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Financial Sanctions and Embargoes Take Centre Stage in Ireland’s Regulatory Landscape

In an effort to curb illicit activities and exert pressure on individuals and entities, the European Union (EU) and the United Nations (UN) have imposed financial sanctions on a wide range of targets. These restrictive measures are designed to disrupt the flow of funds and assets to those involved in terrorism, proliferation of weapons of mass destruction, and other malicious activities.

Targeted Financial Sanctions: A Key Tool in the Fight Against Terrorism

One of the most significant types of financial sanctions is the targeted financial sanction, which aims to prevent terrorist financing. These sanctions can originate from either the EU or the UN, and once a person, entity, or body is designated as a target, funds and assets must be frozen immediately.

Penalties for Breaching Financial Sanctions

Failure to comply with financial sanctions can result in severe penalties under Irish law. In addition to fines and other administrative penalties, individuals and entities found guilty of breaching these sanctions can also face criminal charges.

Guidance for Credit and Financial Institutions

To assist Firms in complying with financial sanctions, the Central Bank has issued guidance on monitoring transactions and reporting suspicious activity. If a match or “hit” occurs against a sanctioned person, entity, or body, Firms must immediately freeze accounts and/or stop transactions and report the incident to the Central Bank.

EU Sanctions Whistleblower Tool

Individuals who have information about possible violations of EU sanctions can use the EU’s whistleblower tool to bring these breaches to light. This includes providing information on facts concerning sanctions violations, their circumstances, and the individuals, companies, and third countries involved.

Competent Authorities for Financial Sanctions

In Ireland, the Central Bank is responsible for administering and enforcing financial sanctions in relation to financial institutions. The Department of Enterprise, Trade and Employment and the Department of Foreign Affairs are also competent authorities for EU restrictive measures.

Further Information

For more information on financial sanctions and embargoes in Ireland, readers can visit the website of the European Commission or the United Nations Security Council. The Central Bank’s financial sanctions unit can be contacted at [email address] for any queries or concerns.

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