With sanctions increasingly employed in international politics, the impact on businesses and individuals can be significant.
The Isle of Man Customs and Excise Division is the authority responsible for execution of UK and UN sanctions on the Island, and outlines its remit as such:
It is the policy of the Isle of Man Government to maintain the implementation of international sanctions measures in the Isle of Man, in line with such measures as have effect in the United Kingdom from time to time.
The applied sanctions regulations include:
- the purposes of the sanctions regime (what the Island hopes will be achieved through imposing sanctions)
- who will be subject to sanctions
- the type of sanctions, such as trade and financial sanctions
- details of exemptions that may apply, such as exemptions which allow people to trade with a certain country that would otherwise be prohibited by the regulations (see Licences below)
- how the Isle of Man Government will enforce sanctions
- other rules, such as circumstances in which information about sanctions may be shared
Licences
In order to avoid breaching any financial sanctions imposed on an individual or business you will require a licence from the Isle of Man Customs and Excise Division, unless a general licence already exists. These are listed on the website.
Ways We Can Assist
- Advice on whether, or how, you can trade with someone who might be sanctioned.
- If you are subject to a sanction, whether in the Isle of Man or elsewhere in the world, we can advise on:
- how the sanction will affect you and what you can and cannot do.
- obtaining an Isle of Man licence to enable your basic needs or living expenses to be met or for other special reasons.
- Sanctions work usually involves more than one jurisdiction and if you are subject to a sanction, live outside the Isle of Man, but have a bank account or assets in the Isle of Man, then you may need Isle of Man advice. We can work with professional advisers in the UK who regularly deal with the Office of Financial Sanctions Implementation (OFSI) or further afield.
If you need assistance with regards to sanctions, get in touch with Chris Brooks in our Litigation & Dispute Resolution team at cbrooks@simcocks.com or enquiries@simcocks.com.
