Part 8: Financial sanctions Section 155: Implementation of UN financial sanctions Resolutions: temporary listing
This section enables the UK to swiftly implement UN requirements to include individuals and bodies on the list of designated persons to whom financial sanctions apply. Historically the EU has taken longer than 48 hours to implement new UN listings. This exposes the UK to the risk of asset flight from UN listed persons and placing the UK in breach of its international obligations under the UN Charter.
	Subsections (1) and (2) set out that where regulations under section 134 linking an EU financial sanctions Regulation to a UN financial sanctions Resolution, persons who are listed as designated persons under the latter are temporarily deemed to be designated persons under the former. This has the effect that the financial sanctions regimes established by the EU financial sanctions Regulation apply automatically to persons designated by the UN for the extent of the temporary deemed designation.
	Subsections (3) and (4) provide that the temporary deemed designation will be effective until the person is designated under the EU financial sanctions Regulation, or for a period of up to 30 days, whichever is shorter.
	Subsection (6) deals with persons who have been designated by the UN before this section comes into force, but who have not been designated by the EU financial sanctions Regulation. In such a case the temporary deemed designation will commence when the section comes into force.