What are Financial Sanctions?
Financial sanctions are restrictive measures imposed on individuals or entities in an effort to curtail their activities and to exert pressure and influence on them. These restrictive measures include, but are not limited to, financial sanctions, trade sanctions, restrictions on travel or civil aviation restrictions.
Financial sanctions emanate from the UN and the EU and are contained in sanctions lists. All natural and legal persons are obliged to comply with financial sanctions and can do so by monitoring the EU and UN lists and taking appropriate action as required (see below). The consolidated lists are available here:
What you need to do?
Once a person or entity is designated ('sanctioned') by the UN Sanctions Committees or set out on the EU lists, you as a ‘designated person’ should:
Refrain from getting involved in a business relationship or conducting any transactions with the sanctioned person or entity and
Submit a suspicious transaction report to An Garda Síochána and to the Revenue Commissioners.
What Penalties are imposed for breach of Sanctions?
The penalties in Irish law for a breach of EU Financial Sanctions are contained in a statutory instrument signed by the Minister for Finance. A list of Irish statutory instruments in force relating to penalties for the breach of financial sanctions can be found in the Irish Statute Book: http://www.irishstatutebook.ie/
Want more information?
Should you wish to find out more about SANCTIONS you can access the Department of Foreign Affairs website via this link