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Financial Sanctions: Terrorism and Terrorist Financing

Monday, 16 October 2017

The Terrorism and Other Crime (Financial Restrictions) Act 2014 (“the Act”) implements the terrorist asset-freezing requirements of UN Security Council Resolution 1373 (2001) and Council Regulation (EU) No 2580/2001.

The Treasury has renewed the final designation under the Act in respect of the following entities with effect from 12 October 2017.

RENEWAL OF FINAL DESIGNATIONS 

Entities

EJERCITO DE LIBERACION NACIONAL (ELN)

a.k.a: National Liberation Army

Other Information: Both UK listing and EU listing.

Listed on: 02/11/2001 Last Updated: 12/10/2017 Group ID: 7364.

SENDERO LUMINOSO (SL)

a.k.a: Shining Path

Other Information: Both UK listing and EU listing.

Listed on: 02/11/2001 Last Updated: 12/10/2017 Group ID: 7440.

This means that the two entities are designated persons for the purposes of the Act and continue to be subject to financial sanctions imposed by the Act. 

Part 4 of the Act allows a designated person to appeal to the High Court against any decision of the Treasury to make or vary, or not to make or vary, any interim or final designations and allows a designated person or anyone else affected by a decision of the Treasury to appeal to the High Court for a decision to be set aside.

Financial institutions and other persons are requested to check whether they maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, the designated entities.  If so, they must freeze such accounts or other funds and, unless licensed by the Treasury, refrain from dealing with said funds or economic resources, and suspend the provision of any financial services.  They must also report their findings to the Sanctions Officer at the Customs and Excise Division of the Treasury.  Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated individuals they are not required to report these details again.

Further details of the sanctions regime related to Terrorism and links to the Consolidated List of individuals and entities subject to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website

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