Financial Sanctions: Iran (Nuclear Proliferation)

Monday, 22 June 2020

This news release is issued in respect of the restrictive measures directed by the Council of the European Union against Iran (Nuclear Proliferation).

On 19 June 2020 Council Implementing Regulation (EU) 2020/847 (“the Amending Regulation”) was published in the Official Journal of the European Union. The Amending Regulation amended Annex IX to the Regulation with effect from 20 June 2020.

Details of the changes to the identifying information for 8 individuals and 2 entities can be found in the attached Annex.

The 10 entries remain 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.

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