The Isle of Man Treasury issued a sanctions notice confirming that four new entries have been added under the Sudan sanctions regime and included on the UK Sanctions List, making them subject to an asset freeze in the Isle of Man. The notice explains that the Sudan (Sanctions) (EU Exit) Regulations 2020 have effect in the Isle of Man via the Sanctions (Implementation of UK Sanctions) Regulations 2024 made under the Sanctions Act 2024, with the wider regime also providing for trade and immigration sanctions. Firms that identify a potential match must immediately freeze any funds or economic resources they hold or control for the designated person, check whether the match is genuine or a false positive, and, where a true match is confirmed, avoid dealing with or making assets available absent a legal exemption or licence. Frozen assets and any suspected breaches or blocked attempted transactions must be reported to the Financial Intelligence Unit, and checks must also consider whether entities are owned or controlled directly or indirectly by a designated person.
The Treasury (Isle of Man) 2025-12-12
Isle of Man Treasury publicises four new Sudan sanctions designations now subject to an asset freeze
The Isle of Man Treasury added four entries to the Sudan sanctions regime on the UK Sanctions List, subjecting them to an asset freeze. The Sudan (Sanctions) (EU Exit) Regulations 2020 apply via the Sanctions (Implementation of UK Sanctions) Regulations 2024, encompassing trade and immigration sanctions. Firms must freeze assets of designated persons, verify matches, and report to the Financial Intelligence Unit, ensuring compliance with ownership and control checks.