S.I. No. 346/1998 - Financial Transfers (Republic of Serbia) (No. 2) Order, 1998

S.I. No. 346 of 1998.

FINANCIAL TRANSFERS (REPUBLIC OF SERBIA) (NO. 2) ORDER, 1998

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 (Republic of Serbia) (No. 2) Order, 1998.

2. (1) This Order applies to financial transfers in respect of the transfer of funds and other financial assets to—

(a) the state or government of the Federal Republic of Yugoslavia and of the Republic of Serbia,

(b) any person in, or resident in, the Republic of Serbia,

(c) any body carrying out business in, incorporated or constituted under the law of the Republic of Serbia,

(d) any body owned or controlled by any of the governments, persons or bodies referred to in this Article,

(e) any person acting on behalf of any of the above governments, persons or bodies, insofar as such financial transfers are intended for the purposes of establishing a lasting economic link with the Republic of Serbia, including the acquisition of real estate in that country.

(2) In this Article "funds and other financial assets" means cash, liquid assets, dividends, interest or other income on shares, bonds, debt obligations and any other securities, or amounts derived from an interest in, or the sale or other disposal of, or any other dealing with tangible and intangible assets, including property rights.

3. Subject to Articles 4 and 5 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—

(a) in respect of the execution of contracts concluded before the making of this Order, or

(b) in respect of the execution of trade contracts for the supply of goods or services on usual commercial payment conditions.

5. A person may make a financial transfer to which this Order applies, with the permission of the Central Bank of Ireland where such transfers are intended to be used solely for projects in support of democratisation, humanitarian and educational activities and independent media.

6. 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.

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

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

GIVEN under my Official Seal, this 15th day of September, 1998.

Charlie McCreevy

Minister for Finance.

EXPLANATORY NOTE.

This Order prohibits financial transfers outside the State for the purpose of investment in the Republic of Serbia in accordance with Council Regulation (EC) No. 1607/98 of 24 July 1998. Such transfers may be made where they are intended to be used solely for projects in support of democratisation, humanitarian and educational activities and independent media, subject to prior approval of the Central Bank. The Order does not apply in the case of existing contracts or to the supply of goods or services on usual commercial payment conditions.