S.I. No. 92/2012 - Financial Transfers (Zimbabwe) (Prohibition) Order 2012.

1. This Order may be cited as the Financial Transfers (Zimbabwe) (Prohibition) Order 2012.

2. (1) In this Order—

“Council Regulation” means Council Regulation (EC) No. 314/2004 of 19 February 2004

1

together with the Addendum to that Regulation

2

, as amended by–

(

a

) Commission Regulation (EC) No. 1488/2004 of 20 August 2004

3

,

(

b

) Commission Regulation (EC) No. 1367/2005 of 19 August 2005

4

,

(

c

) Council Regulation (EC) No. 1791/2006 of 20 November 2006

5

,

(

d

) Commission Regulation (EC) No. 77/2009 of 26 January 2009

6

, together with both Corrigenda

7

thereto,

(

e

) Commission Regulation (EU) No. 173/2010 of 25 February 2010

8

,

(

f

) Commission Regulation (EU) No. 174/2011 of 23 February 2011

9

, and

(

g

) Commission Implementing Regulation (EU) No. 151/2012 of 21 February 2012

10

.

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

3. A person shall not make a financial transfer between the State and another country the effect of which would be to enable or facilitate, directly or indirectly, the doing of any thing which is a breach of the Council Regulation.

4. Notwithstanding Article 3 of this Order, a person who has received an authorisation under Article 4 or Article 7 of the Council Regulation may, subject to compliance with the terms and conditions of such authorisation, do such of the things referred to in Article 3 of this Order as are so authorised.

5. The Central Bank of Ireland may, for the purpose of 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.

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

7. A person shall not do anything to directly or indirectly assist in the circumvention of the provisions of this Order.

8. The Financial Transfers (Zimbabwe) (Prohibition) Order 2011 (

S.I. No. 229 of 2011

) is revoked.

GIVEN under my Official Seal,

22 March 2012.

MICHAEL NOONAN,

Minister for Finance.

EXPLANATORY NOTE

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

This Order provides for enforcement of financial sanctions prohibiting financial transfers between the State and another country, as outlined in Council Regulation (EC) No. 314/2004 of 19 February 2004, as amended, concerning restrictive measures against Zimbabwe.

The sanctions include a prohibition on financing or financial assistance related to a) military activities in Zimbabwe and b) the supply of equipment which may be used for internal repression in Zimbabwe. The sanctions also include the freezing of funds and economic resources belonging to named members of the Government of Zimbabwe and to their families and close associates.

The most recent amendment to the Council Regulation is contained in Commission Implementing Regulation (EU) No. 151/2012 of 21 February 2012 which replaces Annexes II & III to the Council Regulation.

The Order provides that the Central Bank of Ireland may issue instructions for the purpose of giving full effect to the financial sanctions and requires compliance with such instructions.

The

Financial Transfers Act 1992

allows for control of financial transfers between the State and other countries, creates an offence for breach of the provisions of any Order made under it and provides for appropriate penalties.

1 OJ No. L.55, 24.02.04, p.1.

2 OJ No. L.57, 25.02.04, p.1.

3 OJ No. L.273, 21.08.04, p.12.

4 OJ No. L.216, 20.08.05, p.6.

5 OJ No. L.363, 20.12.06, p.1.

6 OJ No. L.23, 27.01.09, p.5.

7 OJ No. L.46, 17.02.09, p.79; OJ No. L.75, 21.03.09, p.28.

8 OJ No. L.51, 02.03.10, p.13.

9 OJ No. L.49, 24.02.11, p.23.

10 OJ No. L.49, 22.02.12, p.2.

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of

30

th March

, 2012.

I, MICHAEL NOONAN, Minister for Finance, in exercise of the powers conferred on me by

section 4

of the

Financial Transfers Act 1992

(No. 27 of 1992) and for the purpose of giving full effect to Council Regulation (EC) No. 314/2004 of 19 February 2004

1

, as amended, hereby order as follows