Update to our sanctions webpages: Russia and Belarus sanctions, TFS-PF and TFS-TF
New Jersey general licence
The Minister for External Relations and Financial Services (the Minister) has today introduced Jersey General Licence RUSSIA/JSY/2022/1 (the Jersey General Licence (Legal Services)), to permit the payment of legal fees owed by individuals and entities designated under either the Russia and Belarus sanctions regimes.
The Jersey General Licence (Legal Services) allows a Jersey law firm or Jersey legal counsel, who has provided legal advice to a person designated under either the Russia or Belarus sanctions regimes, to receive payment from or on behalf of that designated person, rather than having to wait for a specific licence from the Minister. Information on reporting requirements and reporting forms for those who use the Jersey General Licence (Legal Services) can be found on the Government of Jersey’s website.
The Government of Jersey has also updated its Licence and Exemptions Guidance to account for the introduction of the Jersey General Licence (Legal Services).
Guidance on prohibitions and exemptions
The Government of Jersey has also published new guidance regarding prohibitions and exemptions for providing certain professional and business-related services to Russia-connected persons. This guidance has been published on the Government of Jersey’s “Finance Industry and Russian Sanctions” page.
The Government of Jersey’s full press release on the above matters can be found on the Jersey Gazette.
JFSC sanctions guidance updates
We have updated our guidance in respect of targeted financial sanctions related to terrorist financing (TFS-TF) and proliferation financing (TFS-PF). These updates aim to assist Industry by clarifying the United Nations Security Council’s designation criteria regarding TFS-TF and TFS-PF.
It is important for supervised persons to have appropriate and effective policies and procedures in place regarding sanctions. To assist in this, we recommend that supervised persons subscribe to our sanctions e-mail alerts, and sign up to receive notifications from the Jersey Gazette.