Financial Sanctions: Syria

Friday, 6 July 2018

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 in accordance with Council Implementing Regulation (EU) No 2018/774, originally published by the EU on 29 May 2018, but containing a typographical error.  Following the publication of a Corrigendum to the Implementing Regulation, the regulation has been implemented.

Two individuals have been removed from the sanctions list and are no longer subject to an asset freeze, a further twenty entries have been updated.

Details can be found in the attached Annex.

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 and 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 report their findings to the FIU.

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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