STATUTORY INSTRUMENTS

S.I. No. 427 of 2006

ORDER

entitled

Financial Transfers (Slobodan Milosevic and Associated Persons) (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 further effect to Council Regulation (EC) No. 2488/2000 of 10 November 2000¹ , as amended, hereby order as follows:

1.         This Order may be cited as the Financial Transfers (Slobodan Milosevic and Associated Persons) (Prohibition) Order 2006.

2.        (1)      In this Order -

-�Central Bank-� means Central Bank and Financial Services Authority of Ireland;

-�Council Regulation-� means Council Regulation (EC) No. 2488/2000 of 10 November 2000, as amended by:

(i)       Commission Regulation (EC) No. 1205/2001 of 19 June 2001² ;

(ii)      Act of Accession 2004, Annex II, Section 20³

(iii)     Commission Regulation (EC) No. 68/2006 of 16 January 2006⁴

(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 belonging to any natural or legal persons, entities or bodies listed in Annex I to the Council Regulation and which have been frozen in accordance with 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.         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.         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 exemption in respect of such transfer pursuant to Article 4 of the Council Regulation.

6.         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.

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

8.         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.

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

10.       The Financial Transfers (Slobodan Milosevic and Associated Persons) (Prohibition) Order 2003 ( S.I. No. 140 of 2003 ) 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 in respect of all fund, financial assets or economic benefits belonging to Mr Slobodan Milosevic and those persons associated with him listed in Annex I to Council Regulation (EC) No. 2488/2000 of 10 November 2000, as amended by the Act of Accession 2004 and various Commission Regulations.

¹ OJ L287, 14.11.2000, p.19

² OJ L163, 20.6.2001, p.14

³ OJ L 236, 23.9.2003, p 773

⁴ OJ L 11, 17.1.2006, p 11