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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:
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.
With this in mind, Halifax exercises a risk based and diligent approach when business is proposed in the following countries and regions:
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 the light of experience, evolving risks, legislation, or regulation.
Contact information can be found by clicking on the “contact us” link on this page. Or, if you have a named Relationship Manager, please get in touch with them.