New Iranian sanctions regime comes into force
15/12/2023
The Sanctions and Asset-Freezing (Implementation of External Sanctions) (Iran – Amendment) (Jersey) Order 2023 comes into force today (14th December 2023)
It amends the Sanctions and Asset-Freezing (Implementation of External Sanctions) (Jersey) Order 2021 (the Sanctions Order) to establish a new financial sanctions regime related to Iran under The Iran (Sanctions) Regulations 2023 (the UK Regulations).
The aim of the UK Regulations is to establish a sanctions regime in relation to Iran for the purpose of encouraging the Government of Iran to comply with international human rights law, to respect human rights and to deter the Government of Iran, or an armed group backed by the Government of Iran, from conducting hostile activity against the United Kingdom and other countries.
All the designations made under the revoked Iran (Sanctions) (Human Rights) (EU Exit) Regulations 2019 are transferred across to the new regime Iran (Financial Sanctions).
Supervised persons
All supervised persons are obliged to:
- Monitor relevant sanctions legislation
- Implement sanctions effective in Jersey
- Have adequate policies, controls, procedures in place to effectively identify and mitigate risks the business faces, including appropriately identifying and dealing with sanctioned entities
You should keep your supervisor informed of any potential sanctions breaches and if required, submit an asset-freeze application form and/or the suspected sanctions compliance reporting form.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.