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