Mr. Gabriel Makhlouf:

To be clear, we do not regulate section 110 companies. The sanctions that have been imposed have automatic application on everybody in the country. That is important. The professional firms that set up these entities have obligations in this regard. First, they need to be aware, if they are managing these assets, that they need to freeze them and report that to the Central Bank. They must take appropriate action. As I said earlier, our job is to inform. We have been engaging with the firms we regulate but we have also written to the firms we do not regulate to make sure they understand the rules and are taking the necessary action. We have done that. We maintain a register of what assets have been frozen to communicate that to the European Commission, which is ultimately in the lead on this, and we consider applications for derogations. That is our role. Most important, we report suspicions of breaches of sanctions to An Garda Síochána.