S.I. No. 891/2005 - Financial Transfers (Ivory Coast) (Prohibition) Order (No 3) 2005

S.I. No. 891 of 2005

ORDER

entitled

Financial Transfers (Ivory Coast) (Prohibition) Order (No 3) 2005

Made by the Minister for Finance.

I, Brian Cowen, 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 further effect to Council Regulation (EC) No. 174/2005 of 31 January 2005¹ and Council Regulation (EC) No. 560/2005 of 12 April 2005² , hereby order as follows:

1.   This Order may be cited as the Financial Transfers (Ivory Coast) (Prohibition Order (No 3) 2005.

2.   (1) In this Order -

“Central Bank” means Central Bank and Financial Services Authority of Ireland;

“Council Regulation 174/2005” means Council Regulation (EC) No. 174/2005 of 31 January 2005¹ , as amended by;

(i)   Commission Regulation (EC) No. 1209/2005 of 27 July 2005³

“Council Regulation 560/2005” means Council Regulation (EC) No. 560/2005 of 12 April 2005² ;

“persons” includes a natural or legal person, group, entity or body;

(2)  A word or expression that is used in this Order has, unless the context otherwise requires, the same meaning that it has in Council Regulation 174/2005 or Council Regulation 560/2005.

3.   This Order applies to financial transfers -

(a)   In relation to Council Regulation 174/2005, in respect of the list of equipment shown at Annex 1; and,

(b)   In relation to Council Regulation 560/2005, in respect of all funds and economic resources belonging to persons listed in Annex I, and relating to the making available of funds and economic resources, either directly or indirectly to or for the benefit of persons listed in Annex I to the Council Regulation.

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

5.   Notwithstanding Article 4 of this Order, a person may make a financial transfer to which this Order applies where that person has received an authorisation in respect of such transfer pursuant to Article 4 of Council Regulation 174/2005 or Article 3 or Article 4 of the Council Regulation 560/2005.

6.   The Central Bank 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.

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

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

9.   The Financial Transfers (Ivory Coast) (Prohibition) Order (No. 2) 2005 ( S.I. No. 426 of 2005 ) is revoked.

Explanatory Note

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

The Order prohibits financial transfers between the State and another country which:

1. provide financing or financial assistance relating to military activities in the Ivory Coast, as prohibited under Council Regulation (EC) No. 174/2005 of 31 January 2005, as amended by Commission Regulation (EC) No. 1209/2005 of 27 July 2005;

or

2. are in respect of funds and economic resources belonging to the persons or entities associated with the Ivory Coast and which are listed in Annex I to Council Regulation (EC) No. 560/2005 of 12 April 2005.

¹ O.J. No. L29, 2.2.2005, p.5

² O.J. No. L95, 14.4.2005, p.1.

¹ O.J. No. L29, 2.2.2005, p.5

³ O.J. No. L197, 28.7.2005, p.21

² O.J. No. L95, 14.4.2005, p.1.