1. Council Regulation (EU) 2017/2063 (the “Regulation”) concerning restrictive measures in view of the situation in Venezuela has been amended.
2. Identifying information for the individuals and entities listed in the Annex to this Notice has been amended.
Notice summary (Full details are provided in the Annex to this Notice)
3. 16 following entries have been amended and remain subject to an asset freeze.
What you must do
4. You must:
- check whether you maintain any accounts or hold any funds or economic resources for the persons set out in the Annex to this Notice.
- freeze such accounts, and other funds or economic resources.
- refrain from dealing with the funds or assets or making them available (directly or indirectly) to such persons unless licensed by the Minister for External Relations (“MER”).
- report any findings to MER, together with any additional information that would facilitate compliance with the Regulation.
- provide any information concerning the frozen assets of designated persons that MER may request. Information reported to MER may be passed on to other regulatory authorities or law enforcement.
5. Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for designated persons, they are not required to report these details again.
6. Failure to comply with sanctions legislation or to seek to circumvent its provisions is a criminal offence.
7. The Regulation is implemented in Jersey under the Sanctions and Asset-Freezing (Implementation of EU Regulations) (Jersey) Order 2020 (the “EU Regulations Order”) which was made under Articles 3 and 4 of the Sanctions and Asset-Freezing (Jersey) Law 2019 (“SAFL”).
8. On 13 November 2020 Council Implementing Regulation (EU) 2020/1696 (the “Amending Regulation”) was published in the Official Journal of the European Union by the Council of the European Union.
9. The Amending Regulation amended Annex IV to the Regulation with effect from 13 November 2020. Any changes to the Annex are effective immediately in Jersey by virtue of the ambulatory provisions of the EU Regulations Order and listed persons are subject to an asset-freeze under Part 3 of SAFL.
10. A copy of the Regulation and the Amending Regulation can be obtained from the website of the Official Journal of the European Union.
11. The EU Regulations Order and SAFL, can be found on the Jersey Legal Information Board website.
12. Copies of recent Notices, certain EU Regulations and Jersey legislation can be found on the Venezuela sanctions page on the Jersey Financial Services Commission (“JFSC”) website.
13. Please note there are also import and export restrictions on Venezuela.
14. For more information on sanctions please see the Government of Jersey webpage on sanctions and the JFSC guidance on sanctions.
15. Non-media enquiries, reports and licence applications should be addressed to:
Head of International Compliance
Office of the Chief Executive
Annex to Notice
16. Full details of the amendments can be found here.