Isle of Man Customs and Excise have issued a news release in respect of the asset freezing measures relating to Libya. The EU has imposed sanctions on two individuals for human rights abuses and on three entities involved in violating the arms embargo.
The entries detailed in the IOMCE news item have been added to the UK’s Consolidated List and are now subject to an asset freeze.
IOMCE request financial institutions and other persons to check whether they maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, the designated individuals and entities. If so, they must freeze such accounts or other funds and, unless licensed by the Treasury, refrain from dealing with said funds or economic resources, and suspend the provision of any financial services. They must also report their findings to the FIU.
Further details of the sanctions regime related to Libya and links to the UK’s Consolidated List of individuals and entities subject to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.