Isle of Man Treasury publicises seven amended UK Sanctions List entries under the ISIL and Al Qaida regime

The Isle of Man Treasury issued a notice highlighting amendments to seven entries on the UK Sanctions List under the ISIL (Da'esh) and Al-Qaida sanctions regime, with the listed persons remaining subject to an asset freeze. The regime has effect in the Isle of Man through the Sanctions (Implementation of UK Sanctions) Regulations 2024, which apply the UK's ISIL (Da'esh) and Al-Qaida (United Nations Sanctions) (EU Exit) Regulations 2019 implementing United Nations Security Council Resolution 2368; applicable measures include asset-freeze and trade sanctions. Where a person or entity is suspected to match a UK Sanctions List entry and an institution holds or deals with that person’s funds or economic resources, assets must be frozen immediately, identifying information must be reviewed to avoid false positives, and assets must not be dealt with or made available unless a legal exemption applies or a licence is held. Frozen assets and any suspected or known breaches, including attempted transactions that have been blocked, must be reported to the Financial Intelligence Unit; repeat reporting is not required where account or asset details have already been reported. The notice also reminds institutions that screening should consider corporate entities owned or controlled, directly or indirectly, by a listed person, and that breaching or attempting to circumvent sanctions is a criminal offence. Details of the amended entries are provided in an annex, alongside links to the Isle of Man’s general financial sanctions guidance and relevant United Nations materials.