Treasury has made the Iran (Financial Restrictions) Order 2012, which took effect on 21 November. The Order restates and replaces the 2011 Order made under the Counter Terrorism Act 2008, which has now expired. The Order requires UK financial and credit institutions to cease business relationships and transactions with all banks incorporated in Iran, including all subsidiaries and branches of such banks, wherever located, and the Central Bank of Iran. Firms need not take any action, provided they were compliant with the previous Order.  (Source: Treasury Renews Iran Direction)