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This press release is being issued to announce the repeal of the Burundi (Sanctions) Regulations 2021 and minor updates to the island’s sanctions regulations.
The influence of the Burundian regime on the Isle of Man The Sanctions (UK Sanctions Implementation) Regulations 2024 (hereinafter referred to as the “Sanctions Regulations”), which are based on Sanctions Act of 2024.
The Sanctions (Amendment) Regulations 2024 amend the Sanctions Regulations, which are Isle of Man legislation, to give the UK statutory instruments relating to United Nations and UK sanctions (the “UK Sanctions Provisions”) legal force in the Island.
Further to the above, the Sanctions Regulations have been amended to repeal the Burundi (Sanctions) Regulations 2021, bringing them into line with the UK sanctions regime.
The Sanctions Ordinance has also been slightly amended to clarify the term “director disqualification”. In addition to director disqualification sanctions, director license cancellation and license violations will also be disregarded.
The Sanctions Regulations also include an explanation of the penalties for the offences and how those penalties are to be interpreted as corresponding penalties under Isle of Man law.
Where to find more information
Currently about Sanctions and Export Controls Web Page Effective May 1, 2024 on the redesigned web page.
A detailed explanation of the new legislative changes is available.
Sanctioned individuals and entities may be found at UK Sanctions List.
Consulting Contact Information
If you require any further information or guidance please contact the Sanctions Team:
Telephone: +44 1624 648109
e-mail: sanctions@gov.im
Please note: We cannot provide legal advice. You may want to seek independent legal advice.
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