The Treasury (Isle of Man) issued a sanctions update publicising two new entries under the Counter Terrorism (Domestic) sanctions regime, reflecting changes to the UK Sanctions List that apply in the Isle of Man via the Sanctions (Implementation of UK Sanctions) Regulations 2024 made under the Sanctions Act 2024. Both entries are now subject to an asset freeze. The additions are the New Irish Republican Army (also known as New IRA or nIRA; UK Sanctions List ref CTD0010) and Kieran James Gallagher (UK Sanctions List ref CTD0009), with Gallagher also subject to a director disqualification sanction. The notice reminds institutions that where they hold or otherwise deal with funds or economic resources of a designated person they must freeze assets immediately, avoid dealing with or making them available unless an exemption or licence applies, and report frozen assets and suspected breaches or blocked transactions to the Financial Intelligence Unit; screening should also consider entities owned or controlled by designated persons, and non-compliance or circumvention is a criminal offence.
The Treasury (Isle of Man) 2025-11-06
The Treasury (Isle of Man) publicises asset-freeze designations for New Irish Republican Army and Kieran James Gallagher
The Treasury (Isle of Man) announced two new entries under the Counter Terrorism (Domestic) sanctions regime, aligning with the UK Sanctions List via the Sanctions (Implementation of UK Sanctions) Regulations 2024. The New Irish Republican Army and Kieran James Gallagher are now subject to an asset freeze, with Gallagher also facing a director disqualification. Institutions must freeze assets of designated persons, report to the Financial Intelligence Unit, and ensure compliance to avoid offences.