The Isle of Man Treasury issued a sanctions notice highlighting that the UK Sanctions List has been updated under the Cyber sanctions regime, with eight new entries added and made subject to an asset freeze in the Isle of Man. The notice explains that the Cyber (Sanctions) (EU Exit) Regulations 2020 apply in the Isle of Man via the Sanctions (Implementation of UK Sanctions) Regulations 2024, imposing financial and immigration sanctions. It sets out expected compliance steps where a customer or counterparty may match a listed person or entity, including immediately freezing relevant funds or economic resources, checking for false positives, not dealing with or making assets available absent a legal exemption or licence, and reporting frozen assets and suspected breaches (including blocked attempted transactions) to the FIU; repeat reporting is not required where a relevant institution has already reported the frozen holdings. It also notes that screening should consider ownership and control, directly or indirectly, by a listed person, and that sanctions breaches or circumvention attempts are criminal offences.
The Treasury (Isle of Man) 2025-12-04
Isle of Man Treasury publicises eight new UK Cyber sanctions listings subject to asset freezes
The Isle of Man Treasury updated the UK Sanctions List under the Cyber sanctions regime, adding eight entries subject to an asset freeze. The Cyber (Sanctions) (EU Exit) Regulations 2020, applied via the Sanctions (Implementation of UK Sanctions) Regulations 2024, mandate financial and immigration sanctions, including freezing assets and reporting breaches to the Financial Intelligence Unit. Compliance requires screening for ownership and control by listed persons, with breaches constituting criminal offences.