International Sanctions Measures

The Ministry of Legal Affairs Financial Sanctions Implementation Unit (FSIU) provides important and current information related to sanctions to assist you with Bermuda’s Sanctions Regime compliance.

Every effort is made to ensure that this information is current but in order to ensure compliance with the most up-to-date sanctions measures, you are encouraged to refer directly to the relevant UK legislation and Bermuda laws and to seek legal advice where necessary.

As a way of providing information about the international sanctions measures currently in force in Bermuda, the

references the relevant UK legislation that extend these measures to Bermuda, as well as the local legislation which give effect to them. The UK financial sanctions targets by regime, which lists all financial sanctions imposed in the UK by country, administration or terrorist group, can be found here. Further, the Foreign, Commonwealth and Development Office (FCDO) publishes the UK Sanctions list which includes designations under all sanctions categories in the UK.

The primary Bermuda law that gives effect to international sanctions is the International Sanctions Regulations 2013 which lists the UK legislation that are given force of law in Bermuda. These regulations are amended from time to time as new measures are extended to the British Overseas Territories and as existing ones are repealed.

Licence Applications

The Minister of Legal Affairs is the competent authority under Bermuda’s Sanctions Regime. All sanctions-related licence applications, notifications and authorisations should be made to:

The Minister of Legal Affairs
Financial Sanctions Implementation Unit
Global House
43 Church Street
Hamilton HM 12

Email: fsiu@gov.bm

Bermuda General Licences

Targeted Financial Sanctions - Designated or Listed Persons

The application of targeted financial sanctions are part of the obligations imposed under the laws that make up Bermuda’s sanctions regime. These sanctions would be against the funds or property of designated or listed persons.

The international sanctions in force in Bermuda are essentially the same as those in the UK and the UK HM Treasury (Treasury) maintains a Consolidated List of individuals and entities subject to financial sanctions.

Therefore, in order to comply with these international measures, you should check the Consolidated List, which can be found on the UK HM Treasury website.

Persons and entities operating in Bermuda’s regulated financial sectors are obliged to implement such sanctions by:

Checking whether they maintain any accounts or otherwise hold any funds or economic resources for designated or listed persons;
Freezing such accounts or other funds and, unless the Minister has granted a licence, refraining from dealing with or making available such funds or economic resources to the designated or listed persons or any third party; and
Notifying the Minister of the above.

As sanctions measures are subject to change, it is essential that ongoing screening is carried out.

Additionally, you should note that the targets included in the Consolidated List may at times be broader than the requirements of Bermuda’s Sanctions Regime. When the Consolidated List is updated as a result of new legislation or of changes to existing legislation, equivalent provisions in Bermuda may not yet have been implemented, although it is normally to be expected that such changes will be implemented in Bermuda shortly thereafter.

Furthermore, if the UK identifies targets in addition to those identified by the United Nations (UN), the Consolidated Lists for specific regimes may contain targets that are not included in the definition of designated persons or listed persons under the applicable UK legislation that is extended to Bermuda.

Information on the process for delisting a designated or listed person can be found in Chapter 8 of the FSIU Sanctions Guidance

The Consolidated List

In relation to the required screening for designated or listed persons, it is necessary to first make reference to the Consolidated List. If a target match is identified against the Consolidated List, it is then strongly recommended that cross-reference should be made to the relevant legislation in force in Bermuda (i.e. the relevant Orders (as amended) listed in Schedule 1 of the 2013 Regulations, and the Annexes to the relevant UN measures referred to in the definition of designated persons or listed persons in the Order. This will verify whether in fact the target match is also subject to the prohibitions under the Bermuda Sanctions Regime.

For example, in relation to the regime for Iran (Human Rights) if screening against the Consolidated List reveals a target match listed under Iran (Human Rights), then reference should be made to the definition of listed persons under The Iran (Sanctions) (Human Rights) (Overseas Territories) Order 2020 (SI 2020/1958), to confirm the same person is listed under that legislation.

The Consolidated List includes all the names of financial sanctions targets under United Nations Security Council Resolutions and UK legislation. The Consolidated List normally indicates whether the target is designated by the UN or the UK. The Consolidated List is divided by country, with separate sections for terrorist financing and Al-Qaida as well. The Treasury also provide individual Consolidated Lists for each of the individual regimes (e.g. Afghanistan, Syria etc.).

The following links provide access to the Treasury Guidance in relation to sanctions and to the consolidated list of persons constituting the target of financial sanctions in respect of each applicable Order, listed in Schedule 1 to the 2013 Regulations:

Consolidated List of all Financial Sanctions Targets - Persons must ensure that they have read and understood the above GUIDANCE ON THE CONSOLIDATED LISTS
Consolidated Lists by Regime - Persons must ensure that they have read and understood the above GUIDANCE ON THE CONSOLIDATED LISTS
Treasury Guidance in relation to Consolidated Lists

Where relevant, reference can also be made to the Treasury guidance provided in relation to the sanctions regimes. Visit this site and select the link for the relevant individual regime, and then select the link for the relevant release provided at the bottom of the page.

The HM Treasury offers a free subscription facility, providing notification by email when the Consolidated List is updated or changes are made to the UK Sanctions Regime. You are required to provide your email address. When prompted you should select ‘All Financial Sanctions Updates’ to ensure that you are notified accordingly. Alternatively you may select specific financial sanctions topics such as those relating to Finance or Import/Export.

Bermuda current list of designated persons

see list

Financial Sanctions Guidance and Frequently Asked Questions

The Financial Sanctions Guidance is produced by the Financial Sanctions Implementation Unit (FSIU), a unit of the Ministry of Legal Affairs Headquarters, which, pursuant to the Governor’s delegation, is responsible for carrying out certain functions with respect to the implementation of targeted financial sanctions for terrorism, terrorist financing and proliferation financing in Bermuda.

The Financial Sanctions FAQs set out the FSIU’s approach to common questions, taking into account the range of sanctions in place at the time of publication. They do not contain specific guidance for every situation. They should not be used as a substitute for legal advice.

The FAQs should be read alongside the Financial Sanctions Guidance published by the FSIU. You should also review the up-to-date legislation that applies to your particular circumstances. Consider taking independent legal advice if you are unsure of your obligations.