Council Regulation (EU) No 1263/2012 of 21 December 2012 amends Council Regulation (EU) No 267/2012. Council Regulation (EU) No 267/2012 as amended (the Regulation) contains newly inserted Articles 30, 30a and 30b. Council Regulation (EU) No 267/2012 in respect of the restrictive measures directed by the Council of the European Union against Iran has been updated by Council Regulation (EU) No 42/2014 with effect from 20 January 2014.
Under Article 30 of the Regulation it is prohibited for EU credit and financial institutions to transfer funds to or from credit and financial institutions and bureaux de change domiciled in Iran, to or from branches and subsidiaries of credit and financial institutions domiciled in Iran or credit and financial institutions and bureaux de change not domiciled in Iran but controlled by persons, entities or bodies domiciled in Iran except with the prior authority of the competent authority in the relevant Member State and subject to the exemptions outlined in the relevant regulations.
Articles 30 and 30a of the Regulation apply to transfers of funds regardless of whether the transfer of funds is executed in a single operation or in several operations which appear to be linked. Article 30b 2 of the Regulation defines “operations which appear to be linked”.
In order to facilitate the operation of an efficient notification and prior authorisation regime, in accordance with the measures outlined above, please contact the Central Bank to obtain the relevant application form. Forms are available for both notifications in advance and prior authorisation requests. You are required to use the appropriate form when supplying a notification in advance or making an application for prior authorisation.
Please refer to the Regulation for details on how notifications in advance and prior authorisations are to be made to the Central Bank and processed.