STATUTORY INSTRUMENTS

S.I. No. 460 of 2004 .

FINANCIAL TRANSFERS (IRAQ) (PROHIBITION) ORDER 2004.

S.I. No. 460 of 2004 .

FINANCIAL TRANSFERS (IRAQ) (PROHIBITION) ORDER 2004.

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 ) and for the purpose of giving further effect to Council Regulation (EC) No. 1210/2003 of 7 July 2003¹ , as amended, hereby order as follows:

1. This Order may be cited as the Financial Transfers (Iraq) (Prohibition) Order 2004.

2. (1) In this Order--

“Central Bank” means Central Bank and Financial Services Authority of Ireland;

“Council Regulation” means Council Regulation (EC) No. 1210/2003 of 7 July 2003¹ , as amended by:

(i) Council Regulation (EC) No. 1799/2003 of 13 October 2003²

(ii) Commission Regulation (EC) No. 2119/2003 of 2 December 2003³

(iii) Commission Regulation (EC) No. 2204/2003 of 17 December 2003⁴

(iv) Commission Regulation (EC) No. 924/2004 of 29 April 2004⁵

(v) Commission Regulation (EC) No. 979/2004 of 14 May 2004⁶

(vi) Commission Regulation (EC) No. 1086/2004 of 9 June 2004⁷

“persons” includes a natural or legal person, group, entity or body.

(2) A word or expression that 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 and economic resources belonging to persons listed in Annex III and IV to the Council Regulation as amended, and

(b) relating to the making available of funds and economic resources, either directly or indirectly, to or for the benefit of persons listed in Annex III and IV to the Council Regulation.

4. A person shall not make a financial transfer to which this Order applies between the State and another country.

5. 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 for a derogation in respect of such transfer pursuant to Article 6 of the Council Regulation, as amended.

6. The Central Bank may, for the purpose of 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 comply with such direction or instruction.

8. A person shall not do anything to directly or indirectly assist in the circumvention of the provisions of this Order.

9. The Financial Transfers (Iraq) Order 1997 [ S.I. No. 449 of 1997 ] is revoked.

EXPLANATORY NOTE.

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

The Order prohibits financial transfers between the State and another country in respect of all funds and economic resources belonging to the persons or entities associated with Iraq and which are listed in Annex III and IV to Council Regulation (EC) No. 1210/2003 of 7 July 2003, as amended by Council Regulation (EC) No. 1799/2003 of 13 October 2003 and the Commission Regulations referred to in this Order.

¹ O.J. No. L169, 8.7.2003, p.6.

¹ O.J. No. L169, 8.7.2003, p.6.

² O.J. No. L264, 15.10.2003, p.12.

³ O.J. No. L318, 3.12.2003, p.9.

⁴ O.J. No. L330, 18.12.2003, p.7.

⁵ O.J. No. L163, 30.4.2004, p.100.

⁶ O.J. No. L180, 15.5.2004, p.9.

⁷ O.J. No. L207, 10.6.2004, p.10.