The Council for the European Union (EU) has, on 16 July 2018, adopted Council Regulation (EU) 2018/1001 and Council Decision (CFSP) 2018/1006 concerning restrictive measures in view of the situation in the Republic of Maldives. These impose, inter-alia, asset freezing measures. There are, however means by which those funds can be released upon making an application to the competent authorities of the Member State subject to certain conditions being met. For example: the release of funds for the purposes of satisfying a judicial decision prior to the date of the freezing measures taking place; or if the funds are intended to maintain those frozen assets; or are necessary to satisfy basic needs of persons and their dependants. Funds subject to asset freezing measures can also be released for the purposes of paying reasonable professional legal fees.
Should you wish to discuss further, or require advice in respect of the EU sanctions imposed, please do not hesitate to contact Ms Sonia Ahmad at Banks Kelly at 0207 651 0273 and/or at Sonia.firstname.lastname@example.org
The EU Decision and Regulation referred to above can be accessed at the following links: