This news release is issued to publicise the addition of one new entry to the Myanmar sanctions regime.
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 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.
On 17 May 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 entry has been added and is now subject to an asset freeze.
Myanmar Gems Enterprise (MGE) (Group ID: 14108)
Full 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 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.
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 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.