Financial Crime World

Asset Freezing and Unfreezing in Central African Republic: A Complex Web of International Sanctions

The United Nations created the Central African Republic Committee in 2013, imposing sanctions on the country through UN Security Council Resolution 2127. This marked a significant step towards stabilizing the war-torn nation.

Initial Sanctions Package

The initial sanctions package included an arms embargo, which was later bolstered by targeted asset freezes and travel bans against individuals deemed responsible for undermining peace and stability or violating the arms embargo. This additional measure came into effect on January 28, 2014.

International Sanctions

In sync with the UN’s efforts, the European Union implemented identical sanctions in 2014 through:

  • Council Decision 2013/798/CFSP
  • Council Regulation (EU) No 224/2014

These measures remain in force to this day, subject to periodic amendments.

UK and US Sanctions

The United Kingdom has also adopted a similar approach, implementing all UN sanctions regarding the Central African Republic through:

  • The Central African Republic (Sanctions) (EU Exit) Regulations 2020 (SI 2020/616)

In the United States, President Barack Obama issued Executive Order 13667 in 2014, effectively imposing UN sanctions on the country. This move reflected a shared commitment to addressing the crisis in the Central African Republic and promoting stability in the region.

The Complex Web of International Sanctions

The complex web of international sanctions has resulted in asset freezing and unfreezing becoming a crucial aspect of efforts to stabilize the nation. As the situation continues to evolve, it remains essential for all parties involved to work together to ensure that these measures remain effective and proportionate.

  • Ensuring the effectiveness of sanctions requires close cooperation among international partners.
  • Asset freezing and unfreezing are critical components of stabilizing the nation.
  • Proportionality is key in ensuring that sanctions do not hinder humanitarian efforts or exacerbate the situation.