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Financial & Trade Sanctions

Financial and Trade Sanctions (collectively “Sanctions”) are part of a package of measures applied by individual countries, International Organisations, or Regional Bodies, to fight aggression, terrorism, criminal behaviour, or violations of human rights. These sanctions measures are intended to motivate a change in behaviour by the individual, regime, or jurisdiction concerned, or to deprive terrorists and criminals of access to funds.

In general terms, sanctions legislation prohibits the exchange of funds, services or goods with those who are subject to sanctions.

The most frequently applied measures are:

  • embargoes on exporting or supplying arms and associated technical assistance, training and financing
  • a ban on exporting equipment that might be used for internal repression
  • financial sanctions on individuals in government, government bodies and associated companies, or terrorist groups and individuals associated with those groups, by stopping the flow of money to or from them
  • travel bans on named individuals
  • bans on imports of raw materials or goods from the sanctions target
  • bans on exportation or importation of goods relating to specified industries or the raising of capital for these industries.

Other measures may be applied according to individual circumstances. A failure to comply with these obligations can carry serious consequences, including criminal penalties.

To ensure that the requirements imposed by the UK, the UN Security Council and other countries in which Halifax operates in are fulfilled, we have an Economic Crime Prevention policy in place which meets and, in some cases, exceeds, what is required by law.

Halifax exercise a risk-based and diligent approach when conducting business in all countries. This is especially so in the following countries and regions:

  • North Korea
  • Syria
  • Iran
  • Cuba
  • Belarus
  • Russia
  • The Crimean Peninsula including Sevastopol
  • Donetsk People’s Republic (Donetsk) and the Luhansk People’s Republic (Luhansk) regions of Ukraine
  • Kherson and Zaporizhzhia regions of Ukraine.

If you are planning to directly or indirectly engage in any form of business, or to remit or receive funds (in any currency) in a way which may involve the countries and regions in the list above, or an individual or entity who has been specially designated, then please contact us beforehand, as transactions could otherwise be delayed, rejected, or frozen.

This list is based on our understanding of the position at the date of publication, and may be subject to change in light of experience, evolving risks, legislation, or regulation.

You can find further contact information on our call us page. Or, if you have a named Relationship Manager, please get in touch with them.

Further information on sanctions can be found on the GOV.UK, UK Office of Financial Sanctions Implementation, European Union Sanctions and US Office of Foreign Assets and Control websites.