15.11.2012 / 12:08

Isle of Man Joins Sanctions Against Belarus

Isle of Man panorama

The Isle of Man joined the sanctions against Belarus on November 14, Isle of Man Customs and Excise reports in its news release.

On 7 November 2012 the EU published Council Regulation (EU) No. 1014/2012 and Council Implementing Regulation (EU) No. 1017/2012, amending Council Regulation (EC) No. 765/2006 ("the 2006 Regulation"). The 2006 Regulation introduced restrictive measures against Belarus, the news release says.

The Council has amended the 2006 Regulation to extend the restrictive measures against Belarus until 31 October 2013, consolidate Annexes I, IA and IB into a single Annex, Annex I and update the identifying information relating to a number of existing entries, with effect from 7 November 2012.

Financial institutions and other persons are required to check whether they maintain any accounts or otherwise hold any funds, financial assets, economic benefits and economic resources for the persons named and if so, they should freeze the accounts or funds and report their findings to the Sanctions Officer. Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated person they are not required to report these details again.

Further details of the sanctions regime related to Belarus and links to the Consolidated List of individuals and entities subject to these and other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.

The Isle of Man is a self-governing British Crown Dependency. It is located in the Irish Sea and equally distanced from England, Ireland, Scotland and Wales.

Unlike the United Kingdom of Great Britain and Northern Ireland, together with Gibraltar, the Isle of Man did not join the EU.

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