Financial Sanctions - Al-Qaida

The European Commission has amended Annex I to Council Regulation (EC) No. 881/2002 ("the 2002 Regulation") with effect from 5 December 2012.

Annex I of the 2002 Regulation lists the persons, groups and entities covered by the freezing of funds and economic resources under that Regulation. The amendments reflect the decisions made on 15, 23 and 25 November 2012 by the United Nations Sanctions Committee established pursuant to resolution 1267 (1999) to remove 6 individuals from the UN Al-Qaida list and amend the identifying information of a number of existing entries.

The individuals removed from Annex I are therefore no longer subject to the asset freeze imposed by the 2002 Regulation.

Details of the deletions and amendments to existing entries can be found here.

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 persons. 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 Sanctions Officer at the Customs and Excise Division of the Treasury. Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated person they are not required to report these details again.

Further details of the sanctions regime related to Al-Qaida and links to the Consolidated List of individuals and entities subject to other financial regimes may be found on the Customs and Excise pages of the Isle of Man Government website.