Sanctions Act 2024

The Sanctions Act 2024 came into operation on 1 May 2024.    Its aim is to consolidate the majority of the UN and UK sanctions legislation under one Act of Tynwald and create one set of related regulations instead of being separated over a number of Acts and Regulations.

Who does the Act affect?

  • Anyone or business who trades internationally with goods or services
  • Anyone or business regulated by Financial Services Authority or Gambling Supervision Commission
  • Anyone or business that sends and/or receives funds or financial services internationally

Careful checks need to be made as to whether the sanctions or restrictions apply to you or your business.  If you are unsure, it is recommended that you seek independent legal advice.

It is an offence to fail to comply with sanctions and restrictions and may result in a monetary fine or a prison sentence.

What are the changes?

This is a technical change to how sanctions are given legal effect in the Island.  There are no changes to the prohibitions and restrictions currently in place.

Sanctions have legally been in place in the Island for a number of years through :

  • Numerous Regulations made under the European Union and Trade Act 2019
  • The Terrorism and Other Crime (Financial Restrictions) Act 2014, or
  • Orders made under the Sanctions and Anti-Money Laundering Act 2018 (a UK Act)

The Act brings together the majority of UN and UK sanctions legislation under one Act of Tynwald, and into one set of Regulations instead of being separated over a number of Acts and Regulations.

The full Act can be found here

Further information regarding Sanctions and Restrictions can be found here

Contact us on 729000 or at info@rowany.im to arrange an initial chat over coffee for more information on how we can assist you or to arrange a free no obligation initial consultation.