Isle of Man Treasury publicises 15 new Venezuela sanctions entries on the UK consolidated list now subject to asset freezes

The Isle of Man Treasury issued a notice that the UK Foreign, Commonwealth and Development Office has added 15 new entries under the Venezuela sanctions regime to the UK sanctions list, with the additions now subject to an asset freeze as the regime takes effect in the Isle of Man. Where a person or entity is suspected to match a listed designation and a firm holds or otherwise deals with its funds or economic resources, assets must be frozen immediately, screening information should be reviewed to avoid false positives, and assets must not be dealt with or made available unless a legal exemption or licence applies. Frozen assets and any suspected breaches of sanctions law, including blocked attempted transactions, must be reported to the Financial Intelligence Unit (FIU); repeat reporting is not required where the same frozen accounts or resources have already been reported, and screening must consider whether a corporate customer is owned or controlled directly or indirectly by a listed person.