S.I. No. [ 132 ] of 2003

ORDER

entitled

Financial Transfers (Zimbabwe) (Prohibition) Order 2003

I, Charlie McCreevy, Minister for Finance, in exercise of the powers conferred on me by section 4 of the Financial Transfers Act 1992 ( No. 27 of 1992 ), hereby order as follows:

1.       This Order may be cited as the Financial Transfers (Zimbabwe) (Prohibition) Order 2003.

2.       (1)        In this Order --

“Central Bank” means Central Bank of Ireland;

“Council Regulation” means Council Regulation (EC) No. 310/2002 of 18 February 2002¹ as extended by Council Regulation (EC) No. 313/2003 of 18 February 2003² .

(2)        A word or expression which is used in this Order has, unless the context otherwise requires, the same meaning that it has in the Council Regulation.

3.       This Order applies to financial transfers --

 (a)    in respect of all funds, financial assets or economic resources belonging to any natural or legal persons, entities or bodies listed in Annex 1 to the Council Regulation and which have been frozen in accordance with the Council Regulation;

 (b)    relating to the making available of funds, financial assets or economic resources either directly or indirectly, to or for the benefit of the persons, entities or bodies referred to in paragraph (a).

4.       Subject to this Order and the provisions of the Council Regulation, a person shall not make a financial transfer to which this Order applies between the State and another country.

5.       (1)        Notwithstanding Article 4 of this Order, a person may make a financial transfer to which this Order applies where that person has received a specific authorisation in respect of such transfer pursuant to Article 5(1) of the Council Regulation.

(2)         Notwithstanding Article 4 of this Order, a person may make a financial transfer to which this Order applies where the transaction relates to the matters referred to in Article 4 of the Council Regulation and where conclusive evidence of the fulfilment of the conditions specified in that Article is furnished to each financial institution, person or body making, assisting in or promoting the transaction, prior to the effecting of the financial transaction concerned.

(3)         Each financial institution, person or body making, assisting in or promoting a financial transaction referred to in paragraph (2) shall retain for inspection by the Central Bank the conclusive evidence of fulfilment of the conditions specified in Article 4 of the Council Regulation and referred to in paragraph (2) of this Article for a period of 5 years from the date on which the transfer was made.

6.       The Central Bank may, for the purposes of the supervision of financial transfers and for the administration and enforcement of the provisions of this Order, give such directions or issue such instructions to a person as it sees fit.

7.       A person to whom a direction has been given or an instruction issued under Article 6 of this Order shall, unless the person has reasonable excuse, comply with such direction or instruction.

8.       A person shall not do anything to promote a financial transfer to which this Order applies where the making of such transfer is prohibited by this Order.

9.       A person shall not do anything to assist in the circumvention of the provisions of this Order.

10.     The Financial Transfers (Zimbabwe)(Prohibition) Order 2002 [ S.I. No. 283 of 2002 ] is revoked.

Explanatory Note

(This note is not part of the Statutory Instrument and does not purport to be a legal interpretation).

This Order prohibits financial transfers between the State and another country in respect of all funds, financial assets or economic resources belonging to the senior members of the Zimbabwean government listed in Council Regulation (EC) No. 310/2002 of 18 February 2002 which was extended for a further 12 months with effect from 21 February 2003 by Council Regulation (EC) No. 313/2003 of 18 February 2003.

¹ O.J. No. L50, 21.2.2002, p.4.

² O.J. No. L46, 20.2.2003, p.6.