This news release is issued to publicise the removal of 28 entries under the Iraq sanctions regime.
The Iraq (Sanctions) (EU Exit) Regulations 2020 (S.I. 2020/707) 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 former Government of Iraq and its state bodies, corporations or agencies. The Iraq (Sanctions) EU Exit) Regulations 2020 have effect in the Isle of Man by the Iraq Sanctions (Application) Regulations 2020 [SD 2020/0500].
On 9 September 2021, the Foreign, Commonwealth and Development Office updated the UK Sanctions List following a decision by the UN Security Council to remove 28 entries from its sanctions list. The UK’s Consolidated List has also been updated.
The 28 entries removed from the UK’s Consolidated List are no longer subject to an asset freeze. Details can be found in the attached Annex.
Further details of the sanctions regime related to Iraq and links to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.