By Elizabeth Hearst for AMLi
The Central Bank of Ireland has issued a letter to business and professional representative groups reminding them of their obligations under EU Financial Sanctions against Russia.
Following Russia’s invasion of Ukraine in February, the EU has launched several sanctions packages, with its most recent package including a complete import ban on Russian seaborne crude oil.
The letter published today by the Central Bank of Ireland aims to “provide information and to request that the information be shared, in order to assist their members as they meet their obligations under the EU Financial Sanctions.”
Director of Enforcement and Anti-Money Laundering, Seána Cunningham said: “It is vitally important that Ireland plays its part in the effective implementation of sanctions to ensure that the sanctions achieve their desired goal.”
“In this regard, it is important that all individuals and entities fully understand their obligations under sanctions regulations and their role in effective implementation, which is the purpose of our communication,” said Ms Cunningham.
She added: “The adoption of sanctions places legally binding obligations on all individuals and entities and we are requesting that business and professional groups would assist in ensuring that their members are aware of these obligations.”
The Central Bank of Ireland has reminded its members that the adoption of sanctions places “legally binding obligations” on all individuals and entities, with sanctions breaches to be reported to the Irish Police (An Garda Síochana).
Recipients of the letter include: The Law Society, The Bar of Ireland, individual Chambers of Commerce, Ibec, Enterprise Ireland, ACCA, Chartered Accountants Ireland, Irish Congress of Trade Unions and more.
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