Isle of Man Treasury publicises 121 Iran nuclear sanctions designations reimposed and updated on the UK Sanctions List

The Isle of Man Treasury issued a notice publicising the addition and update of 121 entries under the Iran (Nuclear) sanctions regime, following an update to the UK Sanctions List by the UK Foreign, Commonwealth and Development Office. The changes reflect the UN Iran snapback mechanism, under which 121 designations have been reimposed and added, including 78 entries that were already listed and have been updated to note that additional UN sanctions apply alongside existing UK autonomous designations. The notice reiterates that the Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019 apply in the Isle of Man through the Sanctions (Implementation of UK Sanctions) Regulations 2024 made under the Sanctions Act 2024, imposing asset freeze, trade and immigration sanctions. Where a suspected match is identified and funds or economic resources are held, assets must be frozen immediately, records checked to avoid false positives, and assets must not be dealt with or made available without a legal exemption or licence; frozen assets and suspected breaches or blocked attempted transactions must be reported to the Financial Intelligence Unit, with no need to resubmit account details already reported for the designated person. The notice also highlights that screening includes entities owned or controlled directly or indirectly by a designated person, and that breaches or circumvention are criminal offences.