This news release is issued to publicise amendments to 3 entries under the Counter-Terrorism (International) Sanctions Regime.
The Counter-Terrorism (International Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/573) 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 terrorist activity. The Counter-Terrorism (International Sanctions) (EU Exit) Regulations 2019 (SI 2019/573) have effect in the Isle of Man by the Counter-Terrorism (International) Sanctions (Application) Regulations 2020 [SD 2020/0501].
On 16 June 2022 the Foreign, Commonwealth and Development Office updated the UK Sanctions List. This list provides details of those designated under sanctions legislation.
The following entries have been amended and are still subject to an asset freeze:
- Ibrahim Salih Mohammed AL-YACOUB (Group ID: 7015)
- Farah MELIAD (Group ID: 13443)
- Hocine BOUGUETOF (Group ID: 13715)
Further details can be found in the Annex to this News Release.
Consequently the Foreign, Commonwealth and Development Office updated the Consolidated List. This list provides details of those designated under sanctions legislation.
Financial institutions and other persons are required to check whether you maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, designated individuals. If so, you must freeze such accounts or other funds and, unless licensed by the Treasury, not deal with those funds or economic resources, make those funds or economic resources available to a designated person, or make those funds or economic resources available for the benefit of a designated person. You must also report your findings to the FIU.
Failure to comply with financial and trade sanctions legislation or to attempting to circumvent its provisions is a criminal offence.
Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated person, you are not required to report these details again.
Further details of the sanctions regime related to Counter-Terrorism (International) and links to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.