Financial sanctions: UK authorities issue Red Alert
The Customs & Excise Division of Treasury has today, Friday 15 July 2022, issued a news release to draw attention to a ‘Red Alert’ published by the UK National Economic Crime Centre.
The alert is intended to promote awareness and encourage preventative action in respect of the common techniques designated persons and their UK enablers are suspected to be using to evade financial sanctions.
These sanctions are set out the Russia (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/855), which are given effect within the Isle of Man by the Russia Sanctions (Application) Regulations 2020 [S.D. 2020/0504].
While the alert is not directly applicable to the Isle of Man, the typologies highlighted may be helpful to persons in the Island in identifying possible sanctions evasion activity. Businesses are therefore advised to familiarise themselves with the content of the alert.
Any findings in the Isle of Man should be reported to the IoM Financial Intelligence Unit.
Further details of the sanctions regime related to Russia and links to other financial sanctions regimes can be found on the Customs and Excise pages of the Isle of Man Government website.