S.I. No. 425/2006 - Financial Transfers (Belarus) (Prohibition) Order 2006

STATUTORY INSTRUMENTS

S.I. No. 425 of 2006

ORDER

entitled

Financial Transfers (Belarus) (Prohibition) Order 2006

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. 765/2006 of 18 May 2006¹ , hereby order as follows:

1.   This Order may be cited as the Financial Transfers (Belarus) (Prohibition) Order 2006.

2.   (1) In this Order -

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

“Council Regulation” means Council Regulation (EC) No. 765/2006 of 18 May 2006;

(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 -

a.   in respect of all funds and economic resources belonging to persons listed in Annex I to the Council Regulation, and

b.   relating to the making available of funds and 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, a person may make a financial transfer to which this Order applies where that person has received in respect of such transfer -

(a)       an authorisation pursuant to Article 3(1) of the Council Regulation,

or

(b)       a specific authorisation pursuant to Article 3(2) 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 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.

Explanatory Note

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

These Regulations provide for penalties for breach of financial sanctions against President Lukashenko, the Belarusian leadership and officials responsible for the violation of international electoral standards and international human rights, as well as for the crackdown on civil society and democratic oppression and which are listed in Annex I to Council Regulation (EC) No. 765/2006 of 18 May 2006.

¹ OJ L134, 20.5.2006, p.1.