Sanctions amendments now in effect

The Government of Jersey has made amendments to the Sanctions and Asset-Freezing (Jersey) Law, which come into effect today.

The amendments:

• clarify that prohibitions on making economic resources, funds, or financial resources available, directly or indirectly to, or for the benefit of, a designated person also include making these available to any persons owned or controlled by a designated person
• provide for broader disclosure of information in connection with international sanctions compliance, if the Minister for External Relations is satisfied that such disclosure is appropriate in the circumstances
• amend the reporting obligations of Relevant Financial Institutions, bringing these in line with those under UK sanctions legislation

For more details read the Government of Jersey’s update.