New Iranian sanctions regime comes into force

The Sanctions and Asset-Freezing (Implementation of External Sanctions) (Iran – Amendment) (Jersey) Order 2023 comes into force today.

It amends the Sanctions and Asset-Freezing (Implementation of External Sanctions) (Jersey) Order 2021 (the Sanctions Order) to establish a new financial sanctions regime related to Iran under The Iran (Sanctions) Regulations 2023 (the UK Regulations).

The aim of the UK Regulations is to establish a sanctions regime in relation to Iran for the purpose of encouraging the Government of Iran to comply with international human rights law, to respect human rights and to deter the Government of Iran, or an armed group backed by the Government of Iran, from conducting hostile activity against the United Kingdom and other countries.

All the designations made under the revoked Iran (Sanctions) (Human Rights) (EU Exit) Regulations 2019 are transferred across to the new regime Iran (Financial Sanctions).

Supervised persons
All supervised persons are obliged to:

• Monitor relevant sanctions legislation
• Implement sanctions effective in Jersey
• Have adequate policies, controls, procedures in place to effectively identify and mitigate risks the business faces, including appropriately identifying and dealing with sanctioned entities

You should keep your supervisor informed of any potential sanctions breaches and if required, submit an asset-freeze application form and/or the suspected sanctions compliance reporting form.