Financial Crime World

Sanctions Committee Slams Door on CAR Rebels’ Finances

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In a move aimed at crippling the financial backbone of rebel groups in the Central African Republic (CAR), the United Nations Security Council has slapped new sanctions on entities and individuals accused of fueling the conflict.

Extending the Mandate of the Panel of Experts

The latest resolution, adopted yesterday, extends the mandate of the Panel of Experts tasked with monitoring compliance with previous sanctions. The experts will now have until February 29, 2016 to gather information on suspected violators and provide regular updates to the Committee.

Identified Individuals and Entities

According to sources close to the Committee, several individuals and entities have been identified as key players in the illegal exploitation and smuggling of natural resources, including:

  • Gold
  • Diamonds
  • Wildlife products

These assets will be frozen, and those responsible for their illicit trade could face travel bans and asset freezes.

Focus on Investigating Illicit Trafficking Networks

The Panel of Experts has been instructed to focus on investigating reports of illicit trafficking networks that continue to fund and supply armed groups in the CAR. The sanctions committee has also called on regional states and international organizations to cooperate with the Panel in combating these networks.

Importance of Cooperation and Implementation

In a statement, the Committee emphasized the importance of:

  • Holding regular consultations with concerned Member States to ensure full implementation of the measures outlined in the resolution
  • Cooperating fully with the sanctions regime and providing unhindered access to relevant information and sites

The move comes as efforts continue to stabilize the CAR, which has been plagued by violence and instability since 2013. The Special Representative of the Secretary-General for Children and Armed Conflict and the Special Representative for Sexual Violence in Conflict have been asked to continue sharing relevant information with the Committee to support its work.

Continuous Review and Modification

The sanctions committee will keep the situation in the CAR under continuous review and is prepared to modify or lift the measures as needed, depending on progress towards stabilization and compliance with the resolution.