NO INDICATION OF BANK SEPAH OR BANK SEPAH

C O N F I D E N T I A L DUBLIN 000374 SIPDIS SIPDIS DEPARTMENT FOR TREASURY, ISN, AND NEA E.O. 12958: DECL: 05/11/2017 TAGS: EFIN KNNP IR PARM EI SUBJECT: NO INDICATION OF BANK SEPAH OR BANK SEPAH INTERNATIONAL ASSETS IN IRELAND REF: A. STATE 60238 ¶B. YOUNG-RUGGIERO E-MAIL OF MAY 9 Classified By: Political/Economic Section Chief Joe Young; Reasons 1.4(B) and (D). ¶1. (C) To date, there has been no indication that Irish banks or financial institutions have found assets belonging to Bank Sepah, Bank Sepah International, or other entities designated in the Annex to UNSCR 1747, according to Ray Farina, Chief of the Financial Sanctions Unit in the Irish Central Bank, with whom Pol/Econ Chief discussed ref A points on May 10. Farina noted that, unlike the UK, Ireland followed EU mechanisms for asset identification and freezes as envisioned by UNSCR 1747. On April 24, the on-line Official Journal of the European Union posted "Council Common Position 2007/246/CFSP of April 23, 2007, amending Common Position 2007/140/CFSP concerning restrictive measures against Iran," which advised banks and institutions in Ireland and throughout the EU of the legal obligation to search for and block assets of Bank Sepah, Bank Sepah International, and other Iranian entities named in the UNSCR 1747 Annex. Farina noted that the April 24 posting expanded on Council Regulation (EC) No 423/2007 of April 19, 2007, which had the force of law in Ireland in requiring banks to search their accounts and effect the stipulated asset freeze. ¶2. (C) Since April 24, the Irish Central Bank had not heard from any bank or institution that Bank Sepah or Bank Sepah International assets had been identified, according to Farina. Nor was there evidence of asset flight. Farina pointed out that the Irish Financial Services Regulatory Authority (IFSRA),the financial regulatory body within the Central Bank, was preparing to issue a notice early the week of May 14 reminding banks and institutions of the obligation to report to the Central Bank on the identification and freezing of any such assets. The fact that no bank had contacted the Central Bank to date led Farina to express confidence that no assets had been found. He added that the IFSRA notice would go to all banks, institutions, and off-shore entities within the Central Bank's oversight, a list numbering in the hundreds. (Farina committed to provide Post the IFSRA notice when issued, which we will forward to the Department.) ¶3. (C) Comment: Post did not receive State 40440, which was referenced in ref A. If that cable contains Ireland-related information, please send. FOLEY