This news release is issued to publicise the amendment of 1 entry in the Syria sanctions regime.
The Syria (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/792) 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 repressing the civilian population in Syria or who is or has been involved in supporting or benefitting from the Syrian regime and who are or have been carrying on prohibited activities related to chemical weapons. The Syria (Sanctions) (EU Exit) Regulations 2019 have effect in the Isle of Man by the Syria Sanctions (Application) Regulations 2020 [S.D. 2020/0503].
On 16 May 2023 the Foreign, Commonwealth and Development Office updated the UK Sanctions List. This list provides details of those designated under sanctions legislation.
AMENDMENT
Deleted information appears in [square brackets]. Additional information appears in italics.
The following entry has been amended and is still subject to an asset freeze:
Entity
- DAMASCUS CHAM HOLDING
a.k.a: (1) Damascus Cham Holding Company (2) Damascus Cham Private Joint Stock Company Other Information: (UK Sanctions List Ref):SYR0358. Public-owned company under private law.Names of Director(s)/Management: Adel Anwar AL-OLABI, Chairman of the board of Directors and governor of Damascus. Ultimate beneficial owner(s): Governorate of Damascus. Relatives/business associates/entities or partners/links Mazen Tarazi (EU-designated); businessman Anas Talas (EU-designated); [Exceed Development and Investment Company, owned by private investors Hayan Mohammad Nazem Qaddour, and Maen Rizk Allah Haykal (both EU-designated);] Khaled Al-Zubaidi and Nader Qalei (both EU-designated) Talas Group, owned by (UK Statement of Reasons):Damascus Cham Holding Company was established by the regime as the investment arm of the Governorate of Damascus in order to manage the properties of the Governorate of Damascus and implement the Marota City project, a luxurious real estate project based on confiscated and expropriated land under decree n°66 and Law n°10 in particular. (Type of entity):Real Estate Listed on: 17/02/2020 UK Sanctions List Date Designated: 31/12/2020 Last Updated: [31/12/2020] 16/05/2023 Group ID: 13823.
What you must do
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 Information
Consequently the Foreign, Commonwealth and Development Office updated the Consolidated List. This list provides details of those designated under sanctions legislation.
Further details of sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.
