S.I. No. 414/1992:

FINANCIAL TRANSFERS (IRAQ) REGULATIONS, 1992.

FINANCIAL TRANSFERS (IRAQ) REGULATIONS, 1992.

I, BERTIE AHERN, Minister for Finance, in exercise of the powers conferred on me by section 4 of the Financial Transfers Act, 1992 , hereby make the following regulations:

1. These regulations may be cited as the Financial Transfers (Iraq), Regulations, 1992.

2. These regulations shall come into effect on 1 January, 1993.

3. (1) No financial transfer to or by the order of, or on behalf of a resident of Iraq shall be made unless permission for the transfer has been given by the Central Bank of Ireland.

(2) In this regulation, "resident" means a person living in Iraq, or a body corporate or entity operating in Iraq and includes any person acting on behalf of such person.

4. The Central Bank of Ireland may make administrative rules and issue instructions in carrying out these Regulations.

GIVEN under my Official Seal, this 21st day of December, 1992.

BERTIE AHERN,

Minister for Finance.

EXPLANATORY NOTE.

These Regulations continue Ireland's financial sanctions against Iraq which were first imposed under the Exchange Control Acts 1954 to 1986 as part of our UN obligations.

Since the Exchange Control Acts lapse on 31 December 1992 it is necessary to continue our financial sanctions by way of this order made under the Financial Transfers Act, 1992 .