Financial Sanctions update September 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.
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.
The following quick links will be of interest to compliance officers and MLRO’s
· FATF and High-risk and other monitored jurisdictions
· FATF’s strategy on combating terrorist financing
· The methods used to launder proceeds of criminal activities and finance illicit activities are in constant evolution. As the international financial sector implements the FATF standards, criminals must find alternative channels.
This research will assist countries in identifying, assessing and understanding the money laundering and terrorist financing risks that they are exposed to. Once these risks are properly understood, countries will be able to implement anti-money laundering and counter terrorist financing measures that mitigate these risks.
· Consolidated United Nations Security Council Sanctions List
· 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 are required 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.
- 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.
- Iran Regulations
To help EU operators with the implementation of the updated Blocking Statute, the Commission published a Guidance Note and supporting documents to facilitate understanding of the relevant legal acts.
Commission Implementing Regulation (EU) 2018/1101 of 3 August 2018 setting out the criteria for the application of the second paragraph of Article 5 of Council Regulation (EC) No 2271/96 protecting against the effects of the extra-territorial application of legislation adopted by a third country, and actions based thereon or resulting therefrom.
- European Union Consolidated Financial Sanctions List
The Consolidated list is updated on a regular basis. You are required to have a login account as outlined above in order to receive automatic emails regarding 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. This does not imply that all names are listed under one regime, nor that the criteria for listing specific names are the same. The lists may not include some entries that are not subject to an asset freeze but which are subject to additional countermeasures.
- To subscribe to Financial Sanctions alerts please register on the Central Bank website.
If you have any questions regarding this communication, please contact the Central Bank directly:
Financial Sanctions Unit
Anti-Money Laundering Division
Central Bank of Ireland
PO Box 559