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Iran Financial Restrictions Direction - Revocation

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

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  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

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A decision made 23 January 2012:

Decision Reference:  MD-TR-2012-0009

Decision Summary Title:

Iran Financial Restrictions Direction –revocation

Date of Decision Summary:

16 January 2012

Decision Summary Author:

International Relations

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

N/A

Date of Written Report:

N/A

Written Report Author:

N/A

Written Report :

Public or Exempt?

N/A

Subject:  Iran Financial Restrictions Direction – revocation

Decision(s):  The Minister decided to revoke the Iran Financial Restrictions Direction issued on 5 December 2011.

Reason(s) for Decision:  On 5 December 2011, in pursuance of Article 23C of the Money Laundering (Jersey) Order 2008, the Minister issued the Iran Financial Restrictions Direction.  This was an interim measure to require the financial services sector to cease all business relationships and transactions with Iranian banks and their branches and subsidiaries, including the Central Bank of Iran.

Following introduction of the Money Laundering and Weapons Development (Directions) (Jersey) Law 2012, which came into force on 12 January 2012, the Chief Minister has now made the  Money Laundering and Weapons Development (Iran) (Jersey) Order 2012, which makes better provision than, and replaces, the former financial restrictions.  

Accordingly, it is now proposed to revoke the interim Iran Financial Restrictions Direction. 

Resource Implications:  There are no resource implications arising from this decision.

Action required:  The Minister is requested to revoke the Iran Financial Restrictions Direction which was issued on 5 December 2011.

The Treasury and Resources Department should forward a copy of this decision to the States Greffe.

Signature:

 

 

 

Position: Senator  P F C Ozouf, Minister for Treasury and Resources

                 

 

Date Signed:

 

Date of Decision:

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