The Isle of Man Treasury published a notice publicising the removal of 10 entries from the Syria financial sanctions regime, meaning the delisted persons are no longer subject to an asset freeze in the Isle of Man. The Syria (Sanctions) (EU Exit) Regulations 2019 apply in the Isle of Man via the Sanctions (Implementation of UK Sanctions) Regulations 2024, made under the Sanctions Act 2024. The regime includes financial, trade, aircraft and immigration sanctions, and designations are reflected on the UK sanctions list. The notice reiterates that where a person or entity is suspected to match a UK sanctions list entry and funds or economic resources are held or dealt with, assets must be frozen immediately, false positives should be ruled out, dealings are prohibited absent a legal exemption or licence, and frozen assets and suspected breaches or blocked transactions must be reported to the Financial Intelligence Unit; attempts to circumvent sanctions are a criminal offence. Details of the 10 delistings are set out in an annex, and the notice highlights that sanctions screening should include ownership or control (direct or indirect) by a designated person and refers readers to general guidance on false positives and delistings.
The Treasury (Isle of Man) 2025-04-24
Isle of Man Treasury announces delisting of 10 entries under the Syria financial sanctions regime
The Isle of Man Treasury announced the removal of 10 entries from the Syria financial sanctions regime, lifting the asset freeze on these individuals. The Syria (Sanctions) (EU Exit) Regulations 2019, applicable via the Sanctions (Implementation of UK Sanctions) Regulations 2024, require immediate asset freezing for suspected matches to the UK sanctions list, with reporting obligations to the Financial Intelligence Unit. The notice emphasizes the importance of sanctions screening, including ownership or control by designated persons, and warns against attempts to circumvent sanctions.