The Treasury (Isle of Man) publicises the addition of 240 entities, seven individuals and 50 ships to the Russia sanctions regime

The Treasury (Isle of Man) issued a notice publicising updates to the UK Sanctions List under the Russia sanctions regime as it applies in the Isle of Man, adding 240 entities, seven individuals and 50 ships. The additions are now subject to an asset freeze and trust services sanctions. The notice sets out expected compliance steps for relevant institutions, including immediately freezing any funds or economic resources held for a designated person, checking whether potential matches are true matches or false positives, and reporting frozen assets and suspected breaches or blocked attempted transactions to the FIU. It also notes that screening should consider whether an entity is owned or controlled directly or indirectly by a designated person, and that non-compliance or circumvention is a criminal offence; where accounts or assets have already been reported as frozen for a designated person, the same details do not need to be reported again.