Financial Crime World

Financial Sanctions List in Mali Undergoes Changes Amid Ongoing Tensions

The UK’s financial sanctions list for Mali has been updated multiple times since the country’s peace agreement was signed in 2015, with the latest revisions taking place in September and July of this year. The list is designed to target individuals and entities responsible for undermining peace and stability in Mali.

Key Objectives

  • Maintaining Peace and Stability: The sanctions aim to promote a stable environment in Mali by targeting those who undermine it.
  • Supporting the Implementation of the Agreement on Peace and Reconciliation: By imposing financial penalties, the UK seeks to encourage adherence to the peace agreement.
  • Upholding Human Rights: The sanctions list includes individuals and groups accused of violating human rights in Mali.
  • Respecting Local, Regional, and State Institutions: Those who undermine local institutions are targeted by the sanctions.
  • Promoting Effective Delivery of International Security Missions: The UK seeks to support international efforts to maintain peace and stability in Mali.

Recent Developments

Update to Sanctions List in September 2023

In September 2023, HM Treasury released an updated notice outlining the current list of designated persons under the Mali (Sanctions) (EU Exit) Regulations 2020. The notice includes information on individuals and entities who have been added or removed from the sanctions list since its implementation.

Update to Sanctions List in July 2023

Similarly, in July 2023, HM Treasury published another update to the sanctions list, which included a new notice outlining the requirements for making certain transactions prohibited by the regulations.

Background

The Mali (Sanctions) (EU Exit) Regulations 2020 were introduced in response to the ongoing crisis in Mali. The regulations aim to ensure that UK sanctions on Mali are implemented effectively after the country leaves the EU.

History

  • First Set of Financial Sanctions Introduced in 2017: The Republic of Mali (European Union Financial Sanctions) Regulations 2017 was passed following a UN Security Council resolution imposing targeted sanctions on Mali.
  • Ongoing Updates to Sanctions List: Since then, the UK has made several updates to the financial sanctions list for Mali.