*All published Latest News notices relating to financial sanctions, including those extending beyond the last 30 days, may be obtained from the Jersey Gazette
The Sanctions and Asset-Freezing (Implementation of External Sanctions) (Jersey) Order 2021 (the Jersey Order) implements the Iran (Sanctions) (Human Rights) (EU Exit) Regulations 2019 (the UK Regulations).
Article 3 of the Jersey Order imposes the asset-freeze provisions in Part 3 of the Sanctions and Asset-Freezing (Jersey) Law 2019 (the SAFL) on any person listed by or under the UK Regulations. The Part 3 provisions also include, but are not limited to, Articles 15-17 of the SAFL on exceptions, licences, and circumventing prohibitions etc.
The offences for this regime are set out in Parts 3 (Asset-freezes) and 6 (Information) of the SAFL and in Articles 4 to 6 of the Jersey Order.
Reporting obligations are set out at Article 32 of the SAFL and apply to all regimes in force. These obligations include requirements for a relevant financial institution to inform the Minister if:
it holds an account of a person, has entered into dealings or an agreement with a person or has been approached by or on behalf of a person, and
it knows, or has reasonable cause to suspect, that the person:
is a designated person, or;
has committed an offence, and
the information or other matter on which the knowledge or reasonable cause for suspicion is based came to it in the course of carrying on its business.
Licences and exceptions
Asset-freeze prohibitions: The provisions on exceptions and licences for asset-freezes are set out in Part 3 of the SAFL. A licence may only be granted by the Minister if there is scope in the relevant UK regulations for an equivalent licence to be granted by the UK Treasury. Exceptions to an asset-freeze that are set out in UK sanctions regulations do not apply in Jersey; however, they may be considered as a basis for an asset-freeze licence application.
Non asset-freeze prohibitions: The provisions on exceptions and licences are set out in Part 3 of the SAFL. A licence may only be granted by the Minister if there is scope in the relevant UK regulations for an equivalent licence to be granted by the UK Treasury. Exceptions to a non asset-freeze prohibition that are set out in UK sanctions regulations apply in Jersey.
UK General Licences do not apply to Jersey persons or institutions operating in Jersey; however, they may be considered as the basis for a licence application.
NB: This regime also allows for the designation of persons for immigration/travel restrictions, which would be enforced under Jersey’s immigration legislation.