HM Treasury (HMT) have today issued a direction under the Counter Terrorism Act 2008 requiring UK Financial and Credit institutions including Money Service Businesses not to enter in to, or continue to participate in, transactions or business relationships with all Iranian banks, including their branches and subsidiaries, and including the Central Bank of Iran.
The announcement and text of the direction is available on the HMT website (Opens new window).
You can find guidance about how to comply with a direction such as this in HM Revenue & Customs (HMRC) Guidance for Money Service Businesses.
Guidance for Money Service Businesses
HMRC recommend you subscribe to the HMT e-mail alert system which will tell you of any future directions as well as information about new Sanctions.
Financial sanctions subscription facility on the HMT website (Opens new window).
