The Isle of Man Treasury issued a sanctions notice confirming that the UK Sanctions List has been updated under the Syria sanctions regime with nine additional entries, each now subject to an asset freeze in the Isle of Man. The Syria (Sanctions) (EU Exit) Regulations 2019 have effect in the Isle of Man through the Sanctions (Implementation of UK Sanctions) Regulations 2024 made under the Sanctions Act 2024, and the regime provides for financial, trade, aircraft and immigration sanctions. The notice reiterates that where a sanctions compliance programme identifies a possible match and an institution holds or otherwise deals with funds or economic resources of the designated person, it must immediately freeze the assets, check whether the match is genuine, and if confirmed refrain from dealing with or making assets available unless an exemption or licence applies. Frozen assets and any suspected breaches or blocked attempted transactions must be reported to the Financial Intelligence Unit, with repeat reporting not required where a relevant institution has already reported frozen holdings for the designated person.
The Treasury (Isle of Man) 2025-12-19
Isle of Man Treasury publicises nine new UK Sanctions List entries under the Syria regime now subject to asset freeze
The Isle of Man Treasury updated the UK Sanctions List under the Syria sanctions regime, adding nine entries for asset freezes. The Syria (Sanctions) (EU Exit) Regulations 2019 apply in the Isle of Man via the Sanctions (Implementation of UK Sanctions) Regulations 2024, covering financial, trade, aircraft, and immigration sanctions. Institutions must freeze assets of designated persons, verify matches, and report to the Financial Intelligence Unit, with exemptions or licenses applicable in certain cases.