S.I. No. 449/1997:

FINANCIAL TRANSFERS (IRAQ) ORDER, 1997

FINANCIAL TRANSFERS (IRAQ) ORDER, 1997

I, Charlie McCreevy, Minister for Finance, in exercise of the powers conferred on me by section 4 of the Financial Transfers Act, 1992 (No. 27 of 1992), hereby order as follows:

1. This Order may be cited as the Financial Transfers (Iraq) Order, 1997.

2. This Order applies to financial transfers which relate to

( a ) the import into the territory of the European Communities of all commodities and products originating in or coming from Iraq,

( b ) the export to Iraq of all commodities and products originating in, coming from, or in transit through the European Communities, and

( c ) the provision of non-financial services which promote the economy of Iraq, and in particular are:

(i) for the purposes of any economic activity carried out in or from Iraq;

or

(ii) to any natural person in Iraq, any legal person so constituted or incorporated under Iraqi law or any organisation exercising an economic activity (whether in Iraq or not) controlled by persons resident in Iraq or by organisations constituted or incorporated under the law of Iraq.

3. Subject to Article 4 of this Order, a person shall not make a financial transfer to which this Order applies from the State to another country.

4. A person may make a financial transfer to which this Order applies, with the permission of the Central Bank of Ireland, in respect of

( a ) (i) the import into the territory of the European Communities, or

(ii) the export from or transit through the European Communities,

of any commodity or product, or

( b ) the provision of services,

in accordance with Article 2 of Council Regulation (EC) No. 2465/96 of 17 December 1996¹ (including any amendments or revisions made to that Article by a law of the European Communities).

¹O.J. No. L 337 of 27.12.96. p. 1.

5. The Central Bank of Ireland may give such directions or issue such instructions to persons as it sees fit for the supervision of financial transfers to which this Order applies and the administration and enforcement of this Order.

6. A person to whom a direction has been given or an instruction issued under Article 5 of this Order shall comply with the direction or instruction.

7. A person shall not do anything to promote a financial transfer to which this Order applies which is prohibited by this Order.

8. The Financial Transfers (Iraq) Regulations, 1992 ( S.I. No. 414 of 1992 ), are hereby revoked.

GIVEN under my Official Seal, this 7th day of November, 1997.

CHARLIE McCREEVY,

Minister for Finance.

EXPLANATORY NOTE.

This Order provides for the application in Ireland of United Nations financial sanctions against Iraq in accordance with Council Regulation (EC) No. 2465/96 of 17 December 1996 which allows for the import into the Community from Iraq and the export from the Community to Iraq of certain specified products on humanitarian grounds.

The permission of the Central Bank must be obtained to make a financial transfer covered by the Order.