Financial Measures against Terrorist Financing
On January 31, 2007, a news release was issued by the Bank of England in respect of the financial sanctions regarding terrorism.
As agent for Her Majesty’s Treasury, the Bank of England, issued a Notice aimed at publicizing a direction given by Her Majesty’s Treasury that some particular individuals are designated persons for the purposes of the Terrorism (United Nations Measures) Order 2006.
The above-mentioned means that any funds (meaning financial assets and benefits of every kind) or economic resources belonging to, owned or held by the individuals and entities are to be frozen. Also, in accordance with the Order, no funds, economic resources or financial services are to be available, either directly or indirectly, to the individuals without the authority of a licence.
The names of the individuals were listed in the notice and financial institutions are requested to check whether they maintain any accounts or economic resources or provide financial services to these individuals. If so, they are to freeze the accounts or whatever, to suspend the provision of financial services and report their findings to the Bank of England. The list is not the first one (a consolidated list has been published previously, and the particular names are not necessary to be indicated here – what is more important is that the world is taking serious measures against terrorist financing, and the story described above is just one of the instances to exemplify this fight.