Derogations 

Derogation/Exemption from the asset freezing requirements of EU Financial Sanctions Regulations are provided for in each such Regulation.  A derogation refers to a permitted use of funds or economic resources, in circumstances where such use would have been prohibited without a specific authorisation granted by a competent authority. 

 

The grounds on which a derogation may be granted by the Central Bank, as a competent authority in Ireland, are set out in the specific EU Financial Sanctions Regulations in the Articles providing for derogations to the sanctions/measures.

 

Making funds available to a designated person or entity, by an Irish person, natural or legal, be it by way of payment for goods and services, as a donation, in order to return funds previously held under a contractual arrangement, or otherwise, is generally prohibited in the absence of an authorisation, in the form of a Derogation granted by the Central Bank pursuant to the relevant Regulation. The Central Bank may authorise, under such conditions as  deemed appropriate, the release of certain frozen funds or economic resources, if the Central Bank determines that the relevant conditions as set out in the relevant EU Financial Sanctions Regulation have been met.

 

Applications to release funds from frozen accounts, or to make funds, economic resources or financial services available to or for the benefit of a designated person should be made in writing to the Central Bank. 

 

Contact Details:

 

Financial Sanctions Unit

Anti-Money Laundering Division

Central Bank of Ireland
Block D
Iveagh Court
Harcourt Road
Dublin 2

Telephone: +353 1 224 5214

Email: sanctions@centralbank.ie