Financial services

Financial Sanctions - Treasury responsibilities

Responsibilities

Financial Sanctions is responsible for:

domestic legislation on financial sanctions;
the implementation and administration of domestic financial sanctions;
domestic designations under the Terrorist Asset-Freezing etc. Act 2010;
providing advice to Treasury Ministers, on the basis of operational advice, on domestic designation decisions;
the implementation and administration of international financial sanctions in the UK, including those relating to terrorism, sanctions in relation to states;
working with the Foreign and Commonwealth Office on the design of individual financial sanctions regimes and listing decisions at the UN and EU;
working with international partners to develop the international frameworks for financial sanctions;
licensing exemptions to financial sanctions where permitted;
directions given under Schedule 7 to the Counter-Terrorism Act 2008.

Financial Sanctions:

issues Notices advising of the introduction, amendment, suspension or lifting of financial sanctions regimes with a view to making bodies and individuals likely to be affected by financial sanctions aware of their obligations;
processes applications for licences to release frozen funds or to make funds available to designated persons;
responds to reports and enquiries from financial institutions, companies and members of the public concerning financial sanctions;
directions given under Schedule 7 to the Counter-Terrorism Act 2008