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Financial Sanctions

Tuesday, 4 September 2018

This news release is issued to publicise changes made to financial sanctions guidance issued by the Customs and Excise Division of the Treasury and changes made to the layout of the web site page.

Three new pieces of guidance have been issued:

The aim of the updated guidance is to assist persons and businesses on the Island comply more easily with financial sanctions legislation, understand their obligations under the legislation and make clear who reports must be made to.

Also included in the Financial Sanctions - Guidance is:

  • information about complex structures and what your obligations are with respect to these structures
  • guidance about ownership and control in relation to financial sanctions;
  • exemptions and licences that may be available
  • record-keeping requirements
  • what to do if a person or entity is removed from a sanctions list; and
  • Frequently Asked Questions for specific sectors

The layout of the Sanctions and Export Control part of the Customs and Excise website has also been changed to improve readability.

Please also remember that regular updates to financial sanctions are issued on the Customs and Excise news feed, which you can subscribe to.

It is important to note that if you know or have ‘reasonable cause to suspect’ that you are in possession or control of, or are otherwise dealing with, the funds or economic resources of a person or entity designated on a sanctions list you must:

  • Freeze them
  • Not deal with them or make them available to, or for the benefit of, the designated person, unless:
  • There is an exemption in the relevant legislation that you can rely on
  • You have a licence
  • Report them to the FIU

The Sanctions Lists to refer to are as follows:

If you do have any general queries about financial sanctions please do not hesitate to contact Customs and Excise on +44 1624 648109 or customs@gov.im

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