This notice is issued in respect of the restrictive measures directed by the Council of the European Union against Iran. 1. With the publication of the Judgment of the General Court of the European Union of 5 December 2012 in regard to Qualitest vs. Council (Case T-421/11) on 26 January 2013 (the “Judgment”), the General […]

The Syria (European Union Financial Sanctions) (Amendment) Regulations 2013 (SI 2013 No. 877) (2013 Regulations) will come into force on 7 May 2013. The 2013 Regulations amend the Syria (European Union Financial Sanctions) Regulations 2012 (SI 2012 No. 877) which provide for enforcement of, and penalties for breaches of, EU financial sanctions in relation to […]

HM Treasury has published guidance on whether a transfer of funds requires prior notification or authorisation under the Financial Sanctions: Iran (Nuclear Proliferation) Provisions.  

IRAN SANCTIONS UPDATE: NEW EU MEASURES IN FORCE 07 Jan 2013 On 22 December 2012, three new EU measures in relation to Iran were published in the EU Official Journal. These expand the existing suite of EU sanctions, and are likely to be relevant to any EU companies, or persons within the EU, still engaged […]

UK and Japanese banks settle US sanctions and money laundering violations – 07 Jan 2013 On December 10, 2012, UK Banks HSBC and Standard Chartered Bank (SCB) entered into agreements with US enforcement authorities to settle civil and criminal charges relating to US economic sanctions, the Bank Secrecy Act, and the Foreign Narcotics Kingpin Sanctions […]

Iran Sanctions latest Oct 24th 2012 25 Oct 2012 Last week saw the Council of the EU strengthen its position on Iran in the wake of similar US measures over the summer. Of particular note for the insurance market is the move to broaden the export ban in relation to oil, gas and petrochemicals. The […]

EU intensifies sanctions against Iran and Syria 22 Oct 2012 The Council of the European Union (“EU”) decided on Monday, October 15, 2012 to intensify political pressure on the governments of Iran and Syria by strengthening existing measures as well as adopting further new sanctions. This note provides an overview of major changes that took […]

EU STRENGTHENS SANCTIONS AGAINST IRAN WITH PARTICULAR IMPACT FOR OIL AND GAS SECTOR AND FINANCIAL INSTITUTIONS 18 Oct 2012 On 15 October 2012, the Council of the European Union announced that it had decided to strengthen significantly the EU’s restrictive measures in respect of Iran – increasing the action being taken by the international community […]