Iranian Entity: Bank Sepah International Plc

BSIP

Wholly-owned subsidiary of Bank Sepah, Iran, which is the fifth largest Iranian state-owned bank (see separate entity record); United Kingdom (UK) incorporated bank specializing in finance and services for international trade with a focus on Iran and the Persian Gulf region; listed, along with Bank Sepah, by the British government in 2007 as an entity of potential concern for WMD-related procurement; also along with Bank Sepah, listed in an annex to U.N. Security Council Resolution 1747 of March 24, 2007, as an entity involved in Iran's nuclear or ballistic missile activities; with some exceptions, the designation requires states to freeze the financial assets on their territories which are owned or controlled by the entity, by its agents, or by entities it controls; the designation also requires states to ensure that funds, financial assets or economic resources are prevented from being made available by their nationals or by any persons or entities within their territories, to or for the benefit of the entity; designated in January 2007 by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), pursuant to Executive Order 13382, which targets proliferators of weapons of mass destruction (WMD) and their delivery systems; the designation freezes the entity's assets under U.S. jurisdiction and prohibits transactions with U.S. parties; then-Chairman and Non-executive Director of the Board of Directors Ahmad Derakhshandeh (see separate entity record) was also designated under Executive Order 13382 as well as Resolution 1747, and subsequently resigned on March 26, 2007; sanctions have "severely disrupted its ongoing operations" according to a statement made by Managing Director Mohammed Reza Fatemi dated May 23, 2007; petitioning to "seek a de-listing"; parent company Bank Sepah has been described by the U.S. Under Secretary of the Treasury for Terrorism and Financial Intelligence as "the financial lynchpin of Iran's missile procurement network ... [that] has actively assisted Iran's pursuit of missiles capable of carrying weapons of mass destruction."

Swift Bank Code for Bank Sepah International Plc in London is SEPB GB 2L; established on December 31, 2001; assumed the assets, liabilities and business of the London Branch of Bank Sepah, Iran, which had been in operation since 1972; as of March 31, 2007, Managing Director is Mohammad Reza Fatemi, Executive Directors are Gholam Reza Taheri and Mohammad Homayouni, and Non-executive Directors are Brian Constant, Roy England and David Swanney.