This news release is issued to publicise the addition of 13 entries under the Iran Sanctions Regime.
The Iran (Sanctions) Regulations 2023 have effect in the Isle of Man by the Iran (Sanctions) (Isle of Man) Order 2023 [S.I. 2023/1376]. These Regulations impose financial, trade, transport 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.
On 18 April 2024 the Foreign, Commonwealth and Development Office updated the UK Sanctions List. This list provides details of those designated under sanctions legislation.
Addition
13 entries have been added to the consolidated list and are now subject to an asset freeze. Further information can be found in the Annex to this Notice.
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 the sanctions regime related to Iran and links to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.
