S.I. No. 419/2006 - Financial Transfers (Democratic Republic of Congo) (Prohibition) Order 2006

STATUTORY INSTRUMENTS

S.I. No. 419 of 2006

ORDER

entitled

Financial Transfers (Democratic Republic of Congo) (Prohibition) Order 2006

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 effect to Council Regulation (EC) No. 889/2005 of 13 June 2005¹ and Council Regulation (EC) No. 1183/2005 of 18 July 2005² , hereby order as follows:

1.   This Order may be cited as the Financial Transfers (Democratic Republic of Congo) (Prohibition) Order 2006.

2.   (1)  In this Order -

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

“Council Regulation 889/2005” means Council Regulation (EC) No. 889/2005 of 13 June 2005,

“Council Regulation 1183/2005” means Council Regulation (EC) No. 1183/2005 of 18 July 2005, as amended by;

(i)    Commission Regulation (EC) No 1824/2005 of 9 November 2005³ ;

(ii)    Commission Regulation (EC) No. 84/2006 of 18 January 2006⁴

(2) A word or expression that is used in this Order has, unless the context otherwise requires, the same meaning that it has in the Council Regulation 889/2005 or Council Regulation 1183/2005.

3.    This Order applies to financial transfers:

a.   In relation to Council Regulation 889/2005, in respect of financial transfers concerning the provision of financing or financial assistance related to military activities, including in particular grants, loans and export credit insurance, for any sale, supply, transfer or export of arms and related material, or for any grant, sale, supply, or transfer of related technical assistance and other services, directly or indirectly to any person, entity or body in, or for use in the Democratic Republic of Congo;

b.   In relation to Council Regulation 1183/2005, 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 1183/2005.

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 3 of Council Regulation 889/2005 or Council Regulation 1183/2005.

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 (Democratic Republic of Congo)(Prohibition) Order (No 2) 2005 ( S.I. No. 889 of 2005 ) is revoked.

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 concerning:

(i)         the provision of financial assistance in relation to military activities in the Democratic Republic of Congo as outlined in Council Regulation (EC) No. 889/2005 of 13 June 2005; and

(ii)        the freezing of funds and economic resources of persons acting in violation of the arms embargo with regard to Democratic Republic of Congo as outlined in Council Regulation (EC) No. 1183/2005 of 18 July 2005, as amended by various Commission Regulations.

¹ O.J. No. L152, 15.6.2005, p1

² O.J. No. L193, 23.7.2005, p1

³ O.J. No. L294, 10.11.2005, p3

⁴ O.J. No. L14, 19.1.2006, p14