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The Syria (European Union Financial Sanctions) (Amendment No. 2) Regulations 2012
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- 2012 No. 2524
- Explanatory Note
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Version Superseded: 31/12/2020
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Syria (European Union Financial Sanctions) Regulations 2012 (S.I. 2012/129) (“the 2012 Regulations”). The 2012 Regulations make provision relating to the enforcement of Council Regulation (EU) No. 36/2012 of 18 January 2012 concerning restrictive measures in view of the situation in Syria (OJ L 16, 19.01.2012, p.1) (“the first Council Regulation”). The measures include the freezing of funds and economic resources of designated persons and prohibitions on funds and economic resources being made available to them or for their benefit.
Council Regulation (EU) No. 867/2012 of 24 September 2012 (OJ L 257, 25.9.2012, p.1) (“the new Council Regulation”) amends derogations contained in the first Council Regulation in respect of the Central Bank of Syria. The derogations permit certain transfers of funds or economic resources to and from the Central Bank of Syria in respect of trade contracts. The new Council Regulation changes the wording of the derogations so that they cease to be automatic exemptions and become subject to the licensing procedure provided for in regulation 10 of the 2012 Regulations. These Regulations amend the 2012 Regulations by removing the derogations and also revoke the Syria (European Union Financial Sanctions) (Amendment) Regulations 2012 (S.I. 2012/639) which provided for the derogations.
An impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen. Further information is available from the Asset Freezing Unit, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and on the HM Treasury website (www.hm-treasury.gov.uk).
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