Dáil Éireann Debate, Tuesday - 6 October 2015
272. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Questions Nos. 346 and 347 of 22 September 2015, the position regarding frozen funds in circumstances where the person or organisations linked to those funds are never de-listed or likely to be de-listed. [34514/15]
View answer273. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Questions Nos. 346 and 347 of 22 September 2015, if he has proposed or will support a proposal at European Union or United Nations level to allow some of these frozen funds to be released to help in the management of the refugee crisis, for example; and if he will make a statement on the matter. [34515/15]
View answerI propose to take Questions Nos. 272 and 273 together.
The EU implements restrictive measures autonomously at an EU level or as a result of resolutions of the Security Council of the United Nations through the publication of EU Regulations. The objective in adopting sanctions is to bring about a change in policy and/or behaviour by the target of the restrictive measures. The EU and UN increasingly use targeted financial sanctions which have specific, stated objectives, one of which is the prevention of terrorist financing. Targeted financial sanctions aim to minimise the consequences for those not responsible for the actions that have triggered the imposition of sanctions.
Once a person or entity is listed through an EU Regulation, funds or other assets should be frozen without delay and not made available, directly or indirectly, to that sanctioned individual or entity. As outlined in response to Parliamentary Questions No.s' 346 and 347 of 22 September 2015, a process of de-listing must occur to remove a person or entity from the sanctioned list and only at that point can frozen funds be released. In this circumstance, Ireland remains ready to respond speedily to any amending EU Regulations that may take into account a de-listing.
It should be noted that financial restrictive measures do not involve a change in ownership of the frozen funds and economic resources; as the resources remain in the ownership of the designated person or entity, they are not available for 'release'.
