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Financial Sanctions: Terrorism and Terrorist Financing

Thursday, 10 January 2019

The Terrorism and Other Crime (Financial Restrictions) Act 2014 implements the terrorist asset-freezing requirements of UN Security Council Resolution 1373 (2001) and Council Regulation (EU) No 2580/2001.

Council Regulation (EU) 2580/2001 imposing financial sanctions against Terrorist and Terrorist Financing has been amended with effect from 9 January 2019.

Three entries have been added and five existing entries amended. Details 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 persons 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. They must also report their findings to the FIU. Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for designated persons or entities they are not required to report these details again.

Further information is contained in the Terrorism and Financing of Terrorism Notice or can be obtained by contacting Customs and Excise

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