SI. No. [361] of 2002

Financial Transfers (Counter Terrorism) Order 2002

I, Charlie McCreevy, Minister for Finance, in exercise of the powers conferred on me by section 4 of the Financial Transfers Act 1992 ( No. 27 of 1992 ), hereby order as follows:

1.         This Order may be cited as the Financial Transfers (Counter Terrorism) Order 2002.

2.         (1)        In this Order -

“Central Bank” means Central Bank of Ireland;

“competent authorities” means the competent authorities within the State specified in the Annex to the Council Regulation;

“Council Decision” means Council Decision 2002/460/EC of 17 June 2002 ¹

“Council Regulation” means Council Regulation (EC) No. 2580/2001 of 27 December 2001 ²

(2)        A word or expression which is used in this Order has, unless the context otherwise requires, the same meaning that it has in the Council Regulation.

3.         This Order applies to financial transfers -

(a)        in respect of all funds, financial assets or economic resources belonging to any natural or legal persons, entities or bodies listed in Article 1 of the Council Decision and which have been frozen in accordance with the Council Regulation;

(b)        relating to the making available of funds, financial assets or economic resources either directly or indirectly, to or for the benefit of the persons, entities or bodies referred to in paragraph (a), and

(c)        relating to the provision of financial services the provision of which is prohibited by virtue of the Council Regulation.

4.         Subject to this Order and the provisions of the Council Regulation, a person shall not make a financial transfer to which this Order applies between the State and another country.

5.         (1)        Notwithstanding Article 4 of this Order, a person may make a financial transfer to which this Order applies where that person has received a specific authorisation in respect of such transfer pursuant to Article 6 of the Council Regulation.

(2)        Notwithstanding Article 4 of this Order, a person may make a financial transfer to which this Order applies where -

(a)      the transaction relates to the matters referred to in Article 5(2) of the Council Regulation,

(b)      a specific authorisation in respect of that transfer is granted by the competent authorities prior to the financial transfer being made, and

(c)      the specific authorisation or an authenticated copy of such authorisation is retained by the person making the transfer, for inspection by the Central Bank, for a period of 5 years from the date of the transaction concerned.

6.         A person making a financial transfer to which Article 5 applies shall comply with such conditions as may be imposed in relation to such transfer by the competent authorities.

7.         The Central Bank may, for the purposes of the supervision of financial transfers and for the administration and enforcement of the provisions of this Order, give such directions or issue such instructions to a person as it sees fit.

8.         A person to whom a direction has been given or an instruction issued under Article 7 of this Order shall, unless the person has reasonable excuse, comply with such direction or instruction.

9.         A person shall not do anything to promote a financial transfer to which this Order applies where the making of such transfer is prohibited by this Order.

10.       A person shall not do anything to assist in the circumvention of the provisions of this Order.

Explanatory Note

(This note is not part of the Statutory Instrument and does not purport to be a legal interpretation).

The Statutory Instrument is made on foot of powers conferred on the Minister for Finance by section 4 of the Financial Transfers Act 1992 .

This Order prohibits financial transfers between the State and another country in respect of all funds, financial assets or economic resources belonging to any persons, groups or entities listed in Council Decision 2002/460/EC of 17 June 2002 which have been frozen in accordance with Council Regulation (EC) No. 2580/2001 of 27 December 2001.

¹ O.J. No. L160, 18.6.2002, p. 26.

² O.J. No. L344, 28.12.2001, p.70.