Domestic terrorism financial sanctions used for first time

The UK government has announced a full asset freeze against someone they strongly suspect is involved with terrorist activity by associating with members of the New Irish Republican Army (‘New IRA’). Regulation 5 of the Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019 allows HM Treasury to designate people by name for the purpose of freezing their assets, making it an offence for any UK person or entity to maintain any direct or indirect financial relationship with them or any of their companies without a licence from HM Treasury.

Brian Sheridan (Born Armagh) is suspected of providing or assisting others in providing financial services or distributing funds or economics resources for the New IRA.

Now, all of Sheridan’s money and economic resources, including his company Brisher Limited, are frozen, halting anyone from from having a financial relationship with him or any of his associated companies. 

Economic secretary to the treasury Tulip Siddiq said: “This action is the first use of the Treasury-led domestic counter terrorism financial sanctions regime targeting Northern Ireland-related terrorism.

“The designation reflects the government’s commitment to protecting the peaceful consensus of the people of Northern Ireland, and to upholding the principles of the Good Friday Agreement in support of the UK’s wider efforts to protect national security for all citizens.”