This news release is issued to publicise the removal of 1 entry under the Iraq Regime.
The Iraq (Sanctions) (EU Exit) Regulations 2020 (S.I. 2020/707) were made under the Sanctions and Anti-Money Laundering Act 2018 (the Sanctions Act) and provide for the freezing of funds and economic resources of certain persons, entities or bodies involved in the former Government of Iraq and its state bodies, corporations or agencies. The Iraq (Sanctions) (EU Exit) Regulations 2020 have effect in the Isle of Man by the Iraq Sanctions (Application) Regulations 2020 [S.D. 2020/0500].
On 5 October 2023 the United Nations Security Council updated the Iraq Sanctions List.
Removal
The following entry has been removed from the Sanctions list and is no longer subject to an asset freeze:
- AL-TIKRITI, Walid Hamid Tawfiq
Name (non-Latin script): وليد حامد توفيق التكريتي
DOB: --/--/1954. POB: Tikrit, Iraq Good quality a.k.a: AL-NASIRI, Walid, Hamid, Tawfiq Nationality: Iraq Other Information: (UK Sanctions List Ref): IRQ0087. (UN Ref): IQi.026. Listed on: 02/07/2003 UK Sanctions List Date Designated: 27/06/2003 Last Updated: 31/12/2020 06/10/2023 Group ID: 7625.
Further information on the removed entry can be found on the United Nations Security Council Press Release.
What you must do
Financial institutions and other persons are required to check whether you maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, designated individuals. If so, you must freeze such accounts or other funds and, unless licensed by the Treasury, not deal with those funds or economic resources, make those funds or economic resources available to a designated person, or make those funds or economic resources available for the benefit of a designated person. You must also report your findings to the FIU.
Failure to comply with financial and trade sanctions legislation or to attempting to circumvent its provisions is a criminal offence.
Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated person, you are not required to report these details again.
Further Information
Consequently the Foreign, Commonwealth and Development Office will update the Consolidated List. This list provides details of those designated under sanctions legislation.
Further details on the UN measures in respect of Iraq can be found on the relevant UN Sanctions Committee webpage.
Further details of the sanctions regime related to Iraq and links to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.
