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Financial Sanctions: Syria

Friday, 28 October 2016

This news release is issued in respect of the restrictive measures directed against certain persons and entities in view of the situation in Syria.

Annex II to Council Regulation (EU) No 36/2012 has been amended with effect from 28 October 2016, following the publication of Commission Implementing Regulation (EU) No 2016/1893. Annex II to Regulation 36/2012 lists the persons, entities or bodies subject to the asset freeze.

Ten individuals have been added to Annex II and are therefore subject to the asset freeze imposed by Regulation 36/2012.

Details of the additions 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 individuals.  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 report their findings to the Sanctions Officer at the Customs and Excise Division of the Treasury.

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 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 web site.

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