EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations enforce provisions of Council Regulation (EC) No. 194/2008 of 25th February 2008 (O.J. L 66, 10.3.2008, p.1) (“the EC Regulation”) which relate to restrictive measures imposed against persons listed by the Council as responsible in Burma/Myanmar for the lack of progress towards democratisation and continuing violations of human rights law.
The measures include the freezing of funds and economic resources of such persons and ensuring that any funds and economic resources are not made available to them or for their benefit. The measures also include restrictions on financing of certain enterprises.
The persons against whom the asset freeze measures are to apply are listed in Annex VI to the EC Regulation and the enterprises against whom the restrictions on financing are to apply are listed in Annexes V and VII. The Annexes are updated from time to time in accordance with Council Common Position 2007/750/CFSP of 19th November 2007 (O.J. L 308, 26.11.2007, p.1).
Part 2 defines designated persons (regulation 3) and provides for the Treasury to make directions designating a person (regulation 4).
Part 3 gives effect to Article 11(1) of the EC Regulation by prohibiting any dealing with funds and economic resources of designated persons (regulation 6) and to Article 11(2) of the EC Regulation by prohibiting the making of funds or economic resources available, directly or indirectly, to designated persons (regulation 7). Breach of either prohibition is a criminal offence, as is the circumvention of a prohibition (regulation 9).
Regulation 10 provides a licensing procedure, for the purposes of Article 13 of the EC Regulation, to enable, for humanitarian purposes, certain acts to be exempted from the prohibitions in regulations 6 and 7.
Part 4 defines designated enterprises as persons listed in Annex V or VII of the EC Regulation and provides for the Treasury to make directions identifying an enterprise as such.
Part 5 gives effect to Article 15(2) of the EC Regulation by prohibiting the financing of designated enterprises and makes it a criminal offence to contravene or circumvent the prohibition.
Part 6 includes provisions relating to penalties and proceedings.
The Schedule makes provisions about information gathering.
A list of designated persons and a list of designated enterprises are available on the Internet at: www.hm-treasury.gov.uk/fin_sanctions_index.htm.
An impact assessment on the effect that this instrument will have on the costs of business may be obtained from the Asset Freezing Unit, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and is also available on HM Treasury’s website (www.hm-treasury.gov.uk). A copy of the impact assessment is annexed to the Explanatory Memorandum which is available on the OPSI website (www.opsi.gov.uk).