On 19 June 2012 the European Union (Guinea-Bissau Sanctions) Order 2012 came into operation and applied Council Regulation (EU) No. 377/2012 in the Island. As a result, from that date the restrictions imposed by the Regulation have effect in the Isle of Man.
The applied Regulation targeted persons engaging in, or providing support for, acts that threaten the peace, security or stability of Guinea-Bissau and persons associated with them, following a military coup in that country.
The Regulation included an asset freeze against listed persons and entities, details of whom can be found on the HM Treasury website.
The Order included an amendment to Article 11 of the Regulation with the effect that changes made to the lists of those affected by the sanctions measures by the EU should have immediate effect in the Island without the need for any further application order. Therefore any accounts, funds or economic resources held in the Island by, for or on behalf of any listed person or entity should be frozen and details provided to the Sanctions Officer.
A new Sanctions Notice 40 (Guinea-Bissau) will be available on the Customs and Excise website.
For more information contact the Sanctions Officer.
