Order for United Nations Financial Sanctions

Friday 31 March 16:27

The Minister for External Relations, Senator Sir Philip Bailhache, has made an Order bringing into force the United Nations Financial Sanctions (Jersey) Law 2017 from Saturday 1 April 2017.

The Minister for External Relations, Senator Sir Philip Bailhache, has made an Order bringing into force the United Nations Financial Sanctions (Jersey) Law 2017 from Saturday 1 April 2017.

Sanctions are a means for the government, in line with the international community, to achieve a desired outcome from a target country or regime. They also demonstrate Jersey’s commitment to meeting international obligations and standards in relation to the financial services industry, which includes combatting money laundering and terrorist financing.

The Law will enable Jersey to comply with its obligations under the United Nations Charter to put financial sanctions restrictions in place “without delay”. While there is no definition of “without delay”, the Financial Action Task Force (FATF) have said that restrictions should be in place “within hours”, and at most within 48 hours.

UN Security Council (UNSC) sanctions , once implemented by the EU are given effect in by Orders made by the Minister for External Relations. However, due to the processes by which EU legislation is drafted, which includes translation into several languages, there can sometimes be a delay of up to 4 weeks before UNSC sanctions resolutions are given effect.

The new Law means that from tomorrow, any new persons or entities designated by the relevant UNSC sanctions committee for the purposes of an asset freeze, will be automatically designated in Jersey. It also means that any new sanctions regime created by the UNSC will have effect in Jersey within 2 days.

Subject to further legislative changes enabled by this new Law, the maximum penalty for breaching sanctions will increase from a fine and 2 years imprisonment, to a fine and 7 years imprisonment.

Jersey currently has over 20 international financial sanctions regimes in force, in addition to measures targeting entities such as the Taliban, ISIL (Da’esh) and Al‐Qaida.

The Minister commented “Financial sanctions are an important tool used by the international community to combat threats to international peace and security. By bringing into force the United Nations Financial Sanctions (Jersey) Law, Jersey demonstrates the importance it attaches to supporting these actions and reinforces the Island’s commitment to meeting its international obligations.”

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