising of the thresholds for notifications and prior authorisations.
22.12.2012 Council Regulation 1263 New EU Prohibition on transfers of funds between EU credit and financial institutions and Iranian banks, and asset freezing measures regarding the Central Bank of Iran.
16.11.2012 Council Regulation 1067/2012 Regulation 1067/2012 inserts a new Article into Regulation 267/2012 concerning an exemption to the prohibitions applying to acts and transactions carried out with regard to entities listed in Annex IX of that Regulation.
03.08.2012 Council Regulation 708/2012 Amends the reference to IRISL in Article 23.2(e) of Regulation (EU) 267/2012.
26.03.2012 Council Regulation (EU) No 267/2012 Revokes and replaces Council Regulation (EU) No 961/2010, and provides for additional measures.
15.03.2012 Council Decision 2012/152/CFSP Provides for a ban on the supply of specialised financial messaging services used to exchange financial data.
23.01.2012 Council Decision 2012/35/CFSP Set out additional restrictions on Iran, including an oil embargo, which would come into force through a Regulation in due course.
Current UK regulations
You are able to download specific forms for licence applications and prior notification and authorisation applications for Iran. Licences authorise certain activities or types of transaction that would otherwise be prohibited by asset freezing legislation.