On 31 July 2020 Council Implementing Regulation (EU) 2020/1128 (“the Amending Regulation”) was published in the EU Official Journal. The Amending Regulation amended Annex XV and XVI to Council Regulation (EC) 2580/2001 with effect from 1 August 2020.
Twenty entries have been amended and remain subject to an asset freeze. Details of the amendments can be found in the attached Annex.
Financial institutions and other persons are requested to check whether they maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, the designated individuals and entities. If so, they must freeze such accounts or other funds and, unless licensed by the Treasury, refrain from dealing with said funds or economic resources, and suspend the provision of any financial services. Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated individuals and entities they are not required to report these details again.They must also report their findings to the FIU.
Failure to comply with financial sanctions legislation or to seek to circumvent its provisions is a criminal offence.