Anti-Money Laundering and Countering the Financing of Terrorism
The Isle of Man Government is strongly committed to fulfilling its international obligations with regard to sanctions regimes and denying terrorist groups access to the financial system. The persons and organisations believed to be responsible for, or implicated in, the attacks of 11 September 2001, and various other individuals and entities implicated in terrorist activities or the funding of such activities, are the subject of various United Nations (UN) and European Union (EU) measures.
On 28 September 2001 the UN Security Council adopted Security Council Resolution 1373 (2001). This instructed countries to take the necessary steps to freeze funds belonging to individuals and entities suspected of
- committing, or
- posing a significant risk of committing, or
- providing material support
for acts of terrorism.
The EU also adopted similar legislation as Council Regulation 2580/2001/EC.
The United Kingdom (UK) enacts legislation in the Westminster Parliament to comply with UN Security Council Resolutions. It also enacts legislation on behalf of the Isle of Man, to give effect to the Resolutions in the Island. Therefore, on 10 October 2001 an Order-in-Council, the Terrorism (United Nations Measures) (Isle of Man) Order 2001 [SI 2001 No. 3364] came into force. This gave effect to Resolution 1373 in Island law.
The Island has also applied in Island law the EU Regulation 2580/2001/EC by means of the European Communities (Terrorism Measures) Order 2002 [SD 111/02].
Pre-existing UN sanctions against the Taliban regime in Afghanistan have also been updated, by means of Security Council Resolutions 1388 (2002) and 1390 (2002). Accordingly, a new Order-in-Council, the Al-Qa'ida and Taliban (United Nations Measures) (Isle of Man) Order 2002 [SI 2002 No. 259] was made and came into force on 14 February 2002. The Resolutions and Order are concerned with sanctions against members of the Taliban and Al-Qa'ida, and supporting assistance to those entities.
From time to time the Isle of Man Treasury issues lists of individuals and entities under the above Orders-in-Council, listing those suspected of being involved in terrorism, providing support for terrorism, or of being members or supporters of the Taliban or Al-Qa'ida. These lists will be published on the Isle of Man Government website. Financial institutions on the Island are obliged to check whether they maintain accounts for any listed individual, and if so they must freeze the accounts and report their findings to the Customs and Excise Division of the Treasury.
Sanctions Notices are also in place that deal with financial sanctions applying to listed individuals and entities and concerned with, Belarus, Burma/Myanmar, Congo, Iran, Iraq, Ivory Coast, Lebanon and Syria, Liberia, North Korea, Sudan, Uzbekistan, Yugoslavia and Zimbabwe.
The lead agency with regard to both Trade and Financial Sanctions within the Isle of Man is the Customs and Excise Division of the Treasury.
All enquiries concerning Sanctions should be directed to:
The Sanctions Officer
The Isle of Man Treasury
Customs and Excise Division
PO Box 6
Isle of Man
|Telephone:||+ 44 (0) 1624 648138|
The Customs and Excise Division publish Public Notices explaining in straightforward terms, sanctions that are in force. These Notices are available, free of charge, on the Isle of Man Government website at www.gov.im/treasury/customs/sanctions.xml or directly from them. Where the Commission are notified of amendments and revisions to such notices, details are also posted on the Commission’s website.
The introduction, amendment or revocation of a Sanction Order that applies in the Isle of Man - be it an Order made on the Island, or extended to it - is also the subject of a Public Notice in The Isle of Man Courier.
Sanctions within the Isle of Man are broadly parallel to those in force in the United Kingdom and additional useful information is therefore available.
In respect of Financial Sanctions:
- On the website of HM Treasury at http://www.hm-treasury.gov.uk./Documents/Financial_Services/sanctions/fin_sanctions_index.cfm
In respect of Trade and general export controls:
- On the website of the United Kingdom Department for Business Innovation & Skills at http://www.bis.gov.uk/policies/export-control-organisation
- On the website of the UK Foreign & Commonwealth Office at http://www.fco.gov.uk