Belarus Regime - New Measures and Reporting Obligations
1. On 16 May 2024 the UK Government updated its Belarus sanctions regime pursuant to the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 (the “UK Belarus Regime"). The following updates are effective in Jersey through the Sanctions and Asset-Freezing (Implementation of External Sanctions) (Jersey) Order 2021 (the “Order").
2. Regulation 4 of the UK Sanctions (EU Exit) (Miscellaneous Amendments and Revocations) Regulations 2024 (the “UK Amendment Regulations") introduced new measures to the UK Belarus Regime which cover the import of aluminium, as well as the acquisition and supply and delivery of aluminium, and ancillary services related to the import, acquisition, or supply and delivery of aluminium.
3. The UK Amendment Regulations also introduced additional reporting requirements which place an obligation on persons designated under the UK Belarus Regime to report to the Minister for External Relations (the “Minister") with details of their Jersey assets (or their worldwide assets if they are Jersey Persons). A Jersey Person in this context is an individual who is ordinarily resident in Jersey, or a person incorporated or constituted under the law of Jersey.
4. Designated persons must report any funds or economic resource if the value of those funds or economic resources exceeds the value of £10,000. If multiple funds or economic resources of the same type (for example, jewellery, art, bank accounts), taken together exceed £10,000, this must also be reported.
5. The UK Amendment Regulations require that assets be disclosed by designated persons within 10 weeks of UK Amendment Regulations coming into force on 16 May 2024, or from date of designation, whichever is later.
6. Reports under either of these two measures should be submitted to the Minister at sanctions@gov.je using the reporting forms available at Sanctions FAQ.
Burundi Regime Revoked
7. On 16 May 2024 the UK Government revoked the Burundi (Sanctions) (EU Exit) Regulations 2019 with immediate effect through Regulation 17 of the UK Amendment Regulations.
8. The UK Burundi regime was implemented in Jersey through the Sanctions and Asset-Freezing (Jersey) Law 2019 ("SAFL"), and the Order. The Order will be amended in due course to reflect that this regime is no longer in force.
Further Information
9. Further information on sanctions can be found on the Government of Jersey and Jersey Financial Services Commission (JFSC) websites.
10. A copy of the UK Regulations can be obtained on legislation.gov.uk. Other relevant information about this regime can be found on financial sanctions targets by regime on GOV.UK.
11. The UK Sanctions List on GOV.UK
12. The UK Office of Financial Sanctions Implementation Consolidated List on GOV.UK
Enquiries
13. Non-media enquiries, sanctions compliance reporting, and licence applications should be emailed to the Financial Sanctions Implementation Unit at sanctions@gov.je.
gov.je