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Banks

Answer

The letter of 1 August 2008 from the Permanent Representatives of France, the United Kingdom and the United States to the President of the UN Security Council provides a list of banks domiciled in Iran and their branches and subsidiaries abroad in order to facilitate the implementation of United Nations Security Council Resolution (UNSCR) 1803. UNSCR 1803 calls upon all states "to exercise vigilance over the activities of financial institutions in their territories with all banks domiciled in Iran, in particular with Bank Melli and Bank Saderat, and their branches and subsidiaries abroad, in order to avoid such financial support contributing to proliferation sensitive nuclear activities".The Government have taken comprehensive steps to implement these vigilance requirements in the UK, in relation to both UK subsidiaries of Iranian banks and transactions with any other Iranian bank. The UK made a significant contribution to the development of Council Regulation (EC) 1110/2008 which implements the vigilance requirements of UNSCR 1803 throughout the EU. The regulation requires enhanced vigilance over activity with Iranian banks, additional information in payment instructions, enhanced record-keeping, and establishes a new requirement on financial institutions to report transactions they suspect are related to proliferation finance. It also requires reporting of all transfers of funds by Bank Saderat plc.The UK has also worked with international partners to secure common standards of implementation of the vigilance requirements of UNSCR 1803 for all members of the Financial Action Task Force (FATF), including those outside the EU.

Secondary information

Type

Written question

Reference

483 c1881-2W; 239499

Session

2007-08

Subjects

Banks Iran

Link

View this Written question on www.publications.parliament.uk