Financial Sanctions: Syria

The Council of the European Union has amended Annex II to Council Regulation (EU) No. 36/2012 ("Regulation 36/2012") with effect from 16 October 2012. Annex II to Regulation 36/2012 lists the persons, entities or bodies subject to the asset freeze.

The changes to Annex II of Regulation 36/2012 are the addition of 28 individuals and 2 entities, the removal of 2 individuals and 1 entity, and amendments to the identifying information of 20 existing entries, and these can be accessed here.

The individuals and entities added to Annex II are therefore subject to the asset freeze imposed by Regulation 36/2012.

The individuals and entities removed from Annex II are therefore no longer subject to the asset freeze imposed by Regulation 36/2012.

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 entity. 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 report their findings to the Sanctions Officer at the Customs and Excise Division of the Treasury.

Further details of the sanctions regime related to Syria 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.