S.I. No. 901/2005 - Financial Transfers (Uzbekistan)(Prohibition) Order 2005


S.I. No. 901 of 2005 .

FINANCIAL TRANSFERS (UZBEKISTAN)(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. 1859/2005 of 14 November 20051 , hereby order as follows:

1.  This Order may be cited as the Financial Transfers (Uzbekistan) (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. 1859/2005 of 14 November 2005.

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

(2)  A word or expression that 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 relating to the provision of financing or financial assistance related to military activities, including in particular grants, loans and export credit insurance, for any sale, supply, transfer or export of arms and related material, or for any grant, sale supply, or transfer of related technical assistance and other services, directly or indirectly to any person, entity or body as outlined in 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 respect of such transfer pursuant to 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.

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GIVEN under my Official Seal,

20th day December 2005.

 

BRIAN COWEN,

Minister for Finance.

EXPLANATORY NOTE.

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

The Order prohibits financial transfers between the State and another country in respect of the provision of financing or financial assistance related to military activities, arms and related material and to equipment which might be used for internal repression in Uzbekistan, as outlined in Council Regulation (EC) No. 1859/2005 of 14 November 2005.

1 O.J. No. L299, 16.11.2005, p.23.