Banks and other financial institutions that have been sending reports in respect of financial sanctions to the Customs and Excise Division of the Treasury must now send them to the Financial Intelligence Unit.

All persons in business or professions on the island, including financial institutions, must check whether they maintain any account, or otherwise hold or control funds or economic resources, for individuals or entities named in the published lists. If so, they should freeze the accounts, funds or economic resources and report their findings.

If they suspect that a breach of financial sanctions has occurred, they should report this at the earliest opportunity.

The Isle of Man Government defines 'sanctions' as "prohibitions and restrictions put in place with the aim of maintaining or restoring international peace and security." They generally target specific individuals or entities, or particular sectors, industries or interests. They may be aimed at such people and things in a particular country or territory, or some organisation or element within them. There are also sanctions that target people and organisations that the US Government says are involved in terrorism.

The Isle of Man does not issue its own lists. Its Government expects firms to use the same lists as HM Treasury in the UK available at https://www.gov.uk/government/publications/financial-sanctions-consolidated-list-of-targets.

The FIU’s online reporting system is called THEMIS and firms have to be registered to use it. The form is to be found at http://www.gov.im/sanctions.

An RSS feed on the Customs and Excise website enables businesses to receive copies of all news releases relating to sanctions, confirming changes to sanctions measures and lists. Any general enquiries or applications for licences in respect of financial sanctions should still be made to the Customs and Excise Division.