Alerts

  • The Ministry of Public Works is advising that effective August 6, 2018, Blackwatch Pass will be closed to traffic so that construction works can be conducted. The closure will be for an extended period of time. While Blackwatch Pass is closed the public is encouraged to seek alternative routes to avoid delays.

Alerts

  • The Ministry of Transport and Regulatory Affairs is advising that beginning Friday, August 10 the Central Bus Terminal ticket kiosk in Hamilton will operate on an amended schedule. Read more

International Sanctions Measures

The NAMLC provides important and current information related to sanctions to assist you with Bermuda’s Sanctions Regime compliance.

Every effort is made to ensure that this information is current but in order to ensure compliance with the most up-to-date sanctions measures, you are encouraged to refer directly to the relevant legislation and laws and to seek legal advice where necessary.

As a way of providing information about the international sanctions measures currently in force in Bermuda, the Bermuda List Sanctions Regimes 2018 references the relevant UK legislation that extend these measures to Bermuda, as well as the local legislation which give effect to them.

The primary Bermuda law that gives effect to international sanctions is the  International Sanctions Regulations 2013 which lists the UK legislation that are given force of law in Bermuda. These regulations are amended from time to time as new measures are extended to the British Overseas Territories and as existing ones are repealed.

Licence Applications

The Governor of Bermuda is the competent authority under Bermuda’s Sanctions Regime. All sanctions-related licence applications, notifications and authorisations should be made to:

The Governor of Bermuda
Government House
11 Langton Hill
Pembroke HM13
Bermuda

A Bermuda Asset Freeze Licence Application Form is available here

Targeted Financial Sanctions - Designated or Listed Persons

The application of targeted financial sanctions are part of the obligations imposed under the laws that make up Bermuda’s sanctions regime. These sanctions would be against the funds or property of designated or listed persons.

The international sanctions in force in Bermuda are essentially the same as those in the UK and the UK HM Treasury (Treasury) maintains a Consolidated List of individuals and entities subject to financial sanctions.

Therefore, in order to comply with these international measures, you should check the Consolidated List, which can be found on the UK HM Treasury website.

Persons and entities operating in Bermuda’s regulated financial sectors are obliged to implement such sanctions by:

  1. Checking whether they maintain any accounts or otherwise hold any funds or economic resources for designated or listed persons;
  2. Freezing such accounts or other funds and, unless the Governor has granted a licence, refraining from dealing with or making available such funds or economic resources to the designated or listed persons or any third party; and
  3. Notifying the Governor of the above.

As sanctions measures are subject to change, it is essential that ongoing screening is carried out.

Additionally, you should note that the targets included in the Consolidated List may at times be broader than the requirements of Bermuda’s Sanctions Regime. When the Consolidated List is updated as a result of new legislation or of changes to existing legislation, equivalent provisions in Bermuda may not yet have been implemented, although it is normally to be expected that such changes will be implemented in Bermuda shortly thereafter.

Furthermore, if the UK identifies targets in addition to those identified by the United Nations (UN) and EU, the Consolidated Lists for specific regimes may contain targets that are not included in the definition of designated persons or listed persons under the applicable UK legislation that is extended to Bermuda.

Information on the process for delisting a designated or listed person can be found here. Bermuda Delisting Information

 

The Consolidated List

In relation to the required screening for designated or listed persons, it is necessary to first make reference to the Consolidated List. If a target match is identified against the Consolidated List, it is then strongly recommended that cross-reference should be made to the relevant legislation in force in Bermuda (i.e. the relevant Orders (as amended) listed in Schedule 1 of the 2013 Regulations, and the Annexes to the relevant UN and/or EU measures referred to in the definition of designated persons or listed persons in the Order. This will verify whether in fact the target match is also subject to the prohibitions under the Bermuda Sanctions Regime.

For example, in relation to the regime for Iran (human rights) if screening against the Consolidated List reveals a target match listed under Iran (human rights), then reference should be made to the definition of listed persons under The Iran (Restrictive Measures) (Overseas Territories) Order 2011 (SI 2011/2989), as amended, and Annex I to the EU Regulation 359/2011, as amended, to confirm the same person is listed under that legislation.

The Consolidated List includes all the names of financial sanctions targets under United Nations Security Council Resolutions, EU Regulations and UK legislation. The Consolidated List normally indicates whether the target is designated by the UN and/or EU, or the UK. The Consolidated List is divided by country, with separate sections for terrorist financing and Al-Qaida as well. The Treasury also provide individual Consolidated Lists for each of the individual regimes (e.g. Afghanistan, Syria etc.).

The following links provide access to the Treasury Guidance in relation to sanctions and to the consolidated list of persons constituting the target of financial sanctions in respect of each applicable Order, listed in Schedule 1 to the 2013 Regulations:

  • Consolidated List of all Financial Sanctions Targets - Persons must ensure that they have read and understood the above GUIDANCE ON THE CONSOLIDATED LISTS
  • Consolidated Lists by Regime - Persons must ensure that they have read and understood the above GUIDANCE ON THE CONSOLIDATED LISTS
  • Treasury Guidance in relation to Consolidated Lists

Where relevant, reference can also be made to the Treasury guidance provided in relation to the sanctions regimes. Visit this site and select the link for the relevant individual regime, and then select the link for the relevant release provided at the bottom of the page.

The UK Asset Freezing Unit offers a free subscription facility, providing notification by email when the Consolidated List is updated or changes are made to the UK Sanctions Regime. In order to subscribe send an email to AFUsubscribe@hmtreasury.gsi.gov.uk with the words SUBSCRIBE SANCTIONS in the subject field, providing your name, company name and address, as appropriate.

International Sanctions

Terrorist Asset-Freezing etc. Act 2010 (Overseas Territories) (Amendment) Order 2017
Laid before Parliament 15 February, 2017
The above Order has now been made and published and comes into force on 8 March 2017 and is available on line here.    
 
The primary purpose of the amendment Order is to expand the definition of “designated person” so this includes: 

  • A person designated by Treasury in accordance with part 1 of the Terrorist Asset-Freezing etc. Act 2010 as it applies in the UK;
  • A person designated under Article 2(3) of Council Regulation (EC) 2580/2001; and
  • A person designated by the Governor.

The amendment Order also makes provision so that Governors will need to consult:

  • Treasury before granting a licence in respect of a person referred to in points a) and b) above; and
  • The Secretary of State before designating any person, or granting a licence in respect of such a person. 

2018

2017

2016

2015

Feedback