|Isle of Man||Italy|
Yes. The Isle of Man Treasury has assigned responsibility for the Island’s sanctions regime to its Customs and Excise Division, and the Sanctions Officer in that division is the relevant person responsible for ensuring regimes and lists of persons subject to restrictions are kept up to date.
There is a responsibility for all persons and entities on the Island to be aware of the restrictions imposed by the various sanctions regimes. There is a particular requirement for professional regulated entities such as corporate service providers to be aware of them.
If any person on the Island is aware of the presence of funds or other assets owned by or controlled by, or on behalf of, a person or entity on any sanctions list, they should notify the Sanctions Officer. Anyone who has any responsibility for administering, controlling or managing such funds or assets, or is or has been involved in such administration, control, management or the supply or sale of the assets, should notify the Sanctions Officer. Anyone with information relating to persons or entities on any sanctions list or to funds or assets owned or controlled by such a person or entity, should inform the Sanctions Officer.
Yes. Although the Isle of Man isn’t obliged to adhere to UN and EU sanctions, its government’s policy is to implement EU sanctions under the European Communities (Isle of Man) Act 1973. As such, UN Security Council resolutions, which are implemented by the EU, take effect on the Island.
Yes. As well as following the sanctions put in place by the UN and EU, the Isle of Man has an autonomous terrorist sanctions regime and has powers over the regulated sector under the Anti-Terrorism & Crime Act 2003 and Terrorism and Other Crime (Financial Restrictions) Act 2014.
The types of sanctions that may be imposed include:
In general terms, it is a criminal offence to:
Yes. It is the government’s policy to maintain the sanctions lists so they are the same as those designated by HM Treasury in the UK.
Yes. The lists generated by the Department for Business, Innovation & Skills and the Home Office in the UK are relevant.
Yes. The Treasury, through the Customs and Excise department, is responsible for licensing exemptions to financial sanctions. Applications must be made for a licence to release funds from frozen accounts, or to make funds, economic resources or financial services available to or for the benefit of a designated individual or entity. The Treasury may also issue general licences that apply to all individuals or entities designated under a particular regime.
It is a criminal offence to breach a financial sanction without an appropriate licence or authorisation from the Treasury. The penalties for breaching sanctions can vary across the various regimes, however, in general terms, any individual found guilty of an offence shall be liable on conviction to imprisonment for a period not exceeding seven years and/or an unlimited fine.
Corporate entities acting in breach of financial sanctions can also commit a criminal offence and be liable to an unlimited fine. Where an offence has been committed by a corporate body and is proven to have been committed with the consent or connivance of, or neglect on the part of, a director, manager, secretary or similar officer of the corporate body, or any individual who was purporting to act in any such capacity, that individual, as well as the corporate body, is guilty of an offence and can be imprisoned or fined.
Any individual found guilty of an offence under the Anti-Terrorism & Crime Act 2003 for dealings with a terrorist organisation is liable on conviction to imprisonment for up to 14 years and/or an unlimited fine.
The main regulator is Customs and Excise, which acts as agent for the Treasury.
The Sanctions Officer
Customs and Excise Division
PO Box 6
Isle of Man
T: (+44) 1624 648138
The Financial Services Authority is responsible for ensuring that regulated firms have adequate systems and controls in place to comply with Isle of Man Sanctions requirements.
Financial Services Authority
PO Box 58
Finch Hill House
Isle of Man
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