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Article

Changes to restrictive measures against Iran

09.02.2016

The Malta Financial Services authority (MFSA) brought to the attention of all Financial Services Licence Holders that changes to restrictive measures against Iran became effective following the Council Decision (CFSP) 2016/37 of 16 January 2016 and have immediate effect in Maltese Law.

The aforementioned measures came into force following the implementations of:

  • Council Regulation (EU) 2015/1861 of 18 October 2015 amending Regulation (EU) No 267/2012 concerning restrictive measures against Iran, and
  • Council Implementing Regulation (EU) 2015/1862 of 18 October 2015 implementing Regulation (EU) No 267/2012 concerning restrictive measures against Iran.

In view of the Iranian nuclear programme, existing economic and financial sanctions against Iran were lifted through the implementation of the above Regulations. With regards to financial and economic measures, the main effects are the following:

  • Some entities and individuals mentioned in the Annex to Council Implementing Regulation (EU) 2015/1862 were removed from the sanction lists and are therefore no longer subject to restrictive measures. Accordingly, assets pertaining to them, are no longer subject to freezing requirements and should be released.
  • Restrictions relating to transfer of funds to and from Iran were removed with the result that financial transfers between EU based financial Institutions and non-listed Iranian institutions and persons became permissible without any requirement to notify and/or obtain authorisation.
  • The provision of banking services including the establishment of correspondent banking relationships and opening of accounts for non-listed Iranian institutions and persons is allowed.
  • The opening of branches, subsidiaries or representative offices of non-listed Iranian financial institutions in EU jurisdictions is permitted.
  • EU based Financial institutions are now allowed to establish subsidiaries, representative offices or branches in Iran including the opening of bank accounts with non-listed Iranian financial or credit institutions.
  • The provision of insurance and reinsurance services to non-listed Iranian entities and persons is permitted.

Further information about these measures can be obtained in the Joint Comprehensive Plan of Action and Information Note on EU sanctions to be lifted under the Joint Comprehensive Plan of Action (JCPOA).

The full text can be viewed at the website of the Official Journal of the European Union or on the MFSA website under “International Sanctions”.