The Isle of Man Treasury issued a financial sanctions notice publicising the addition of two new entries under the Iran (Sanctions) Regulations 2023, which have effect in the Isle of Man via the Sanctions (Implementation of UK Sanctions) Regulations 2024. The designations, reflected on the UK sanctions list, make the targets subject to an asset freeze. The new listings are Rawa Majid (UK sanctions list reference IRN0243) and the Foxtrot Network (IRN0242), designated for involvement in hostile activity linked to the Government of Iran or an Iran-backed armed group, including activity intended to destabilise the UK or other countries by aiding or facilitating serious organised crime. The notice reiterates that where a match is suspected and funds or economic resources are held or dealt with, assets must be frozen immediately, not made available without a legal exemption or licence, and frozen assets, blocked transactions and suspected breaches must be reported to the Financial Intelligence Unit; screening should also consider ownership and control, and previously reported frozen accounts do not need to be reported again.
The Treasury (Isle of Man) 2025-04-14
Isle of Man Treasury publicises UK Iran sanctions designations adding Rawa Majid and the Foxtrot Network to the asset-freeze list
The Isle of Man Treasury added Rawa Majid and the Foxtrot Network to the Iran (Sanctions) Regulations 2023, effective via the Sanctions (Implementation of UK Sanctions) Regulations 2024. These designations, linked to hostile activities involving Iran, impose an asset freeze. Entities must freeze assets immediately upon suspicion and report to the Financial Intelligence Unit, ensuring compliance with ownership and control screening.