This news release is issued in respect of the restrictive measures directed against certain persons and entities in view of the situation in Syria.
On 11 September 2019 a Corrigenda was published in the Official Journal of the European Union, in respect of the following entry:
a.k.a: ASAAD, Nizar (1) AL-ASAD, Nizar (2) ASSAD, Nizar (3) ASAD, Nizar
Other Information: Cousin of Bashar Al-Assad. Previously head of the company ‘Nizar Oilfield Supplies’.
Listed on: 24/08/2011 Last Updated: [04/07/2018] 11/09/2019 Group ID: 12041
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 individual. 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 FIU. Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated individual they are not required to report these details again.
Failure to comply with financial sanctions legislation or to seek to circumvent its provisions is a criminal offence.
Further details of the sanctions regime related to Syria and links to the UK’s 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