OFAC Sanctions Update
This notice is issued by the Isle of Man Financial Services Authority (“the Authority”) in accordance with the powers conferred upon it under Section 30(1)(c) of the Financial Services Act 2008 as it appears to it to be desirable in the public interest to do so.
The Authority has been notified that on 22 September 2016, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) published the following press release and a list of individuals and entities added to the OFAC Specially Designated Nationals List.
The aforementioned press release indicates that the PacNet Group of companies have been designated in the United States of America as a significant transnational criminal organization (TCO) pursuant to Executive Order 13581. This relates to the PacNet Group (“PacNet”) global network of linked individuals and entities across 18 countries.
It should be noted that the quoted list of entities in the aforementioned press release may be stating the business name or ‘known as’ name of some companies and not their full legal names.
IOM Customs and Excise Sanctions Notice 22 provides general information on the application of OFAC sanctions.
This notice is being issued by the Isle of Man Financial Services Authority for information purposes only in light of the inclusion on the above lists of entities and individuals with purported Isle of Man links.
FSA Ref: 017/2016 - Pacnet