This news release is issued to publicise the amendment of 1 entry under the Iran (Nuclear) Sanctions Regime.
The Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019 (S.I. 2019/461) 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 responsible for the proliferation or development of nuclear weapons in, or for use in, Iran. The Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019 have effect in the Isle of Man by the Iran Sanctions (Nuclear) (Application) Regulations 2020 [S.D. 2020/0477].
On 15 November 2023 the Foreign, Commonwealth and Development Office updated the UK Sanctions List. This list provides details of those designated under sanctions legislation.
Amendment
The following entry has been amended and is still subject to an asset freeze:
Deleted information appears in [square brackets]. Additional information appears in italics.
Entity
- YA MAHDI INDUSTRIES GROUP
a.k.a: (1) O Madhi Aircraft Manufacturing (2) Ya Madhi AG Industrial (3) Ya-Madhi Aircraft Manufacturing (4) YMA College (5) YMA Research & Industrial Complex Address: Khorasan Road, Lavisan, Parchin, P.O. Box 19395-4731, Tehran, Iran. Other Information: (UK Sanctions List Ref): INU0272. (UK Statement of Reasons): [Ya Madhi Industries Group is an involved person within the meaning of the Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019. Ya Madhi Industries Group is or has been responsible for engaging in, providing support for and facilitating the development of a nuclear weapon delivery system in, or for use in Iran.] Ya Mahdi Industries Group is an involved person within the meaning of the Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019. Ya Mahdi Industries Group is or has been responsible for engaging in, providing support for and facilitating the development of a nuclear weapon delivery system in, or for use in Iran. (Parent company): Aerospace Industries Organisation (AIO) Listed on: 18/10/2023 UK Sanctions List Date Designated: 18/10/2023 Last Updated: [18/10/2023] 15/11/2023 Group ID: 16157.
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 (Nuclear) and links to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.
