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EU Council lift sanctions against Iran

The MFSA has issued a Notice to all Financial Services Licence Holders confirming the removal of sanctions against the state of Iran via EU Council Regulations adopted on the 16th January 2016. Such measures primarily:

•             Remove the entities and individuals that were previously on the sanctions lists and assets pertaining thereto.

•             Removes previous restrictions relating to transfer of funds to and from Iran

•             Reallows the  provision of banking services including the establishment of

correspondent banking relationships and opening of accounts for non-listed Iranian institutions and persons

•             Reallows the opening of branches, subsidiaries or representative offices of non-listed Iranian financial institutions in Member States

•             Reallows the provision of insurance and reinsurance services to non-listed Iranian entities and persons is permitted.

The notice is available at