This news release is issued to publicise the addition of eleven 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'), which are made under the Sanctions Act 2024. This regime imposes financial, trade and immigration sanctions to encourage the Government of Iran to comply with international human rights law and respect for human rights and to deter Iran from conducting hostile activity against the United Kingdom and other countries.
Individuals and entities who are designated under this regime are included on the UK Sanctions List.
Types of sanctions applicable under this regime:
- Asset freeze
- Trade
- Immigration
On 2 February 2026 the Foreign, Commonwealth and Development Office updated the UK Sanctions List. This list provides details of those designated under sanctions legislation.
Addition
Eleven entries have been added to the UK Sanctions List and are now subject to an asset freeze. Further information can be found in the Annex to this Notice.
What you must do in relation to additions, amendments or corrections
If, through your sanctions compliance programme, you identify a possible match to a person or entity included in the Sanctions Lists, and you hold or otherwise deal with funds or economic resources of that person:
- You must immediately freeze any assets you hold or otherwise deal with belonging to that person (assets includes funds and economic resources, owned directly or indirectly by that person)
- You must review the information you hold for that person against the Sanctions Lists to establish whether you have a true match or a 'false positive' (see section 8 of the Financial Sanctions General Guidance)
- Where a true match is confirmed, 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 Sanctions Lists includes whether any corporate entity is owned or controlled, directly or indirectly, by a person on the Sanctions Lists.
Further information
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.
