This news release is issued to publicise the amendment of the details for one existing entry listed under the Chemical Weapons financial sanctions regime.
The Chemical Weapons (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/618) were made under the Sanctions and Anti-Money Laundering Act 2018 (the Sanctions Act) and provide for the freezing of funds and economic resources of certain persons, entities or bodies involved in the proliferation and use of chemical weapons. The Regulations, were applied in Island law by the Chemical Weapons Sanctions (Application) Regulations 2020 [SD 2020/0452].
Details of the amendment can be found in the Annex to this news release. The individual remains subject to an asset freeze.
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 individual. 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 individual 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 Chemical Weapons and 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.