Sanctions Committee Imposes Immediate Designation on Party Under Section 10(4) of the Act
The National Sanctions Secretariat has announced that a party has been designated under section 10(4) of the United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act 2019. This designation is effective immediately and will remain in place until further notice.
Background
Pursuant to section 18 of the Act, the National Sanctions Secretariat has issued a Notice declaring the party as a designated party. The Explanatory Note accompanying the Notice provides that this designation is based on the United Nations Security Council Consolidated List, which was published in the Government Gazette on October 5, 2019.
Targeted Sanctions
As a result of this designation, the following targeted sanctions will apply immediately:
- Prohibition to deal with funds or other assets of the designated party under section 23 of the Act.
- Prohibition on making funds or other assets available to the designated party under section 24 of the Act.
- Arms embargo under section 35 of the Act.
- Travel ban under section 36 of the Act.
Obligations of Financial Institutions
Financial institutions, including banks and other financial institutions licensed by the Bank of Mauritius, are required to adhere to the provisions of the Act, particularly sections 23, 24, and 25 thereof. This includes:
- Regular screening against sanctions lists
- Reporting obligations
- Implementing internal controls
Reporting Obligations
Financial institutions must immediately report any positive or negative match with a designated party to the National Sanctions Secretariat and the Bank of Mauritius using the templates provided by the National Sanctions Secretariat.
Penalties for Non-Compliance
Failure to comply with the requirements of the Act, including reporting obligations, may result in monetary penalties. The Bank of Mauritius is responsible for supervising and enforcing compliance by its licensees under section 40(2) of the Act.
Accessing Guidelines and Templates
The National Sanctions Secretariat has provided guidelines and templates to assist financial institutions with their reporting obligations. These documents are available on the website of the National Sanctions Secretariat.
Contact Information
For further information or assistance, please contact the National Sanctions Secretariat at [insert contact information].