The United Kingdom has introduced a new financial sanctions regime, which came into force on 6 July, imposing sanctions to deter those who are, or have been, involved in human rights’ violations. The Global Human Rights Sanctions Regulations 2020 are the first to come into operation under the UK’s Sanctions and Anti-Money Laundering Act 2018.
These Regulations do not yet have any legal force in the Isle of Man so Island businesses are not bound by the requirements of this sanctions regime; however, these Regulations will be extended to the Island and further details will be published shortly.
In the meantime, Island businesses should familiarise themselves with the requirements of the regime, including the list of designated persons and entities to whom the restrictions will apply.
Source: IOMCE (7 July 2020)