HM Treasury has today applied European Council Regulation (EU) 208/2014 which imposes financial sanctions, including asset freezes, against certain persons, entities and bodies in view of the situation in Ukraine. This was imposed by Council Regulation (EU) 208/2014 (“the Regulation”).
The Notice reads:
What you must do
- Check whether you hold any accounts, funds or economic resources for the persons set out in the Annex to this notice;
- Freeze such accounts, funds or economic resources;
- Refrain from dealing with such accounts, funds or economic resources, or making them available to such persons - unless licensed by the Treasury;
- Report any findings to the Treasury, together with any additional information that would facilitate compliance with the Regulation;
- Provide any information concerning the frozen assets of such persons that the Treasury may request. Information reported to the Treasury may be passed on, for example to other regulatory authorities or law enforcement agencies.
Failure to comply with financial sanctions legislation or to seek to circumvent its provisions is a criminal offence.
The list of target entities and individuals can be found here.
Chambers continues to advise on licensing arrangements, breaches and duties upon financial institutions.