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 (EC) No 36/2012 has been amended with effect from 21 January 2019, following the publication of Commission Implementing Regulation (EU) No 2019/85.
The EU has added eleven businessmen and five entities to the sanctions list on the basis that they are involved in luxury estate development and other regime-backed projects.
Details of the amendments 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 entities. 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 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 website