GovWire

Guidance: Financial sanctions, Iran (nuclear proliferation)

Hm Treasury

November 18
15:04 2019

Details

Sanctions

Iran is currently subject to financial sanctions. UN and EU sanctions under the Iran (Nuclear Proliferation) sanctions regime are implemented in the UK through Council Regulation (EU) No 267/2012.

Implementation date

In 2006, the UN imposed asset-freeze restrictions on those involved in Irans nuclear proliferation activities or the development of nuclear weapon delivery systems. Between 2007 and 2012, the EU implemented further measures.

Context

Asset-freeze restrictions apply to those engaged in activity related to nuclear proliferation and related activity, helping to prevent the activity from taking place.

Some individuals and entities listed under this regime are also listed under the following regimes:

If you arent sure where someone may be listed, you can consult OFSIs consolidated list of asset freeze targets.

Legislative developments

Joint Comprehensive Plan of Action (JCPoA)

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. An EU Information Note provides full information on the EU sanctions that were lifted.

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 Council Regulation (EU) No 267/2012 and its 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.

Iran (nuclear proliferation) Supreme Court judgement in Bank Mellat v. Her Majestys Treasury (No. 2)

On 19 June 2013, the Supreme Court found in favour of Bank Mellat on their challenge to the Financial Restrictions (Iran) Order 2009 (SI 2009/2725). The restrictions in this Order ceased to have effect in October 2010.

UN Resolutions

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