Bermuda-based companies have been banned from conducting business with the Iranian Bank Mallat and the Islamic Republic of Iran Shipping Lines.

Attorney General Kim Wilson gave the directive this morning, the first day the Anti-Terrorism (Financial and other Measures) Amendment Act came into effect. Businesses have until Tuesday to inform the Ministry of compliance.

Senator Wilson said: “In the past, financial institutions have been prohibited from doing business with certain persons and entities as a result of international sanctions, but this is the first time that we have been able to take this type of action to protect the national interest of Bermuda.

“Further, this legislation allows us for the first time, to specifically take action to address matters relating to the financing of the development of nuclear and other such weaponry for destructive purposes.”

The companies have been banned because they have been involved in funding and shipping sensitive nuclear and ballistic missile material in defiance of five United Nations’ Security Council Resolutions.

* See tomorrow’s Royal Gazette for the full story.