Sanctions Overview

The Governor is the competent authority in the Turks and Caicos Islands (TCI) for the implementation of targeted financial sanctions.  However, Governor may delegate or authorise the delegation of any of his or her functions.  Where a delegation has been made notice of the delegation will be placed in the Gazette, as well as posted on the websites of the Financial Services Commission and Attorney General’s Chambers. The TCI has issued  on financial sanctions.

Sanctions in the TCI flow from those imposed by mainly by the UN and the EU.  Following the adoption of the UNSCRs by the EU through EU regulations, the UK, to ensure that its Overseas Territories (OTs) can implement the sanctions agreed in the UN and the EU makes an implementing Order in Council, under the United Nations Act 1946, which is extended to the OTs (Sanctions Orders).  Sanctions Orders are enacted domestically to give the force of law in the TCI and published in the TCI Gazette.

The United Nations (UN) imposes general measures regarding terrorism and more specifically against named persons, groups, undertakings and entities. The enforcement measures are imposed to combat international terrorism and threats to international peace and security. These measures inter alia impose asset freezes and other prohibitions in respect of funds owned, held or controlled by certain named persons, groups, undertakings and entities. It is a criminal offence to breach these requirements.

The UN has also imposed sanctions against specified countries and/or government officials of certain countries. Any person or entity considering entering into any form of financial or other type of business relationship which is in any way linked with the countries or subjects referred to in the UN sanctions must exercise great caution and closely consider the details contained within the various sanctions lists and any associated local enactments or enactment which has been extended to the Turks and Caicos Islands. Many of the sanctions expressly prohibit the provision of financial services to the named individuals or entities and it is of paramount importance that the financial services industry take appropriate measures to comply with these enactments.

The UN currently has 14 ongoing sanctions regimes which focus on supporting political settlement of conflicts, nuclear non-proliferation, and counter-terrorism..
You can read more about the UN’s work on financial sanctions and the UN Sanctions Committee list at the link: http://www.un.org/sc/committees/

Detailed information on the work of each committee, including current measures in place and lists can be found in links in a column on the on the left side of that page.
The UN Sanctions Committee list specifically in relation to Al-Qaida can be found at the link: http://www.un.org/sc/committees/1267/aq_sanctions_list.shtml

The European Union (EU) has also applied sanctions or restrictive measures within the framework of the Common Foreign and Security Policy (CFSP) as mandated by the treaty on European Union. The EU list of Restrictive Measures can be found at: http://eeas.europa.eu/cfsp/sanctions/docs/measures_en.pdf

The EU Consolidated list of persons, groups and entities subject to EU Financial Sanctions can be found at: http://eeas.europa.eu/cfsp/sanctions/consol-list_en.htm
Information on the United Kingdom’s (UK) financial sanctions regime is available at this link. The UK has enacted the United Nations and European Union Financial Sanctions (Linking) Regulations 2017 which allows sanctions to be implemented without delay. The UK also maintains a consolidated list of asset freeze subjects  as designated by the UN, EU and UK in relation to financial sanctions and has issued guidance on financial sanctions. Information on financial sanctions targets by regime may also be found at the link:
https://www.gov.uk/government/collections/financial-sanctions-regime-specific-consolidated-lists-and-releases Frequently asked questions relating to financial sanctions can be found here .Details of current arms embargoes and other restrictions are available at the following page .

Electronic copies of UK legislation, including Statutory Instruments (SI’s) which applies to the Turks and Caicos Islands can be found at: http://www.legislation.gov.uk/
 
Financial institutions must check and keep itself informed as to any changes to the Sanctions Orders