Financial Sanctions update Spring 2018
There is a legal obligation to comply with EU Council Regulations relating to financial sanctions as soon as they are adopted. Once a person or entity has been sanctioned under EU Financial Sanctions, there is a legal obligation not to transfer funds or make funds or economic resources available, directly or indirectly, to that person or entity.
The Central Bank is responsible for the administration, supervision, and enforcement of relevant aspects of financial sanctions in Ireland. In carrying out this role the Central Bank publishes ‘updates’ on its website to assist with compliance with the relevant regulations. Firms should ensure to check the EU and UN websites and lists on a regular basis.
· EU Sanctions Map
In 2017, we saw the introduction of the EU Sanctions Map website by the Estonian Presidency, which in due course will be administered by the Commission. The website provides detailed information and summaries of each of the regimes.
· Consolidated list of sanctions
The consolidated list of persons, groups and entities subject to EU financial sanctions can be downloaded from Financial Sanctions Database – FSF platform accessible via the following address: https://webgate.ec.europa.eu/europeaid/fsd/fsf
In order to access the FSF platform you need to have an “EU Login” account.
Please follow the instructions provided on the EU Login page displayed when you click on the above link.
The former links to the sanction files are replaced by the FSF platform. However, to allow a smooth transition, they will still be available up to the 31st of March 2018. Please note this is not a Central Bank website and no questions regarding access should be directed to the Central Bank.
· FATF High-risk and non-cooperative jurisdictions
The FATF identifies jurisdictions with weak measures to combat money laundering and terrorist financing (AML/CFT) in two FATF public documents that are issued three times a year. The FATF’s process to publicly list countries with weak AML/CFT regimes has proved effective. As of November 2017, the FATF has reviewed over 80 countries and publicly identified 64 of them. Of these 64, 52 have since made the necessary reforms to address their AML/CFT weaknesses and have been removed from the process (see also, an overview of the jurisdictions currently identified in this process).
· EU sanctions measures for 2017.
Please find below the completed table of EU sanctions measures for 2017. As summarised below, there are 108 different entries (up from 85 in 2016 and 102 in 2015), encompassing 32 separate regimes.
These entailed 175 legal acts as follows: 23 Council Regulations, 73 Commission Implementing Regulations, 50 Council Decisions and 29 Council Implementing Decisions.
· Two new regimes were introduced Mali (CR 2017/1770) and Venezuela (CR 2017/2063), and no regime was repealed.
· The most significant new measures introduced were in respect of DPRK, for which there are 17 separate entries including a new parent Regulation, CR 2017/1509.
· The Al-Qaida / ISIL regime has the most entries, with 22 Commission Implementing Regulations, followed by DPRK (17), Libya (11), Ukraine (Territorial Integrity) (6), Syria (5) and Terrorism – CP931 (5).
· The complete list is available on the ‘Financial Sanctions Updates 2018’ page on the Central bank website.
· Financial Sanctions Updates 2018
The Central Bank Financial Sanctions Updates 2018 page is now live.
This site is subject to change from time to time. While the Central Bank of Ireland attempts to assure the correctness and timeliness of all material posted on the site, it takes no responsibility for errors or omissions which may be the result of technical causes, or otherwise. Further, the Central Bank of Ireland specifically disclaims all responsibility for damage or loss arising as a result of use of information provided herein.
The Central Bank of Ireland maintains the right to delete or modify in part or in full any information on this site without prior notice.
· European Union Consolidated Financial Sanctions List
The Consolidated list is updated on a regular basis. Ensure you have a login as outlined above in order to receive automatic emails about updates.
· Consolidated United Nations Security Council Sanctions List
The Consolidated Sanctions List includes all individuals and entities subject to sanctions measures imposed by the Security Council. The inclusion of all names on one Consolidated Sanctions List is to facilitate the implementation of the measures, and implies neither that all names are listed under one regime, nor that the criteria for listing specific names are the same.
· To subscribe to Financial Sanctions alerts please register on the Central Bank website.