This news release is issued to publicise the amendment of 1 entry and correction of 2 entries under the Venezuela Sanctions Regime.
The Venezuela (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/135) 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 a serious human rights violation or abuse in Venezuela, the repression of civil society and democratic opposition in Venezuela or other actions, policies or activities which undermine democracy or the rule of law in Venezuela. The Venezuela (Sanctions) (EU Exit) Regulations 2019 have effect in the Isle of Man by the Venezuela Sanctions (Application) Regulations 2020 [S.D. 2020/0473].
On 02 August 2022 the Foreign, Commonwealth and Development Office updated the UK Sanctions List. This list provides details of those designated under sanctions legislation.
The following entry has been amended and is still subject to an asset freeze:
- Elvis Eduardo AMOROSO (Group ID: 13844)
The following entries have been corrected and are still subject to an asset freeze:
- Jose Gregorio NORIEGA FIGUEROA (Group ID: 13851)
- Jose Adelino ORNELAS FERREIRA (Group ID: 13841)
Full details of the changes can be found in the attached Annex to this news release.
Consequently the Foreign, Commonwealth and Development Office updated the Consolidated List. This list provides details of those designated under sanctions legislation.
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 details of the sanctions regime related to Venezuela and links to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.