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Financial Sanctions: Sanctions (Amendment) Regulations 2024

Monday, 17 June 2024

This news release is issued to publicise the revocation of the Burundi (Sanctions) Regulations 2021 and minor updates to the Island’s Sanctions Regulations.

The Burundi regime had effect in the Isle of Man by the Sanctions (Implementation of UK Sanctions) Regulations 2024 ('Sanctions Regulations'), which are made under the Sanctions Act 2024.

The Sanctions (Amendments) Regulations 2024 amend the Sanctions Regulations which give legal effect in the Island, as Manx legislation, to United Kingdom Statutory Instruments concerned with United Nations and United Kingdom sanctions ('UK sanctions provisions'). 

Following the above, the Sanctions Regulations have been amended so as to revoke the Burundi (Sanctions) Regulations 2021, which is in-line with the United Kingdom’s sanctions regime.

There is also a minor amendment within the Sanctions Regulations to elaborate on the term director disqualification.  Director disqualification of licences and licensing offences is also to be disregarded alongside director disqualification sanctions.

An interpretation where penalties for offences are provided and how these are to be read as the corresponding penalties under Manx law is also inserted into the Sanctions Regulations.

Where can I find further information

Guidance is currently available on the Sanctions and Export Control webpage from 1 May 2024 on the redesigned webpages.

An detailed explanation of the new legislative change is available.

Individuals and entities subject to sanctions can be found in the UK Sanctions List.

Contact details for enquiries

If you require any further information or guidance, please contact the Sanctions Team on:

Telephone: +44 1624 648109


Please note: We are unable to provide legal advice. You may need to seek independent legal advice.

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