FINANCIAL SANCTIONS ALERT
PLEASE NOTE THERE IS NO REQUIREMENT TO REPLY TO THIS EMAIL NOTIFICATION EXCEPT WHERE SPECIFIED BELOW
1. EU Financial Sanctions
The Central Bank is one of three competent authorities responsible for the administration and enforcement of EU Financial Sanctions in Ireland. EU Financial Sanctions Regulations apply to nationals of Member States and entities incorporated or constituted under the law of a Member State as well as all persons and entities doing business in the EU, including nationals of non-EU countries.
Pursuant to EU Financial Sanctions Regulations a person is:
1. Required to freeze all funds and economic resources belonging to, or owned or held by a natural or legal person, body or entity listed under the relevant EU Financial Sanctions Regulation (known as listed persons or entities);
2. Prohibited from making any funds or economic resources (within the definitions contained in the appropriate EU Financial Sanctions Regulation) available directly or indirectly to or for the benefit of listed persons or entities; and
3. Obliged to immediately provide to the Central Bank any information which would facilitate compliance with the EU Financial Sanctions Regulations, such information to include, but is not limited to, notification of any action taken to freeze or unfreeze assets or economic resources pursuant to EU Financial Sanctions Regulations.
It is the responsibility of all individuals and institutions to ensure that they are in compliance with current financial sanctions and related legislation. Details of the EU Sanctions currently in force can be accessed here.
Note, this list is updated periodically and may not always be fully up to date and reference should also be made on a regular basis directly to the Official Journal of the European Union http://eur-lex.europa.eu/oj/direct-access.html.
It is a criminal offence to breach the provisions of the EU Financial Sanctions Regulations as provided for in the implementing Irish Statutory Instrument. Any person guilty of an offence under the relevant Statutory Instrument, including a failure to comply with an Instruction issued by the Central Bank, is liable on conviction to imprisonment and/or a fine.
If you need to contact us with information that would facilitate compliance with EU Financial Sanctions Regulations or require form(s) for notification in advance or authorisation you can contact us at sanctions@centralbank.ie
2. Targeted Financial Sanctions related to Terrorism and Terrorist Financing
Targeted financial sanctions requires regimes to comply with the United Nations Security Council resolutions (UNSCRs or resolutions) relating to the prevention and suppression of terrorism and terrorist financing.
Under the Criminal Justice (Terrorist Offences) Act 2005 it is an offence to finance terrorism within or outside the State. Under the Criminal Justice Act 2010 a designated person must have systems and controls in place to prevent the financing of terrorism.
(b) Obligations of credit and financial institutions
To ensure that a designated person is not facilitating the financing of terrorism it should monitor both the EU and UN Sanctions lists relating to terrorism. Please note the lists are regularly updated and must be checked to ensure that the list is the latest one available.
The following lists should be monitored to ensure compliance with relevant domestic and EU legislation.
The Consolidated list maintained on this website was last updated on 2 January 2015, and supersedes all previous versions
(c) What to do if a “hit” occurs
Should a “hit” be made with a person or entity contained in the EU or UN terrorist lists, designated persons should report the hit immediately to the Garda Síochána (and Revenue) and await further direction. A failure to report a hit may be an offence under the CJA 2010 and the Criminal Justice Act 2011.
It is a criminal offence to breach relevant EU Financial Sanctions Regulations as provided for in the implementing Irish Statutory Instrument. It may also, or in the alternative, amount to a breach of the Criminal Justice (Terrorist Offences) Act 2005, the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 and the Criminal Justice Act 2011.
If you need to contact us with information that would facilitate compliance with targeted Financial Sanctions relating to Terrorist Financing you can contact us at sanctions@centralbank.ie
If you have any questions regarding this email, do not reply to it but contact the Central Bank directly:
Anti-Money Laundering Division
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Tagann an ríomhphost seo ó Bhanc Ceannais na hÉireann. Tá an ríomhphost, agus aon iatán a ghabhann leis, faoi rún agus faoi phribhléid agus ceaptha d’aontoisc le haghaidh úsáide an té nó na heagraíochta chun a ndíreofar iad. Tá dianchosc ar chraobhscaoileadh, ar dháileadh nó ar chóipeáil neamhúdaraithe ar bith, díreach nó indíreach, an ríomhphoist seo nó aon iatán a ghabhann leis. Má tá an ríomhphost seo faighte agat trí dhearmad, cuir an seoltóir ar an eolas agus scrios an t-ábhar ó do chóras le do thoil.
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