Restrictive measures by the council of the EU
The UK Treasury department has issued a Financial Sanctions Notice identifying restrictive measures taken by the Council of the European Union (Council Regulation (EU) No 25/2011) against certain persons and entities in view of the situation in the Ivory Coast.
Introduction
On 15 November 2004 the United Nations Security Council adopted Resolution 1572 which introduced financial sanctions against persons designated by the UN Sanctions Committee as constituting a threat to the peace and national reconciliation process in the Ivory Coast.
Council Regulation (EC) No 560/2005 of 12 April 2005 (“the 2005 Regulation”) implements Resolution 1572 (2004) in the European Union. Annex I to the 2005 Regulation lists the names of those designated by the UN Sanctions Committee.
Council Regulation (EU) No 25/2011
On 14 January 2011 the Council of the European Union adopted Council Regulation (EU) No 25/2011 which amends the 2005 Regulation and, amongst other matters, places certain restrictions, including an asset freeze, on persons, entities or bodies who are obstructing the process of peace and national reconciliation, and in particular who are jeopardising the proper outcome of the electoral process in the Ivory Coast, and natural or legal persons, entities or bodies associated with them.
The text set out in Annex I to Regulation 25/2011 is inserted into the 2005 Regulation as Annex IA and lists the persons, entities or bodies that have been designated by the Council and are therefore subject to the freezing of funds and economic resources provisions imposed under Article 2 of the 2005 Regulation. Such persons, entities or bodies are “designated persons” for the purposes of this Notice. The designated persons in Annex IA to the 2005 Regulation are not listed by the UN Security Council or the Sanctions Committee.
Membersare advisedthat organisations included in the list of entities in Annex IA of Council Regulation (EU) No. 25/2011 are the National Petroleum Corporation and a number of ports including Abidjan.
Subjects covered by restrictive measures include;
- Freezing of funds and economic resources of designated persons.
- Frozen accounts.
- Interest, other payments and credits.
- Licences.
- Reporting requirements.
Regulation 25/2011 was published in the Official Journal of the European Union (O.J. L11, 15.1.2011, P.1) on 15 January 2011. Regulation 25/2011 entered into force on 15 January 2011 and is directly applicable in the UK.
Click here for the UK Treasury Financial Sanctions Notice
Clich here for Regulation 25/2011
Click here for the 2005 Regulation
Source: The North of England P&I Club