April 25, 2016: Irish Financial Sanctions Update

 

Description: Description: Description: Central Bank of Ireland

Date: 25th April 2016

IMPORTANT Sanctions information email:

PLEASE DO NOT REPLY TO THIS EMAIL NOTIFICATION

Dear Subscriber, 

See the link below to the Central Bank website where you will find further information and 
news on Recent EU/UN Financial Sanctions . The latest news on Financial Sanctions is 
published directly onto the Central Bank website or in the links contained within the website. 

Some recent developments and useful links: 

  • Iran

      As previously communicated there have been changes made to the EU Restrictive Measures
      concerning Iran. Changes to the Iran Regulations as of 16 January 2016

      Iran Regulations 
      16 January 2016 Implementation Day 

      The final version of the EU Information Note on the lifting of certain nuclear sanctions is
      available under the following link
      http://www.eeas.europa.eu/top_stories/pdf/iran_implementation/information_note_eu_sanctions_jcpoa_en.pdf 

      The purpose of this Information Note is to provide practical information to all interested
      parties on the commitments contained in the JCPOA concerning the lifting of the sanctions,
      the measures adopted at the EU level to meet those commitments and the various practical
      stages in this process.

  • Mutual Evaluation of Ireland 2016

      As a member of the FATF, Ireland is subject to being assessed and we are due to undergo
      the 4th Round of Assessment in 2016. The FATF method of assessment has changed and the
      FATF assessment team will not only be assessing whether Ireland is ”technically” compliant
      with the 40 recommendations or standards set by it but also how ”effective” is the country,
      i.e. how well does the country (including supervisors and industry) understand the money
      laundering and terrorist financing risks faced and how effective are the steps being taken to
      prevent or mitigate those risks. 

      The effectiveness module will be the focus of the onsite inspection and will involve assessors
      meeting with both regulators and industry, along with other stakeholders. The measurement
      of effectiveness is a new approach in any peer review (not just FATF) and it is presenting
      quite a challenge for countries to achieve positive ratings. Given the increased focus on the
      outcome of FATF reviews by other member states, international organisations such as the
      IMF, rating agencies and international investors, it is in all our interests, both regulators and
      industry, to ensure that we receive as positive a review as possible in 2016. See below link
      to the FATF Methodology for the review for your reference: 

      FATF METHODOLOGY
      http://www.fatf-gafi.org/media/fatf/documents/methodology/FATF%20Methodology%2022%20Feb%202013.pdf 

If you have any questions regarding this email, do not reply to it but contact the Central Bank directly: 

Financial Sanctions Unit
Anti-Money Laundering Division
Central Bank of Ireland
Block D
Iveagh Court
Harcourt Road
Dublin 2

Telephone: +353 1 224 5214

Email: sanctions@centralbank.ie