Sanctions Alert: What You Need to Know About Target Matches and Asset Freezes
Warning Issued by Gibraltar Authorities
In a shocking revelation, Gibraltar authorities have issued a warning about potential matches between individuals or entities and those listed on the consolidated list of sanctioned persons.
Identifying Matches
According to reports, if you suspect that an individual or entity you are dealing with matches one or more entries on the list, it is crucial to take immediate action. A “name match” does not necessarily mean that the individual or entity is the same one on the list, but a “target match” may indicate a higher level of risk.
Freezing Assets
Experts warn that if you know or have reasonable cause to suspect that you are in possession or control of funds or economic resources belonging to a designated person, you must freeze them immediately. This includes:
- Not dealing with them
- Making them available to the designated person
- Using them for personal consumption
Consequences of Non-Compliance
Moreover, if you report suspicion of holding frozen assets, you may be liable for criminal prosecution or monetary penalties.
Definition of Funds and Economic Resources
The Gibraltar authorities have also clarified that “funds” refer to financial assets and benefits of every kind, including but not limited to:
- Cash
- Cheques
- Claims on money
- Drafts
- Money orders
- Other payment instruments
On the other hand, “economic resources” generally mean assets of every kind, tangible or intangible, movable or immovable.
Making Assets Available to Designated Persons
In related news, authorities have emphasized that making available funds or economic resources directly or indirectly to a designated person or for their benefit may constitute a criminal offence. Additionally, any financial benefits obtained by a designated person from the use of frozen assets may also be subject to legal action.
What You Can Do
As the situation continues to unfold, experts urge all individuals and entities to:
- Remain vigilant
- Report any suspicions to the authorities promptly
Stay Informed
Stay tuned for further updates on this developing story.