Sanctions list
Sanctions list
Sanctions are restrictive measures that are put in place by the United Nations (UN) Security Council or other countries in the international community to achieve a specific foreign policy or national security objective, as well as maintain international peace and security. Sanctions come in many forms and are developed in response to a particular circumstance. It may include designations for financial sanctions, including asset freezes; trade sanctions, including arms embargoes and restrictions; and immigration sanctions, known as travel bans. Such restrictions may limit the provision of certain financial services or restrict access to financial markets, funds, economic resources, trade and exports.
The Prevention of Terrorism Regulation, 2015 directs all Supervisory authorities to immediately upon receipt of a sanctions list, circulate it to the entities under its purview for their information and action.
Any person or other entity who is in possession or control of property of a listed entity shall immediately, without notice to the listed entity, take the necessary measures to freeze any such property and withing 24 hours, disclose the details of the property or information to the FIU.
A person who contravenes the provisions of these Regulations commits an offence and shall be liable, on conviction, to a fine not exceeding SCR 20,000 or to imprisonment for a term not exceeding 2 years.
Any person or other entity who is in possession or control of property of a listed entity shall immediately, without notice to the listed entity, take the necessary measures to freeze any such property and withing 24 hours, disclose the details of the property or information to the FIU.
A person who contravenes the provisions of these Regulations commits an offence and shall be liable, on conviction, to a fine not exceeding SCR 20,000 or to imprisonment for a term not exceeding 2 years.