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Financial Sanctions: Central African Republic

Thursday, 25 February 2021

This news release is issued in respect of the financial sanctions in place against the Central African Republic.

The Central African Republic (Sanctions) (EU Exit) Regulations 2020 (S.I. 2020/616) 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 engaging in or providing support for acts that undermine the peace, stability or security of the Central African Republic. The Central African Republic (Sanctions) EU Exit) Regulations 2020 have effect in the Isle of Man by the Central African Republic Sanctions (Application) Regulations 2020 [SD 2020/0481]

The following entry has been amended and is still subject to an asset freeze.

  • Bi Sidi SOULEMAN (Group ID: 13912)

Details can be found in the annex to this news release.

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 individual. 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 persons, 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 the Central African Republic  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.

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