This news release is issued in respect of the restrictive measures directed against certain persons and entities in relation to Egypt.
Following the publication of Council Implementing Regulation (EU) No 2018/465, Annex I to Council Regulation (EU) No 270/2011 has been amended with effect from 22 March 2018.
Six individuals have been removed from the UK’s Consolidated List and are no longer subject to an asset freeze. The identifying information for three individuals have been amended and they remain subject to an asset freeze.
Details of the changes 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, financial assets, economic benefits and economic resources for the designated persons. If so, they should freeze such accounts or 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 persons and entities they are not required to report these details again. 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 Egypt 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.