News Release
Financial Sanctions: Democratic Republic of the Congo

2 November 2005

On 18 April 2005, the United Nations Security Council adopted resolution 1596 concerning the Democratic Republic of the Congo (DRC). This Security Council Resolution introduced financial sanctions against persons designated by the competent United Nations Sanctions Committee.

The Democratic Republic of the Congo (United Nations Measures) Order 2005 (S.I. 2005/1517) (“the Order”), which gives effect to UNSCR 1596, came into force on 9 June 2005.

The European Community has adopted Council Regulation (EC) No 1183/2005 of 18 July 2005, which implements UNSCR 1596 at Community level. This EC Regulation was published in the Official Journal of the European Union (O.J. L193, p.1) on 23 July 2005.

On 1 November 2005 the United Nation Sanctions Committee, established pursuant to resolution 1533 (2004), published the first list of persons designated as acting in violation of the measures imposed by resolution 1483 (2003) and resolution 1596 (2005). Those listed therefore fall within the UK financial sanctions regime under the Order. No funds or economic resources are to be made available, directly or indirectly, to or for the benefit of the listed persons. Financial institutions must check whether they maintain any accounts or otherwise hold any funds for the listed persons and, if so, they should freeze the accounts or other funds and report the accounts or other funds and amounts to the Bank of England.

The Bank of England has today issued a Notice on the Democratic Republic of the Congo, which gives guidance on certain aspects of the Order. The Annex to the Bank’s Notice details those listed by the Sanctions Committee established pursuant to resolution 1533.

Copies of the Bank’s Notice and EC Regulation are available from the Financial Sanctions pages.