On 4th September, the Customs and Excise Division of the Isle of Man Treasury announced that it had published updated guides to financial sanctions, and to financial sanctions relating to terrorism and proliferation.  It is said that the aim of the updated guidance is to assist persons and businesses on the Island comply more easily with financial sanctions legislation, understand their obligations under the legislation and make clear who reports must be made to.  At the same time, the layout of the “Sanctions and Export Control” webpage (where information on trade and financial sanctions, export control and related matters may be found) has also been updated to improve readability.  The layout of the webpage, in particular, is much clearer, breaking down the various areas of interest, which include trade-based money laundering and cash declaration requirements, into handy categories.  One thing to note (and to be welcomed) is that, unlike guidance issued in some other jurisdictions, is that the new guidance on proliferation includes reference to UN SCR 1540, which extends the proliferation risks that need to be considered for sanctions purposes to the threat from terrorists and terrorist organisations.   The new booklets are concise, and more detailed information is available on the subject matter involved under each drop-down menu heading.

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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