This news release is issued to publicise a new global sanctions regime in respect of Myanmar which replaces the existing Burma sanctions regime. The Foreign and Commonwealth Office also updated the UK Sanctions List to amend the details of 23 entries on the Consolidated List. Details of the amendments can be found in the attached Annex.
The Myanmar Sanctions Regulations 2021 [SI 2021/496] (“the Myanmar Regulations”) have effect in the Isle of Man by the Myanmar (Sanctions) (Isle of Man) Order 2021 [SI 2021/529] (“the 2021 Order”).
The 2021 Order came into operation at 5pm on 29 April 2021. This Order extends, with modifications, the United Kingdom’s Myanmar (Sanctions) Regulations 2021 [SI. 2021/496], as amended from time to time.
The Myanmar Regulations establish a sanctions regime for the purpose of promoting the peace, stability and security of Myanmar, respect for democracy, the rule of law and to discourage repression of the civil population as well as respect for human rights in Myanmar.
Designated persons may be excluded from the Isle of Man and may be made subject to financial sanctions, including having their funds or economic resources frozen. The list of designated persons is the same list published by the Office of Financial Sanctions Implementation.
The Myanmar Regulations, as they are extended to the Isle of Man, provide for certain exceptions to this sanctions regime (for example to allow for frozen accounts to be credited with interest or other earnings and to allow acts done for the purpose of national security or the prevention of serious crime). The Treasury may issue a licence in respect of activities that would otherwise be prohibited under the Myanmar Regulations.
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 Myanmar and links to the UK’s Sanctions List of individuals and entities subject to these and other financial sanctions may be found on the Customs and Excise pages of the Isle of Man Government website.