The Isle of Man Treasury issued a notice publicising amendments to five entries on the UK Sanctions List under the Russia sanctions regime, which has effect in the Isle of Man through the Sanctions (Implementation of UK Sanctions) Regulations 2024. The amended entries remain subject to an asset freeze and trust services sanctions. The notice reiterates that if a person or entity is suspected to match an entry on the UK Sanctions List and funds or economic resources are held or dealt with, assets must be frozen immediately, identifiers should be checked to avoid false positives, and assets must not be dealt with or made available unless a legal exemption applies or a licence is in place. Frozen assets and suspected breaches or blocked attempted transactions must be reported to the FIU, and circumvention or non-compliance is a criminal offence; institutions that have already reported frozen accounts or resources for a designated person do not need to report the same details again. It also highlights that screening should consider corporate entities owned or controlled, directly or indirectly, by a listed person, with further detail provided in the annex and referenced guidance pages.
The Treasury (Isle of Man) 2025-10-23
The Isle of Man Treasury publicises amendments to five entries on the UK Sanctions List under the Russia regime
The Isle of Man Treasury announced amendments to five entries on the UK Sanctions List under the Russia sanctions regime, effective through the Sanctions (Implementation of UK Sanctions) Regulations 2024. The amendments maintain asset freeze and trust services sanctions, requiring immediate asset freezing if a match is suspected. Reporting obligations to the Financial Intelligence Unit remain, with non-compliance constituting a criminal offence.