The Treasury advises that the Sanctions (Application) (Miscellaneous Amendments) Regulations 2022 [SD 2022/0250] come into operation on 09 August 2022, which apply the provisions of the following United Kingdom statutory instruments relating to financial sanctions to the Island –
- The Sanctions (EU Exit) (Miscellaneous Amendments) Regulations 2022;
- The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2022; and
- the Somalia (Sanctions) (EU Exit) (Amendment) Regulations 2021.
Regulations 3 and 4 make miscellaneous amendments to most of the UK Regulations which have been applied to the Island under the European Union and Trade Act 2019. The amendments —
(a) insert a new information sharing power in each of the sanctions regulations which authorises other government departments, agencies and relevant bodies to share information to enable or assist the Treasury to discharge its functions in connection with sanctions; and
(b) make minor corrections and update definitions.
Regulation 5 applies the Somalia (Sanctions) (EU Exit) (Amendment) Regulations 2021 which amends the Somalia (Sanctions) (EU Exit) Regulations 2020, as those Regulations have effect in the Island. The amendments update the definition of improvised explosive devices (IED) component and IED component technology in line with United Nations Security Council Resolution 2551, and omit a reference to Tetryl in Part 3 of Schedule 2.
Failure to comply with financial and trade sanctions legislation or to attempting to circumvent its provisions is a criminal offence.
Further details of sanctions may be found on the Customs and Excise pages of the Isle of Man Government website.
