JERSEY - Financial Sanctions Notice: Forthcoming Sanctions Legislation 8 January 2021
A new Jersey sanctions Order will be made by the Minister for External Relations (the "Minister") under the Sanctions and Asset-Freezing (Jersey) Law 2019 (SAFL) in the week ending 29 January, to come into force two weeks later.
The draft Sanctions and Asset-Freezing (Implementation of UK Regulations) (Jersey) Order 202- (the “draft Order”) will:
- Implement all UK sanctions regulations made under the Sanctions and Anti-Money Laundering Act 2018 (SAMLA).
- Repeal the Sanctions and Asset-Freezing (Implementation of EU Regulations) (Jersey) Order 2020.
- Repeal the Sanctions and Asset-Freezing (UK Human Rights Designations) (Jersey) Order 2020 and incorporate its effects.
- Repeal the Sanctions and Asset-Freezing (Designation of Lugovoy and Kovtun) (Jersey) Order 2020 and incorporate its effects.
You can view all the UK sanctions regimes made under SAMLA, including the relevant regulations and guidance that have been published by the Office of Financial Sanctions Implementation (OFSI) on:-
The current list of UK asset-freeze targets has been published by OFSI on
You can also view the OFSI Financial Sanctions Notice on changes to the Consolidated List.
The new UK sanctions regulations have been drafted to have substantially the same policy effect as the EU restrictive measures regulations. However, though initially, the regimes will be mainly the same, there are some differences - including
- changes to those persons and entities subject to an asset-freeze - and
- it is possible that there will be increasing divergence over time.
These are the regimes that will be implemented under SAFL by the draft Order.
What will change in Jersey
- Jersey currently implements all UN and EU sanctions through SAFL and the Sanctions and Asset-Freezing (Implementation of EU Regulations (Jersey) Order 2020.
- Following the coming into force of the draft Order, Jersey will no longer implement EU sanctions, and all UN and UK sanctions will be implemented by SAFL and the draft Order.
- All UN, UK, and EU terrorist asset-freezing designations will continue to be implemented in Jersey. However, there will be a further legislative change later this year following which EU terrorist asset-freezing designations will no longer be implemented.
- JERSEY GOV = https://www.gov.je/Government/Departments/JerseyWorld/Pages/SanctionsFAQ.aspx
- JFSC = https://www.jerseyfsc.org/industry/international-co-operation/sanctions/
A further Financial Sanctions Notice will be published on the Jersey Gazette once the draft Order has been made. There will then be two weeks until the new Order comes into force.
Date published 08 January 2021 - Implementation of UK Sanctions
Meet the team of industry experts behind ComsureFind out more
Keep up to date with the very latest news from ComsureFind out more
View our latest imagery from our news and workFind out more
Think we can help you and your business? Chat to us todayGet In Touch
As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email email@example.com.