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Financial Sanctions: Turkey

Monday, 9 November 2020

This news release is issued in respect of the restrictive measures directed against Turkey for illegal drilling activities in the Eastern Mediterranean.

Annex I to Council Regulation (EU) 2019/1890 has been amended with effect from 9 November 2020, following the publication of Commission Implementing Regulation (EU) No 2020/1655.

The following entries have been amended and are still subject to an asset freeze.

  • Mehmet Ferruh AKALIN (Group ID: 13829)
  • Ali Coscun NAMOGLU (Group ID: 13828)

Details can be found in the attached Annex to this news release.

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. 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. Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated individuals 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 Turkey can be found in Sanctions Notice 52. Links to the UK’s 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.

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