The United Nations (UN) imposes general measures regarding terrorism and more specifically against named persons, groups, undertakings and entities. The enforcement measures are imposed to combat international terrorism and threats to international peace and security. These measures inter alia impose asset freezes and other prohibitions in respect of funds owned, held or controlled by certain named persons, groups, undertakings and entities. It is a criminal offence to breach these requirements.
The UN has also imposed sanctions against specified countries and/or government officials of certain countries. Any person or entity considering entering into any form of financial or other type of business relationship which is in any way linked with the countries or subjects referred to in the UN sanctions must exercise great caution and closely consider the details contained within the various sanctions lists and any associated local enactments or enactment which has been extended to the Turks and Caicos Islands. Many of the sanctions expressly prohibit the provision of financial services to the named individuals or entities and it is of paramount importance that the financial services industry take appropriate measures to comply with these enactments.
The UN Sanctions Committee list can be found at the link: http://www.un.org/sc/committees/
Detailed information on the work of each committee, including current measures in place and lists can be found in links in a column on the on the left side of that page.
The UN Sanctions Committee list specifically in relation to Al-Qaida can be found at the link: http://www.un.org/sc/committees/1267/aq_sanctions_list.shtml
The European Union (EU) has also applied sanctions or restrictive measures within the framework of the Common Foreign and Security Policy (CFSP) as mandated by the treaty on European Union. The EU list of Restrictive Measures can be found at: http://eeas.europa.eu/cfsp/sanctions/docs/measures_en.pdf
The EU Consolidated list of persons, groups and entities subject to EU Financial Sanctions can be found at: http://eeas.europa.eu/cfsp/sanctions/consol-list_en.htm
Information on the United Kingdom’s (UK) financial sanctions regime is available at this link. The UK also maintains a consolidated list of asset freeze subjects as designated by the UN, EU and UK in relation to financial sanctions and has issued guidance on financial sanctions. Frequently asked questions relating to financial sanctions can be found here .Details of current arms embargoes and other restrictions are available at the following page .
Electronic copies of UK legislation, including Statutory Instruments (SI’s) which applies to the Turks and Caicos Islands can be found at: http://www.legislation.gov.uk/
The UK Government through the Privy Council periodically issues Orders to extend implementation of UN and/or EU measures and sanctions to its territories. These orders are enacted domestically to give the force of law in the Turks and Caicos Islands. The FSC maintains a listing on this website as a tab on the legislation page under sanctions.
Other links & information