Reports in respect of Financial Sanctions

The Customs and Excise Division of the Treasury (“CED”) and the Financial Intelligence Unit (“FIU”) jointly issue the following information with regard to financial sanctions.

 

With effect from Tuesday 3rd April 2018, reports which are required to be made in respect of financial sanctions must be made to the FIU.

 

Previously such reports were made to CED.

 

All persons in business or a profession in the Island, including financial institutions, must check whether they maintain any account, or otherwise hold or control funds or economic resources, for individuals or entities named in the published lists having effect in the Island and, if so, they should freeze the account, funds or economic resources and report their findings.

 

If you suspect that a breach of financial sanctions has occurred, you should report this at the earliest opportunity.

 

Any person, entity or body with information that would facilitate compliance with the sanctions legislation must supply such information to the FIU and co-operate in any verification of the information.

 

What are sanctions?

 

Sanctions are prohibitions and restrictions put in place with the aim of maintaining or restoring international peace and security. They generally target specific individuals or entities, or particular sectors, industries or interests. They may be aimed at such people and things in a particular country or territory, or some organisation or element within them.

There are also sanctions that target those persons and organisations involved in terrorism.

  

Sanctions Notice 26 provides further general information in relation to financial sanctions.

 

More details of the financial sanctions regimes that have effect in the Island can be found on the CED website

 

Where can you find the sanctions list?

 

The Isle of Man does not issue its own lists. Government policy is to maintain the lists of those affected so that they are the same as those designated by HM Treasury in the UK.  The lists can be found here.

 

How to report

 

Many businesses on the Island in the regulated sector will already be familiar with the FIU’s online reporting system THEMIS.  Those registered to use THEMIS should make their reports via this online system, using the Sanctions option in the Legislation under which disclosure is made drop down menu.

 

For those not registered to use THEMIS, a link to the appropriate form is available on the FIU – http://www.gov.im/sanctions

 

Further information

 

An RSS feed on the Customs and Excise website enables businesses to receive copies of all news releases relating to sanctions, confirming changes to sanctions measures and lists.

 

The Sanctions Notices have been updated to reflect the changes.

 

Please note that any general enquiries or applications for licences or authorisations in respect of financial sanctions should continue to be made to CED.

 

Isle of Man Customs and Excise

Address:

PO Box 6

Custom House

North Quay

Douglas

Isle of Man

Post Code:

IM99 1AG

Telephone:

01624 648109

Fax:

01624 661725

 

 

 

Isle of Man Financial Intelligence Unit

Address:

PO Box 51

Douglas

Isle of Man

Post Code:

IM99 2TD

Telephone:

01624 686000

 

 

Customs and Excise; [email protected] 

Website;      https://www.gov.im/categories/tax-vat-and-your-money/customs-and-excise/sanctions-and-export-control/

Financial Intelligence Unit; [email protected]

Website;      https://www.gov.im/about-the-government/statutory-boards/financial-intelligence-unit/