On the 12 October 2009 HM Treasury issued a direction under Schedule 7 of the Counter-Terrorism Act 2008 (CTA) requiring persons operating in the financial sector to cease existing business relationships and transactions and not enter into new business relationships and transactions with Bank Mellat and Islamic Republic of Iran Shipping Lines (IRISL). The direction applies to Money Service Businesses (MSBs) that are or may become involved in transactions or business relationships with
(a) Bank Mellat. This includes all branches of Bank Mellat wherever
they are located.
(b) Islamic Republic of Iran Shipping Lines (IRISL). This includes all
branches of IRISL wherever they are located.
This direction is published on the HM Treasury website at the following link, along with an interpretive note which explains in detail what the direction means and what businesses, including MSBs, need to do in response.
Financial crime: policy and publications (Opens new window)
We strongly advise that when you enter the HM Treasury website to view the direction, you subscribe to the Financial Crime email alert system. This will send you an email whenever a new direction is issued under this Legislation. This can form part of your risk based approach under the Money Laundering Regulations and will help protect you from penalties for failing to comply with the requirements of this direction.
To help in understanding directions issued under the Counter Terrorism Act, we have produced a guidance note.
