Overview
The Isle of Man is a self-governing dependency of the Crown with its own legislative assembly, and administrative, fiscal and legal systems. The Isle of Man generally follows UK and UN sanctions. Sanctions regulations are implemented pursuant to the Isle of Man Sanctions Act 2024 and the Sanctions (Implementation of UK Sanctions) Regulations 2024.
The Sanctions Act 2024 provides the power to give effect to UK sanctions and UK blocking provisions and contains powers to impose civil penalties.
The Terrorism and Other Crime (Financial Restrictions) Act 2014 implements UN sanctions concerned with terrorism and proliferation financing and ensures that when a person or entity is listed or de-listed under UN terrorism or proliferation sanctions this has automatic effect in the Isle of Man.
National Competent Authorities
The Isle of Man Customs and Immigration Division under the Isle of Man Treasury is responsible for the implementation of financial sanctions, trade sanctions and transport sanctions; they also investigate and enforce breaches of financial and trade sanctions and would make designations under Terrorism and Other Crime (Financial Restrictions) Act 2014.
The Financial Services Authority is the Isle of Man regulator of financial services business and has oversight of Designated Non-Financial Businesses and Professions in the Isle of Man. They issue Anti-Money Laundering guidance and undertake compliance checks with regards to financial sanctions as part of their regulatory oversight.
The Financial Intelligence Unit handles reports of frozen accounts and receives Suspicious Activity Reports under Anti-Money Laundering and Countering the Financing of Terrorism legislation. It also disseminates intelligence to relevant agencies and other countries concerning sanctions.
The Isle of Man Constabulary is the lead agency for terrorism and the financing of terrorism investigations. They investigate and enforce breaches of financial sanctions.
The Gambling Supervision Commission regulates gambling activity on the Isle of Man and undertakes compliance checks with regards to financial sanctions as part of the regulation and oversight of regulated businesses. Issues Anti-Money Laundering guidance for the gambling sector.
Sanctions Lists
The Isle of Man does not operate an independent sanctions list from the UK. The UK sanctions list is on the UK page of this site.
Guidance
News of updates to financial sanctions are published by Treasury and can be obtained by subscribing to the RSS feed for Sanctions and Export Control news.
Financial Sanctions – General Guidance
Do I need to comply with Sanctions?
Financial Sanctions Guidance – Terrorism Financing
Licensing
A licence can be sought from Isle of Man Treasury to allow an activity or transaction to take place that would otherwise be prohibited under asset freezing measures using the application form below.
Sanctions and Export Control – Sanctions Licences (general licences)
Reporting
There is a general requirement for all individuals and entities to supply the FIU as soon as practicable with any information that facilities compliance with sanctions legislation.
There is a further obligation for specified business and professions to report to the FIU as soon as practicable if they know or have reasonable cause to suspect that a person is a designated person and has committed an offence under sanctions legislation.
Financial Sanctions – General Guidance, reporting section