ISLE OF MAN: SANCTIONS REPORTS TO BE MADE TO FIU

On 3rd April, the Isle of Man FSA advised that, w.e.f. that date, reports which are required to be made in respect of financial sanctions must be made to the FIU.  Previously such reports were made to Customs and Excise.  This follows the coming into operation of the Customs and Excise Act 2017 which made the necessary amendment to legislation to allow the change to take place.  The change is in line with the Government policy of the FIU becoming a “one stop shop” for the reporting of all forma of financial crime.  The advice continues by saying that many businesses on the Island in the regulated sector will already be familiar with the FIU’s online reporting system –  THEMIS.  Those registered to use THEMIS should make their reports via this online system, using the “Sanctions” option in the Legislation under which disclosure is made drop down menu.  However, any general enquiries or applications for licences or authorisations in respect of financial sanctions should continue to be made to Customs and Excise.

https://www.iomfsa.im/fsa-news/2018/apr/reports-in-respect-of-financial-sanctions/

https://www.gov.im/news/2018/apr/03/financial-sanctions-reports-to-be-made-to-the-financial-intelligence-unit/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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