On 11 June 2014, the General Court annulled the listing of Syria International Islamic  Bank (“SIIB”), designated pursuant to Council Implementing Regulation 2012/544/CFSP for allegedly contributing to the provision of financial support to the Syrian regime. The EU Council froze the assets of SIIB on the grounds that the bank facilitated payments on behalf of the state-owned Commercial Bank of Syria (“CBS”) and its subsidiary, the Syrian Lebanese Commercial Bank (“SLCB”), both designated by the EU.

SIIB was subject to restrictive measures on the ground that it conducted financial transactions on behalf of natural or legal persons who, without being included in the list of persons and entities affected by those measures, had bank accounts with CBS and SCLB. The Court held that the Council did not establish that such transactions involved a higher risk that the money came from the Syrian regime, or from listed persons, than for any other client.

Council Implementing Regulation 2012/544/CFSP (PDF)

EU Press Release