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Financial Sanctions: Terrorism and Terrorist Financing

Thursday, 11 December 2014

The Terrorist Asset-Freezing Etc. Act 2010 (of Parliament), as it applies in the Isle of Man, implements the terrorist asset-freezing requirements of UN Security Council Resolution 1373 (2001) and Council Regulation (EU) No 2580/2001.

The Treasury has renewed the final designations in respect of the Popular Front for the Liberation of Palestine – General Command (PFLP-GC) and the Popular Front for the Liberation of Palestine (PFLP) with effect from 10 December 2014.

RENEWAL OF FINAL DESIGNATION

Date of Renewal of Final Designation:  10 December 2014

Entities

POPULAR FRONT FOR THE LIBERATION OF PALESTINE – GENERAL COMMAND

a.k.a.:  PFLP – General Command

Other Information:  Both UK listing and EU listing

Group ID:  7399

POPULAR FRONT FOR THE LIBERATION OF PALESTINE (PFLP)

Other Information:  Both UK listing and EU listing.

Group ID:  7401

This means that the Popular Front for the Liberation of Palestine – General Command (PFLP-GC) and the Popular Front for the Liberation of Palestine (PFLP) continue to be subject to the financial sanctions imposed by the Act.

Section 26 of the Terrorist Asset-Freezing Etc. Act 2010 allows a designated entity to appeal to the High Court against any decision of the Treasury to make or vary, or not to make or vary, any interim or final designation.

Section 27 of the Act allows a designated entity or anyone else affected by a decision of the Treasury to appeal to the High Court for a decision to be set aside.

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 entity.  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 entity they are not required to report these details again.

Further details of the sanctions regime related to Terrorism and links to the 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.

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