Notice of the making of this Statutory Instrument was published in

"Iris Oifigiúil" of 3rd December, 2010.

I, BRIAN LENIHAN, Minister for Finance, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972) and for the purpose of giving full effect to Council Regulation (EC) No. 1412/2006 of 25 September 2006¹ , as last amended by Council Regulation (EU) No. 555/2010 of 24 June 2010² , hereby make the following regulations:

1. These Regulations may be cited as the European Union (Lebanon) (Financial Sanctions) Regulations 2010.

2. (1) In these Regulations "Council Regulation" means Council Regulation (EC) No. 1412/2006 of 25 September 20061, and Corrigendum³ , as amended by-

(a) Commission Regulation (EC) No. 690/2007 of 19 June 2007⁴ , and

(b) Council Regulation (EU) No. 555/2010 of 24 June 20102.

(2) A word or expression which is used in these Regulations and which is also used in the Council Regulation has, unless the context otherwise requires, the same meaning in these Regulations as it has in the Council Regulation.

3. Subject to Regulation 4, a person who fails to comply with the requirements of the Council Regulation as regards-

(a) the providing or making available of financing or financial assistance,

(b) the participation in activities to circumvent the requirements of the Council Regulation as regards paragraph (a),

commits an offence.

4. Notwithstanding Regulation 3, a person who has received a prior authorisation under Article 3 of the Council Regulation may, subject to compliance with the terms and conditions of it, do such of the things referred to in Regulation 3 as are so authorised.

5. The Central Bank of Ireland may, for the purposes of the administration and enforcement of the provisions of these Regulations, give such directions or issue such instructions to a person as it sees fit.

6. A person who fails to comply with a direction or an instruction issued under Regulation 5 commits an offence.

7. Where an offence under these Regulations is committed by a body corporate and is proved to have been so committed with the consent, connivance or approval of or to have been attributable to the neglect on the part of any person, being a director, manager, secretary or other officer of the body corporate or a person who was purporting to act in any such capacity, that person as well as the body corporate, commits an offence and is liable to be proceeded against and punished as if he or she committed the first mentioned offence.

8. A person guilty of an offence under these Regulations is liable-

(a) on summary conviction, to a fine not exceeding €5,000 or to imprisonment for a term not exceeding 12 months or to both, or

(b) on conviction on indictment, to a fine not exceeding €500,000 or to imprisonment for a term not exceeding 3 years or to both.

9. The European Communities (Lebanon) (Financial Sanctions) Regulations 2007 ( S.I. No. 647 of 2007 ) are revoked.

GIVEN under my Official Seal,

29 November 2010.

BRIAN LENIHAN,

Minister for Finance.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

These Regulations provide for enforcement of financial sanctions as outlined in Council Regulation (EC) No. 1412/2006 of 25 September 2006 concerning restrictive measures on the provision of military equipment for use in Lebanon and any related technical or financial assistance, as amended by Council Regulation (EU) No. 555/2010 of 24 June 2010 which makes certain technical amendments to Council Regulation (EC) No. 1412/2006 of 25 September 2006.

The Regulations also provide that the Central Bank of Ireland may issue instructions for the purposes of giving full effect to the financial sanctions and provide for penalties for failure to comply with those instructions.

They create offences for breach of the Council Regulation or for failure to comply with the instructions of the Central Bank of Ireland with regard to implementation of the sanctions and they provide for appropriate penalties.

1 OJ No. L. 267, 27.9.06, p.2.

2 OJ No. L. 159, 25.6.10, p.5.

3 OJ No. L. 319, 18.11.06, p.51.

4 OJ No. L. 159, 20.6.07, p.39.