Explanatory Note

(This note is not part of the Regulations)

These Regulations make provision relating to the enforcement of Council Regulation (EU) 2018/1542 of 15th^{October 2018 concerning restrictive measures against the proliferation and use of chemical weapons (OJ L 259, 16.10.2018, p.12) (“the Council Regulation”).}

The measures include the freezing of funds and economic resources of any persons and entities listed in Annex I to the Council Regulation and ensuring that funds and economic resources are not made available to them or for their benefit.

Regulation 2 defines designated person as any person named in Annex I to the Council Regulation (as amended from time to time).

Regulations 3 to 7 provide prohibitions against dealing with the funds or economic resources of a designated person, making funds or economic resources available, directly or indirectly, to a designated person and making funds or economic resources available for the benefit of a designated person.

Regulation 8 provides an exception to the prohibitions in regulations 4 and 5 in the circumstances set out in the Council Regulation, where a frozen account is credited for a permitted reason.

Regulation 9 provides a licensing procedure to enable funds and economic resources to be exempted from the prohibitions where this is permitted in the circumstances set out in the Council Regulation.

Regulation 10 creates offences where the prohibitions in regulations 3 to 7 are contravened. Regulations 11 to 14 contain provisions about officers of a body corporate, penalties and proceedings.

The Schedule makes provision for information gathering and information disclosure and creates offences for failure to comply with a request for information.

Regulations 18 and 19 correct a minor error made in the European Union Financial Sanctions (Amendment of Information Provisions) Regulations 2017 (S.I. 2017/754) which amended the Schedule to the Ukraine (European Union Financial Sanctions) Regulations 2014 (S.I. 2014/507).

An impact assessment has not been prepared for this instrument because no impact on the private or voluntary sector is foreseen.

Further information is available at H.M. Treasury, 1 Horse Guards Road, London SW1A 2HQ and on H.M. Treasury website (www.gov.uk/government/organisations/hm-treasury), or by contacting [e-mail].