The Syria (European Union Financial Sanctions) (Amendment) Regulations 2013 (S.I. 2013/877)

Summary

This UK Statutory Instrument amends the Syria (European Union Financial Sanctions) Regulations 2012, which implement EU asset freeze and financial restrictions against designated Syrian persons and entities. It was circulated by the BVI Financial Services Commission as a sanctions alert relevant to regulated entities' AML/CFT and sanctions screening obligations.

• New exemption: Creates a new exemption (regulation 8B) allowing payments to or for the benefit of Syrian Arab Airlines solely for the purpose of evacuating EU citizens and their family members from Syria, despite the general prohibitions in regulations 3, 4 and 5.
• Frozen account exemption widened: Replaces regulation 9(1) to clarify that crediting a frozen account with interest, earnings, pre-existing contractual payments, or payments due under judicial, administrative or arbitral decisions rendered or enforceable in an EU Member State does not breach the prohibitions.
• Consequential cross-references: Updates cross-references in regulations 3(3), 4(2), 5(3) and 9(3) to incorporate the new regulation 8B and the expanded exemption category.

The Regulations came into force on 7 May 2013. No impact assessment was produced because no impact on the private or voluntary sectors was foreseen, indicating the amendments are narrow and exemption-focused rather than imposing new compliance burdens.

Applies to

persons or firms subject to the Syria (European Union Financial Sanctions) Regulations 2012, financial institutions handling frozen accounts or payments related to Syrian designated persons

Deadlines

• 7th May 2013: Coming into force date of the amending Regulations