IoM: UK authorities issue Red Alert on Russia sanctions busting

The Isle of Man Customs & Excise Division of Treasury has drawn attention to a ‘Red Alert' published by the UK National Economic Crime Centre, intended to promote awareness and encourage preventative action in respect of those trying to evade financial sanctions put in place following the Russian invasion and war on Ukraine.

The alert further highlights common techniques that so-called designated persons and their UK enablers are suspected of using to facilitate such evasion.

The sanctions are set out the Russia (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/855), which are given effect within the Isle of Man by the Russia Sanctions (Application) Regulations 2020 [S.D. 2020/0504].

"While the alert is not directly applicable to the Isle of Man, the typologies highlighted may be helpful to persons in the Island in identifying possible sanctions evasion activity. Businesses are therefore advised to familiarise themselves with the content of the alert," the Isle of Man Financial Services Authority noted.

"Any findings in the Isle of Man should be reported to the IoM Financial Intelligence Unit."

Further details of the sanctions regime related to Russia and links to other financial sanctions regimes can be found on the Customs and Excise pages of the Isle of Man Government website.