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UN and EU Economic Sanctions – Further Guidance

Wednesday, 8 March 2017

The Customs and Excise Division of the Treasury has made further amendments to Sanctions Notice 26, which provides general information and guidance to a business on how to deal with UN and EU sanctions.

All persons in business in the Island are advised to read the Notice.

On 25 January, the Treasury published a news release to announce that guidance on the treatment of so-called 'false positives' found when checking client and account databases had been added to the Notice.

Changes made at that time also made it clear that a business is expected to maintain records of any potential and actual matches to names on sanctions lists, including false positives.

The Notice has now been reissued and contains guidance on what to do if a person or entity is removed from a list of those subject to sanctions, or if some other change means that an account should no longer be blocked, or funds or other economic resources should no longer be frozen.

The guidance makes it clear that there is no requirement to formally inform Customs and Excise or the FIU that an account has been unblocked or a freeze on funds or other economic resources has been lifted.  However, adequate records of any such changes should be maintained.

The Notice has also been amended to place more emphasis on the ability of businesses to register with the available RSS feed to enable them to receive all relevant news releases issued by the Customs and Excise Division advising of changes concerned with sanctions, as well as related export and trade control developments.  Such news releases would advise of lifting of sanctions etc.

One may subscribe to the RSS feed at /categories/tax-vat-and-your-money/customs-and-excise/news/

For more information contact Customs and Excise.

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