S.I. No. [ 142 ] of 2003

ORDER

entitled

Financial Transfers (Burma/Myanmar) (Prohibition) Order 2003

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 (Burma/Myanmar) (Prohibition) Order 2003.

2.         (1)        In this Order --

“Central Bank” means Central Bank of Ireland;

“Council Regulation” means Council Regulation (EC) No. 1081/2000 of 22 May 2000¹ as amended by Commission Regulation (EC) No. 1883/2002 of 22 October 2002² .

(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 benefits which have been frozen in accordance with the Council Regulation and which belong to any natural or legal persons, entities or bodies listed in Annex II to the Council Regulation;

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

4.         A person shall not make a financial transfer to which this Order applies between the State and another country.

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

6.         A person to whom a direction has been given or an instruction issued under Article 5 of this Order shall, unless the person has reasonable excuse, comply with such direction or instruction.

7.         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.

8.         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).

This Order prohibits financial transfers between the State and another country in respect of all funds, financial assets or economic benefits belonging to certain persons related to important governmental functions in Burma / Myanmar listed in Annex II to Council Regulation (EC) No. 1081/2000 of 22 May 2000 as amended by Commission Regulation (EC) No. 1883/2002 of 22 October 2002.

¹ O.J. No. L122, 24.5.2000, p. 29.

² O.J. No. L285, 23.10.2002, p. 17.