S.I. No. 353/2010 - European Communities (Zimbabwe) (Financial Sanctions) Regulations 2010.
Notice of the making of this Statutory Instrument was published in | ||
“Iris Oifigiúil” of 16th July, 2010. | ||
I, BRIAN LENIHAN, Minister for Finance, in exercise of the powers conferred on me by section 3 of the European Communities Act, 1972 (No. 27 of 1972), and for the purpose of giving full effect to Council Regulation (EC) No. 314/2004 of 19 February 2004 1 , as amended, hereby make the following regulations: | ||
1. These Regulations may be cited as the European Communities (Zimbabwe) (Financial Sanctions) Regulations 2010. | ||
2. (1) In these Regulations— | ||
“Council Regulation” means Council Regulation (EC) No. 314/2004 of 19 February 20041 together with the Addendum to that Regulation 2 , as amended by– | ||
(a) Commission Regulation (EC) No. 1488/2004 of 20 August 2004 3 , | ||
(b) Commission Regulation (EC) No. 1367/2005 of 19 August 2005 4 , | ||
(c) Council Regulation (EC) No. 1791/2006 of 20 November 2006 5 , | ||
(d) Commission Regulation (EC) No. 77/2009 of 26 January 2009 6 , together with both Corrigenda 7 thereto, and | ||
(e) Commission Regulation (EU) No. 173/2010 of 25 February 2010 8 . | ||
(2) A word or expression which is used in these Regulations and which is also used in the Council Regulation has, unless the context otherwise requires, the same meaning in these Regulations as it has in the Council Regulation. | ||
3. Subject to Regulation 4, a person commits an offence if he or she infringes the provisions of the Council Regulation as regards— | ||
(a) the provision of financing or financial assistance, | ||
(b) the freezing of funds or economic resources, | ||
(c) the making available of funds or economic resources, | ||
(d) the supply of information to or cooperation with the competent authorities, or | ||
(e) the participation in activities to circumvent the requirements of the Council Regulation as regards paragraph (a), (b), (c) or (d). | ||
4. Notwithstanding Regulation 3, a person who has received an authorisation under Article 4 or Article 7 of the Council Regulation may, subject to compliance with the terms and conditions of such authorisation, do such of the things referred to in Regulation 3 as are so authorised. | ||
5. The Central Bank and Financial Services Authority of Ireland may, for the purposes of the administration and enforcement of the provisions of these Regulations, give such directions or issue such instructions to a person as it sees fit. | ||
6. A person who fails to comply with a direction or an instruction issued under Regulation 5 commits an offence. | ||
7. Where an offence under these Regulations is committed by a body corporate and is proved to have been so committed with the consent, connivance or approval of or to have been attributable to the neglect on the part of any person, being a director, manager, secretary or other officer of the body corporate or a person who was purporting to act in any such capacity, that person as well as the body corporate, commits an offence and is liable to be proceeded against and punished as if he or she committed the first mentioned offence. | ||
8. A person guilty of an offence under these Regulations is liable— | ||
(a) on summary conviction, to a fine not exceeding €5,000 or imprisonment for a term not exceeding 12 months or both, or | ||
(b) on conviction on indictment, to a fine not exceeding €500,000 or imprisonment for a term not exceeding 3 years or both. | ||
9. The European Communities (Zimbabwe) (Financial Sanctions) Regulations 2009 ( S.I. No. 362 of 2009 ) are revoked. | ||
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GIVEN under my Official Seal, | ||
12 July 2010. | ||
BRIAN LENIHAN, | ||
Minister for Finance. | ||
EXPLANATORY NOTE | ||
(This note is not part of the Instrument and does not purport to be a legal interpretation.) | ||
These Regulations provide for enforcement of financial sanctions contained in Council Regulation (EC) No. 314/2004 of 19 February 2004, as amended, concerning restrictive measures against Zimbabwe. | ||
The sanctions include a prohibition on financing or financial assistance related to a) military activities in Zimbabwe and b) the supply of equipment which may be used for internal repression in Zimbabwe. The sanctions also include the freezing of funds and economic resources belonging to named members of the Government of Zimbabwe and to their families and close associates, the purpose of the sanctions being to encourage the persons targeted to reject policies that lead to the suppression of human rights, of freedom of expression and of good governance. | ||
The most recent amendment to the Council Regulation is contained in Commission Regulation (EU) No. 173/2010 of 25 February 2010 which amends the list of ‘Natural Persons’ and ‘Legal persons, entities or bodies’ as set out in Annex III to the Council Regulation. | ||
These Regulations also provide that the Central Bank and Financial Services Authority of Ireland (CBFSAI) may issue instructions for the purpose of giving full effect to the financial sanctions. | ||
They create offences for breach of the Council Regulation or for failure to comply with the instructions of the CBFSAI with regard to implementation of the sanctions and they provide for appropriate penalties. | ||
3 OJ No. L.273, 21.8.04, p.12. 5 OJ No. L.363, 20.12.06, p.1. |
