- The adoption of sanctions places legally binding obligations on all individuals and entities
- The Central Bank is sharing information with business representatives regarding individual and firm-level obligations
- Sanctions breaches must be reported to An Garda Siochana
Against the backdrop of Russia’s invasion of Ukraine and the introduction of EU Regulations relating to financial sanctions, the Central Bank of Ireland has issued a Letter to business and professional representative bodies, to provide information and to request that the information be shared, in order to assist their members as they meet their obligations under the EU Financial Sanctions.
Director of Enforcement and Anti-Money Laundering, Seána Cunningham said “It is vitally important that Ireland plays its part in the effective implementation of sanctions to ensure that the sanctions achieve their desired goal.
“In this regard, it is important that all individuals and entities fully understand their obligations under sanctions regulations and their role in effective implementation, which is the purpose of our communication. The adoption of sanctions places legally binding obligations on all individuals and entities and we are requesting that business and professional groups would assist in ensuring that their members are aware of these obligations.”
If a business or individual is in possession or control of funds or economic resources of a person/entity that is subject to a Financial Sanction, that business or individual are legally obliged to:
- Freeze the funds or economic resources
- Refuse to deal with or release the funds or economic resources to the sanctioned person, unless there is an available exemption and you have obtained the required authorisation from the Central Bank of Ireland
- Report the freezing of the funds or economic resources to the Central Bank using the Sanctions Return Form.
Where an individual or entity suspects that a breach of the sanctions has or will occur it must report this to An Garda Síochána. You can also bring this to the attention of the European Commission anonymously via the EU Sanctions Whistleblower Tool.
Notes to editors
- A consolidated list of persons, groups and entities subject to EU financial sanctions can be found here.
- The Central Bank of Ireland is one of three competent authorities in Ireland for EU Sanctions and is responsible for the administration and enforcement of financial sanctions. Other types of sanctions include bans on travel and certain imports/exports, the Central Bank has no role with respect to such sanctions. The other two Irish competent authorities for EU Restrictive Measures are the Department of Enterprise, Trade and Employment and the Department of Foreign Affairs.
- The Central Bank has published an online FAQ specifically in relation to the Financial Sanctions.
- Changes to the Financial Sanctions are updated on the Central Bank website as and when announced by the EU Commission.
- The Central Bank has been in direct contact with Regulated Financial Services Providers since the Sanctions were first announced.
- Representative and other bodies contacted by Letter include: The Law Society; The Bar of Ireland; individual Chambers of Commerce; Small Firms Association; IBEC; Enterprise Ireland; IDA; Citizens Information Board; ACCA; Chartered Accountants Ireland; Chartered Institute of Logistics and Transport Ireland; Irish Congress of Trade Unions; Women’s Network Ireland; National Ploughing Association.
Source: CBI Ireland