S.I. No. 152 of 2005

Financial Transfers (Liberia) (Prohibition) Order 2005

I, Brian Cowen, Minister for Finance, in exercise of the powers conferred on me by section 4 of the Financial Transfers Act 1992 ( No. 27 of 1992 ) and for the purpose of giving further effect to Council Regulation (EC) No. 872/2004 of 29 April 2004¹ as amended, hereby order as follows:

1.        This Order may be cited as the Financial Transfers (Liberia) (Prohibition) Order 2005.

2.        (1)      In this Order --

“Central Bank” means Central Bank and Financial Services Authority of Ireland;

“Council Regulation” means Council Regulation (EC) No. 872/2004 of 29 April 2004¹ as amended by:

(1) Commission Regulation (EC) No 1149/2004 of 22 June 2004² .

(2) Commission Regulation (EC) No 1478/2004 of 18 August 2004³

(3) Commission Regulation (EC) No 1580/2004 of 8 September 2004⁴ and

(4) Commission Regulation (EC) No 2136/2004 of 14 December 2004⁵

“persons” includes a natural or legal person, group, entity or body;

“competent authority” means a competent authority within the State specified in Annex II to the Council Regulation.

(2)       A word or expression which is used in this Order has, unless the context otherwise requires, the same meaning that it has in the Council Regulation.

3.        This Order applies to financial transfers --

(a)       in respect of all funds or economic resources which have been frozen in accordance with the Council Regulation and which belong to persons listed in Annex I to the Council Regulation;

(b)       relating to the making available of funds or economic resources either directly or indirectly, to or for the benefit of persons listed in Annex I to the Council Regulation.

4.        A person shall not make a financial transfer to which this Order applies between the State and another country.

5.     Notwithstanding Article 4 of this Order, a person may make a financial transfer to which this Order applies where that person has received a specific authorisation for a derogation in accordance with either Article 3 or Article 4 of the Council Regulation.

6.        The Central Bank may, for the purpose of supervision of financial transfers and for the administration and enforcement of the provisions of this Order, give such directions or issue such instructions to a person as it sees fit.

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

8.        A person shall not do anything to directly or indirectly assist in the circumvention of the provisions of this Order.

9.        The Financial Transfers (Liberia) (Prohibition) Order 2004 ( S.I. No. 464 of 2004 ) is revoked.

Explanatory Note

(This note is not part of the Statutory Instrument and does not purport to be a legal interpretation).

This Order prohibits financial transfers between the State and another country in respect of all funds, financial assets or economic benefits belonging to certain persons formerly related to important governmental functions in Liberia listed in Annex I to Council Regulation (EC) No. 872/2004 of 29 April 2004, as amended by the Commission Regulations referred to in this Order.

¹ O.J. No. L162, 30.4.2004, p.32.

¹ O.J. No. L162, 30.4.2004, p.32.

² O.J. No. L222, 23.6.2004, p17.

³ OJ No L 271, 19.8.2004, p. 36

⁴ OJ No L 289, 10.9.2004, p. 4

⁵ OJ No L 369, 16.12.2004, p. 14