State freezes €1.6m in funds linked to regimes under UN sanction

Just more than €1.6 billion worth of funds connected with states or regimes that are subject to sanctions by the United Nations were frozen in accounts operated by financial institutions in Ireland at the end of last year.

This is based on information held by the Central Bank of Ireland. The latest data was provided to the Minister for Finance Michael Noonan following a parliamentary question from Michael McGrath, Fianna Fáil’s finance spokesman.

All bar €4 million of this money related to Libya. Just more than €1.14 million of the funds was connected with al-Qaeda, with about €1 million tied to Iran.

According to the figures, three separate deposits were either frozen, blocked or refused by the financial institutions in connection with al-Qaeda, which was responsible for the 9/11 terrorist attacks on the United States.

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EU regulations

The Minister’s reply stated that about €582,000 connected with war-torn Syria was frozen, along with about €11,500 being held in connection with regimes in Burma, Liberia, Myanmar, Somalia and North Korea.

For reasons of confidentiality, the Minister declined to name any of the banks involved with any of the deposits.

Mr Noonan said the funds were frozen in line with EU regulations. There are three competent authorities here responsible for administering the restrictions: the Central Bank, the Department of Jobs, Enterprise and Innovation and the Department of Foreign Affairs and Trade.

“The EU regulations commonly include an obligation for funds and other assets to be frozen without delay and not made available directly or indirectly to listed sanctioned individuals or entities,” the Minister said.