Asset Freezing Unit

The Treasury’s Asset Freezing Unit became operational from 24 October 2007.

Responsibilities

The AFU is responsible for:

domestic legislation on financial sanctions;
the implementation and administration of domestic financial sanctions;
domestic designations under the Terrorist Asset-Freezing etc. Act 2010;
providing advice to Treasury Ministers, on the basis of operational advice, on domestic designation decisions;
the implementation and administration of international financial sanctions in the UK, including those relating to terrorism, sanctions in relation to states;
working with the Foreign and Commonwealth Office on the design of individual financial sanctions regimes and listing decisions at the UN and EU;
working with international partners to develop the international frameworks for financial sanctions;
licensing exemptions to financial sanctions where permitted.

The AFU

issues Notices and notifications advising of the introduction, amendment, suspension or lifting of financial sanctions regimes with a view to making bodies and individuals likely to be affected by financial sanctions aware of their obligations;
provides on the financial sanctions home page of the Treasury website a consolidated list of financial sanctions targets which consists of the names of individuals and entities that have been listed by the United Nations, European Union and/or the United Kingdom under legislation relating to a specific financial sanctions regime. Where there is a legal basis for an asset freeze in the UK, the name of the target will be included in the consolidated list;
provides on the financial sanctions home page of the Treasury website an investment ban list in relation to the European Union measures against Burma/Myanmar;
processes applications for licences to release frozen funds or to make funds available to designated/restricted persons;
responds to reports and queries from financial institutions, companies and members of the public concerning financial sanctions.