(This note is not part of the Regulations)
These Regulations make provision relating to the enforcement of financial sanctions measures contained in the statutory instruments being amended. They do so by amending the relevant Schedules to those statutory instruments, which impose requirements on certain persons to provide information, and make provision for information gathering and disclosure.
The amendments made by these Regulations extend to certain businesses and professions the offences associated with a failure to comply with the duty to inform Her Majesty’s Treasury if they know or have reasonable cause to suspect that a person has committed an offence under the relevant regulations or is a person who is the subject of an asset freeze for the purposes of the relevant EU financial sanctions regime.
An impact assessment has not been prepared for this instrument because no significant impact on the private or voluntary sector is foreseen. Further information is available from the Office of Financial Sanctions Implementation, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and on the Treasury’s website (www.gov.uk/government/organisations/office-of-financial-sanctions-implementation).