This news release is issued to publicise the addition of two entries under the Iran sanctions regime.
The Iran (Sanctions) Regulations 2023 have effect in the Isle of Man by the Sanctions (Implementation of UK Sanctions) Regulations 2024 (“the Regulations”). This regime provide for the imposition of financial sanctions, namely the freezing of funds and economic resources of persons who are or have been involved in the commission of a serious human rights violations or abuse in Iran; or hostile activity by the Government of Iran or an armed group backed by the Government of Iran.
Individuals and entities who are designated under this regime are included on the UK sanctions list.
On 18 November 2024, the Foreign, Commonwealth and Development Office updated the UK sanctions list. This list provides details of those designate under sanctions legislation.
Additions
Two entries have been added to the Consolidated List and are now subject to an asset freeze:
Entities
- ISLAMIC REPUBLIC OF IRAN AIRLINES
a.k.a: (1) HAVAPEYMAYI MELLI IRAN (2) Iran Air (3) IRAN AIR PJSC (4) IRANAIR CARGO (5) The Airline of the Islamic Republic of Iran Address: Iran Air Building, Mehrabad Airport, Tehran, Iran, P.O. Box 13185-775. Other Information: (UK Sanctions List Ref): IRN0240. (UK Statement of Reasons): The Islamic Republic of Iran Airlines is an involved person within the meaning of the Iran (Sanctions) Regulations 2023 on the basis of the following grounds: (1) The Islamic Republic of Iran Airlines is owned or controlled, by a person, namely the Government of Iran, which is or has been involved in hostile activity by the Government of Iran; (2) The Islamic Republic of Iran Airlines is or has been involved in hostile activity by the Government of Iran by facilitating or giving support or assistance to the Iranian defence sector. (Website): www.iranair.com Listed on: 18/11/2024 UK Sanctions List Date Designated: 18/11/2024 Last Updated: 18/11/2024 Group ID: 16611 - THE ISLAMIC REPUBLIC OF IRAN SHIPPING LINES (IRISL)
Address: Iran Other Information: (UK Sanctions List Ref): IRN0241. (UK Statement of Reasons): The Islamic Republic of Iran Shipping Lines (IRISL) is an involved person within the meaning of the Iran (Sanctions) Regulations 2023 on the basis of the following grounds: (1) IRISL is or has been involved in hostile activity by the Government of Iran by facilitating or giving support or assistance to entities carrying on business in the Iranian defence sector; (2) IRISL is owned or controlled by a person, namely the Government of Iran, which is or has been involved in hostile activity by the Government of Iran. Listed on: 18/11/2024 UK Sanctions List Date Designated: 18/11/2024 Last Updated: 18/11/2024 Group ID: 16693
What you must do
If you suspect a person or entity is a match to a person or entity included in the UK Sanctions List, and you hold or otherwise deal with funds or economic resources of that person:
- You must freeze the assets immediately
- You must review the information you hold for that person against the UK Sanctions List to ensure you do not have a false positive identification
- Do not deal with those assets or make them available to, or for the benefit of the designated person unless:
- You have a legal exemption
- You have a licence
- You must report the frozen assets to the FIU.
If you have a suspicion or knowledge that there has been a breach of sanctions law, or any attempted transactions that you have blocked, report your suspicions 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.
Note: determining if a customer is on the UK Sanctions List includes whether any corporate entity is owned or controlled, directly or indirectly, by a person on the UK Sanctions List.
Further information
Further details on the UN measures in respect of Iran sanctions can be found on the relevant UN Sanctions Committee webpage.
Further information on the sanctions regime related to Iran and other sanctions related guidance can be found on the Sanctions and Export Control website on the Sanctions Guidance page.
Contact details for enquiries
If you require any further information or guidance, please contact the Sanctions Team on:
Telephone: +44 1624 648109
Email: sanctions@gov.im
Please note: We are unable to provide legal advice. You may need to seek independent legal advice.
