This news release is issued to publicise a new global anti-corruption sanctions regime introduced to freeze the funds and economic resources of certain persons, entities or bodies responsible for or involved in serious corruption from entering and channeling money though the Isle of Man.
The Global Anti-Corruption Sanctions Regulations 2021 [2021/488] have effect in the Isle of Man by the Global Anti-Corruption Sanctions (Isle of Man) Order [SI 2021/526] (“the Order”).
The Order extends, with modifications, the United Kingdom’s Global Anti-Corruption Sanctions Regulations 2021 (“GACSR Regulations”), to the Isle of Man from 29 April 2021. The GACSR Regulations establish a sanctions regime for the purpose of deterring, and providing accountability for, activities which, would amount to serious corruption i.e. bribery or misappropriation of property.
The Order provides that a designated person in the UK is also a designated person in the Isle of Man. Designated persons may be excluded from the Isle of Man and may be made subject to financial sanctions, including having their funds or economic resources frozen. The list of designated persons is the same as the list published by the Office of Financial Sanctions Implementation
The GACSR Regulations, as they are extended to the Isle of Man, provide for certain exceptions to this sanctions regime (for example to allow for frozen accounts to be credited with interest or other earnings and to allow acts done for the purpose of national security or the prevention of serious crime). The Treasury may issue a licence in respect of activities that would otherwise be prohibited under the GACSR Regulations.
Further details of the sanctions regime related to Global Anti- Corruption Sanctions and links to the UK’s Sanctions List of individuals and entities subject to these and other financial sanctions may be found on the Customs and Excise pages of the Isle of Man Government website.