Menu Home

HMT substitutes new EU Iranian sanctions for existing UK ones

Today, Her Majesty’s Treasury (HMT) passed a new regulation for the purpose of revoking a 2012 regulation that restricted financial dealings between UK financial institutions and Iranian financial institutions.

Why? Because the EU passed its own regulations which were very similar. In order to not have confusion between the two, HTM revoked its regulations in order to substitute the EU ones.

Here are the significant differences, from the press release:

• No licence is required if the transfer between a UK credit or financial institution and an Iranian credit or financial institution is under €10,000.
• No prior authorisation is required if the transfer between a UK credit or financial institution and an Iranian credit or financial institution is a personal remittance and is under €40,000. A prior notification must be sent to the Treasury if the transfer is of €10,000 or more.
• Humanitarian payments involving UK credit and financial institutions and Iranian credit and financial institutions are exempt from the prohibition on transfers of funds between UK credit and financial institutions and Iranian credit and financial institutions if they are of €100,000 or under. A prior notification must be sent to the Treasury if the transfer is of €10,000 or above.
• Article 30(2) of EU Regulation 1263/2012 sets out other grounds on which the Treasury may authorise transfers of funds between UK credit and financial institutions and Iranian credit and financial institutions.
• It remains prohibited to make funds or economic resources directly or indirectly available to any person, entity or body designated under the EU Regulation, including the designated Iranian banks.

The release has a really nice table at the end summarizing the totality of these restrictons, by the way.

Links:

HMT Press Release

Categories: Iranian Sanctions OFSI Updates

eric9to5

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: