Bermuda has widened a ban on business with Iran-based companies that finance nuclear development and weaponry.

Attorney General Kim Wilson yesterday said an order for international sanctions on Iran made by the Privy Council in 2007 had recently been extended to Bermuda.

"By way of background, the 2007 Order makes it a criminal offence for financial institutions unless they have a licence from the Governor to have any dealings with the funds or economic resources of designated persons, any individuals or entities acting on their behalf, or entities controlled by them," she said.

"[It also applies to] any individuals or entities determined to have assisted designated persons in evading the sanctions of or violating the provisions of relevant UNSC Resolutions."

Senator Wilson said Bermuda's inclusion in the Order is "part of a range of ongoing actions in relation to Iran" taken by Government in response to several issues including recent Financial Action Task Force advisories and actions taken by the UNSC and the Council of the European Union.

"These measures once again demonstrate the commitment of the Government of Bermuda to strengthening the anti-money laundering/anti-terrorist financing regime of Bermuda and to ensuring that Bermuda continues to play an important role in the global fight against money laundering, proliferation financing and the financing of terrorism," she said.

Sen. Wilson said the order gave effect to United Nations Resolution 1747 (2007) and to the wider restrictive measures adopted by the Council of the European Union.

The impact of these 2010 regulations is that all relevant United Nations and European Council sanctions with regard to Iran, Iranian persons and entities, which have been issued from 2007 onward, are now in effect in Bermuda.

These sanctions include:

— subjecting specified Iranian persons and entities to asset freezing measures;

— banning the sale, supply or transfer to Iran of specified goods, including those which are proliferation-sensitive;

— prohibiting the procurement of military goods, technology and other restricted goods from Iran.

She said the restrictions primarily target persons or entities who are considered to be involved in terrorism or terrorist financing in some way, or who have a role in the development, financing or facilitation of the proliferation of biological, chemical and other such weapons of mass destruction.

In Bermuda, it will primarily be those persons or entities in the financial services sector who will be impacted by the asset-freezing measures, but the prohibitions relating to the sale, purchase and transfer of restricted goods will affect persons and entities more generally, Sen. Wilson added.