General licence - IOM/2024/RUS043
Legal Services Fees
The Treasury has the power to issue General Licences for financial and trade sanctions regimes under a number of Regulations.
On 02 November 2024, the Treasury issued General Licence IOM/2024/RUS043 under regulation 64 of the Russia Sanctions (EU Exit) Regulations 2019 (the 'Regulations'), as they have effect in the Isle of Man by the Sanctions (Implementation of UK Sanctions) Regulations 2024 [SD 2024/0118].
Any persons intending to use General Licence IOM/2022/RUS043 should consult the copy of the Licence for full details of the permissions and usage requirements which can be found attached to this release.
General Licence IOM/2022/RUS043 which, subject to certain conditions, allows payments to be made for legal professional fees and expenses associated with the provision of legal services.
For the purposes of General Licence IOM/2022/RUS043, a Designated Person (DP) means any individual or body of persons (corporate or unincorporate) designated for the purpose of section 9(2) of the Sanctions and Anti-Money Laundering Act 2018 (of UK Parliament) and/or any body of persons (corporate or unincorporate) owned or controlled by that designated person as determined under the criteria set out in Regulation 7 and Schedule 1 of the Regulations (as they have effect in the United Kingdom).
Economic resources mean assets of every kind, whether tangible or intangible, movable or immovable, which are not funds but can be used to obtain funds, goods, or services.
Funds means financial assets and benefits of every kind, including (but not limited to:
a) Cash, cheques, claims on money, drafts, money orders and other payment instruments;
b) Deposits, balances on accounts, debts and debt obligations
c) Publicly and privately traded securities and debt instruments, including stocks and shares, certificates representing securities, bonds, notes, warrants, debentures and derivative products
d) Interest, dividends and other income on or value accruing from or generated by assets
e) Credit, rights of set-off, guarantees, performance bonds and other financial commitments
f) Letters of credit, bills of lading and bills of sale
g) Documents providing evidence of an interest in funds or financial resources;
h) Any other instrument of export financing
A Person includes a body of persons corporate or unincorporate but does not include a DP.
A Relevant Institution has the meanings given in:
(a) Paragraph 2(1) of Schedule 2 of the Sanctions (Implementation of UK Sanctions) Regulations 2024 [SD 2024/0118]; and
(b) Regulation 58(7) and (8) of the Regulations (as they have effect in the United Kingdom)
Under General Licence IOM/2024/RUS043 provided that one of the sets of conditions in one of parts A or B of the General Licence are complied with in full, any Person or Relevant Institution may receive payments from a DP; make payments (directly or indirectly) for or on behalf of a DP; make payments for the benefit of a DP; process payments which relate to a DP; and any Person or Relevant Institution may carry out any other act which is reasonably necessary to give effect to this.
General
The permissions in General Licence IOM/2024/RUS043 do not authorise any act which the person carrying out the act knows, or has reasonable grounds for suspecting, will result in funds or economic resources being made available in breach of the Regulations, or any other regulations given effect in the Isle of Man by the Sanctions (Implementation of UK Sanctions) Regulations 2024 [SD 2024/0118] save as specifically permitted under this or other licences granted by the Treasury.
The General Licence takes effect from the date of issue and expires on 28 April 2025 and may be varied, revoked or suspended by the Treasury at any time.
Reporting requirement
Any activity conducted under General Licence IOM/2024/RUS043 must be reported to the Treasury within 14 days, with the details and supporting evidence requested in Part A or Part B. The reporting forms may be downloaded from the Treasury website under the accordion 'Sanctions Licences'.
Record-keeping requirements
A DP or Person must keep accurate, complete and readable records, on paper or electronically, of any activity purporting to have been permitted under this licence for a minimum of 6 years.
