This news release is issued in respect of the asset-freezing measures directed against certain persons responsible for serious human rights violations in Iran.
Following the publication of Council Implementing Regulation (EU) No 2020/510, the Council of the European Union has amended Annex I to Council Regulation (EU) No 359/2011 with effect from 8 April 2020. A copy of the EU Regulation can be accessed here.
Eight two entries have been amended and are still subject to an asset freeze.
Financial institutions and other persons are required to check whether they maintain any accounts or otherwise hold funds, financial assets, economic benefits and economic resources for the designated individuals and entities. If so, they must 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 FIU. Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated individuals 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 Iran and links to the UK’s Consolidated List of individual and entities subject to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.