Counter-Terrorism Act 2008
Schedule 7 to the Counter-Terrorism Act 2008 allows the Treasury to act in response to risks posed to the UK by money laundering, terrorist financing, and the proliferation of chemical, biological, radiological or nuclear weapons. These powers mean the Treasury can require UK financial and credit institutions to undertake a graduated series of measures in their dealings with designated individuals, firms, governments, or countries. The measures range from conducting enhanced due diligence on designated entities, to limiting or ceasing business with them.
The Financial Restrictions (Iran) Order 2012 was revoked on 31 January 2013 by the Financial Restrictions (Iran) (Revocation) Order 2013. There is not currently an Order in place containing a direction to the financial sector under Schedule 7 to the Counter-Terrorism Act 2008. UK credit and financial institutions will be aware that certain restrictions remain in place under the relevant EU Regulations. The list of current regimes is available at http://www.hm-treasury.gov.uk/fin_sanctions_currentindex.htm.
If you have a query on financial restrictions under Schedule 7 to the Counter-Terrorism Act 2008 that is not answered in the above guidance, please email firstname.lastname@example.org.
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