Online e-Filing Portal
Sanctions are restrictive measures that are put in place by the United Nations (“UN”) Security Council, or the United Kingdom (“the UK”) to achieve a specific foreign policy or national security objective, as well as maintain international peace and security.
Sanctions come in many forms and are developed in response to a particular circumstance. It may include designations for financial sanctions, including asset freezes; trade sanctions including arms embargoes and restrictions; and immigration sanctions, known as travel bans.
The UN imposes financial sanctions through Resolutions passed by the UN Security Council and requires member states to implement them. UN designations are implemented automatically in the UK.
The UK imposes financial sanctions, which are implemented through a combination of statutory instruments and primary legislation including:
International sanctions measures, including targeted financial sanctions are generally imposed on an individual, entity or regime to:
Financial Sanctions which are in effect, generally apply to:
The requirement of ensuring compliance with the obligations rests with the relevant entity or professional that is:
Accordingly, all relevant persons are required to fully comply with the obligations set out in the legislation and to ensure that it has in place appropriate risk based mechanisms, policies and procedures to assess applicants for business, customers and business relationships to determine whether they are under any sanctions imposed by the UN and EU which are extended to the Territory as Sanctions Orders by the UK through Orders in Council.