S.I. No. 362/2002 - European Communities (Counter Terrorosm Financial Sanctions) Regulations 2002

I, Charlie McCreevy, Minister for Finance, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972), and for the purpose of giving further effect to Council Regulation (EC) No. 2580/2001 of 27 December 2001 ¹ hereby make the following regulations:

1.         These Regulations may be cited as the European Communities (Counter Terrorism Financial Sanctions) Regulations 2002.

2.         (1)        In these Regulations -

“Central Bank” means Central Bank of Ireland;

“competent authorities” means the competent authorities within the State specified in the Annex to the Council Regulation;

“Council Decision” means Council Decision 2002/460/EC of 17 June 2002 ² ,

“Council Regulation” means Council Regulation (EC) No. 2580/2001 of 27 December 2001 ¹ .

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

(3)        In these Regulations, unless otherwise indicated, a reference to a Regulation is a reference to a Regulation in these Regulations.

3.         Subject to Regulation 6, a person transferring funds, financial assets or economic resources which are frozen by virtue of the Council Regulation and the Council Decision shall be guilty of an offence.

4.         Subject to Regulation 6, a person making available funds, financial assets or economic resources, either directly or indirectly, to or for the benefit of a person listed in Article 1 of the Council Decision, shall be guilty of an offence.

5.         Subject to Regulation 6, a person providing financial services to or for the benefit of a person, listed in Article 1 of the Council Decision, shall be guilty of an offence.

6.         (1)        Regulations 3, 4 and 5 shall not apply -

(a)        in a case where a specific authorisation has been granted in accordance with Article 6 of the Council Regulation, or

(b)        in a case to which Article 5(2) of the Council Regulation refers, where a specific authorisation in respect of the financial transaction or service concerned has been granted by the competent authorities prior to the effecting of the transaction concerned or the provision of financial services concerned.

(2)        A person who-

(a)     makes, assists in or promotes a financial transaction, or

(b)     provides financial services referred to in paragraph (1) shall not make assist in or promote such a transaction or provide such financial services prior to receiving the specific authorisation concerned or an authenticated copy of such authorisation referred to in paragraph (1) and shall retain such documentation, for inspection by the Central Bank, for a period of 5 years from the date of the transaction concerned.

(3) A person who-

(a)     makes, assists in or promotes a financial transaction, or

(b)     provides financial services referred to in paragraph (1)(b) shall comply with such conditions as may be imposed in relation to such transaction or service by the competent authorities.

(4) A person who does not comply with paragraph (2) or paragraph (3) shall be guilty of an offence.

7.         The Central Bank may, for the purposes of the supervision of financial transfers and for the administration and enforcement of the provisions of these Regulations, give such directions or issue such instructions to a person as it sees fit.

8.         A person to whom a direction has been given or an instruction issued under Regulation 7 shall comply with such direction or instruction.

9.         A person who fails to comply with a direction or an instruction issued under Regulation 7 shall be guilty of an offence.

10.       A person guilty of an offence pursuant to Regulation 3, Regulation 4, Regulation 5 Regulation 6 or Regulation 9 of these Regulations shall be liable on summary conviction to a fine not exceeding €3,000 or to imprisonment for a term not exceeding 12 months or to both.

11.       Where an offence under these Regulations is committed by a body corporate and is proved to have been so committed with the consent, connivance or approval of or to have been attributable to any neglect on the part of any person, being a director, manager, secretary or other officer of the body corporate or a person who was purporting to act in any such capacity, that person as well as the body corporate, shall be guilty of an offence and shall be liable to be proceeded against and punished as if he or she were guilty of the first mentioned offence.

Explanatory Note

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

The Statutory Instrument is made on foot of powers conferred on the Minister for Finance by section 3 of the European Communities Act, 1972 (No. 27 of 1972).

The Regulations provide for penalties for breach of financial sanctions imposed by Council Regulation (EC) No. 2580/2001 of 27 December 2001 in respect of persons, groups and entities listed in Council Decision 2002/460/EC of 17 June 2002.

¹ O.J. No. L344, 28.12.2001, p. 70.

² O.J. No. L160, 18.6.2002, p.26.

¹ O.J. No. L344, 28.12.2001, p. 70.