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Sanctions: UK issues guidance re Iranian banks

9 September 2010 UK Treasury issues second supplement to Iran sanctions 27 July 2010 - Bank Saderat PLC and Persia International Bank - payments due to depositors.

The following is the text of the HM Treasury's notice dated 9 September 2010.

On 27 July 2010 HM Treasury issued a notification in respect of the financial measures taken against Iran and a supplement dealing specifically with the asset freeze imposed by the European Union in respect of Bank Saderat Iran, its branches and subsidiary Bank Saderat PLC, and Persia International Bank Plc.

This second supplement provides further guidance on the asset freeze, specifically for depositors with Bank Saderat PLC and Persia International Bank Plc and should be read in conjunction with the notification and supplement issued on 27 July 2010.

1. Payments from Bank Saderat PLC or Persia International Bank Plc under a contract, agreement or obligation concluded before 27 July 2010 may be made if licensed by HM Treasury. The Treasury may grant a licence as set out in Article 9 of Council Regulation (EU) No 423/2007 (“Regulation 423/2007”) once they have determined that:
(i) The funds or economic resources shall be used for a payment by a designated person;
(ii) The contract, agreement or obligation will not contribute to the manufacture, sale, purchase, transfer, export, import, transport or use of goods and technology listed in Annexes I and II of Regulation 423/2007; and
(iii) The payment is not made available, directly or indirectly, to or for the benefit of a designated person.

2. The Treasury has notified the European Commission that it intends to issue both Bank Saderat PLC and Persia International Bank Plc with licences to make payments in accordance with Regulation 423/2007 to depositors holding accounts with Bank Saderat PLC and Persia International Bank Plc.
3. The above-mentioned licences have been issued to Bank Saderat PLC and Persia International Bank Plc. The licences apply appropriate safeguards, including independent supervision and control of payments to ensure only permitted payments are made.

4. All licence applications for withdrawal of deposits should be made direct to either Bank Saderat PLC or Persia International Bank Plc using the application forms attached to this Supplement.

5. The licence application forms for completion by depositors are also available from the Financial Sanctions pages of the Treasury website at http://www.hm-treasury.gov.uk/fin_sanctions_iran.htm#laf

Enquiries

6. Enquiries about licences should, in the first instance, be directed as appropriate to either
Bank Saderat PLC or Persia International Bank Plc using the contact details provided on the
licence application forms.

The forms can be found as an annex to the notice at

http://www.hm-treasury.gov.uk/d/fin_sanctions_iran_090910.pdf

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