What are TFS?

TFS are both asset freezing and prohibitions measures taken immediately, i.e., without delay and not later than 24 hours, to prevent funds or other assets from being made available, directly or indirectly, for the benefit of entities or persons subject to sanctions. This applies to both designated and listed parties.

The TFS that apply to individuals, groups, undertakings or entities under the UN Sanctions Act are illustrated below:

Freezing of Assets

• Prohibition to the sale, transfer, conversion, disposition or movement of, or otherwise dealing with, any funds and/or other assets, following a Judge’s Order.

Financial Prohibitions

• Prohibition to deal with funds or other assets owned/controlled (either directly or indirectly, or wholly or jointly) by a designated or listed party. [Permissible dealings under specific circumstances are provided in the UN Sanctions Act];
• Prohibition on making funds or other assets available (either directly or indirectly, or wholly or jointly) to or for the benefit of designated party or listed party available.

Arms embargo and travel ban

• In addition to the freezing of funds and other assets and prohibition on making funds and other assets available, TFS also impose an arms embargo and travel ban.