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Financial Sanctions: Iran (Nuclear Proliferation)

Monday, 15 March 2021

This news release is issued to publicise an amendment to the details of two existing entries under the Iran (Nuclear) sanctions regime. 

The Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019 (S.I. 2019/461) 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 responsible for the proliferation or development of nuclear weapons in, or for use in, Iran. The Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019 have effect in the Isle of Man by the Iran(Nuclear) Sanctions (Application) Regulations 2020 [SD 2020/0477].

On 15 March 2021 the Foreign, Commonwealth and Development Office updated the UK Sanctions List. This list provides details of those designated under regulations made under the Sanctions Act.

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

  • Qasem SOLEIMANI (Group ID: 9062)

Full details can be found in the attached Annex.

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 and entity. 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 and entity 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 (Nuclear) 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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