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The Republic of Serbia (Prohibition on Investment) Regulations 1998

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Explanatory Note

(This note is not part of the Regulations)

These Regulations provide that any breach of Article 1 of Council Regulation (EC) No. 1607/98 of 24th July 1998 (“the EC Regulation”) is to be a criminal offence. Article 1 prohibits the making of new investments in the Republic of Serbia except where authorisation has been granted in accordance with Article 2 of the EC Regulation. Regulation 3 of these Regulations provides that such authorisations are to be granted by or on behalf of the Treasury, and makes it an offence to provide false information in connection with a request for an authorisation.

These Regulations also make provision for information to be requested by or on behalf of the Treasury for the purposes of ensuring compliance with the EC Regulation, in accordance with Article 4 of that Regulation. Failure to provide such information, the provision of false information or the suppression of information is made a criminal offence.

Provision is also made with respect to penalties and proceedings for offences under the Regulations.

Finally, the Regulations make a minor amendment to the Federal Republic of Yugoslavia and Serbia (Freezing of Funds) Regulations 1998.

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